Veterinary pharmaceuticals or veterinary drugs are drugs that are intended for use in animals in the case of disease or illness. These products achieve their effect through pharmacological actions in the animal body.
The veterinary pharmaceuticals market consists of sales of veterinary pharmaceuticals by entities (organizations, sole traders and partnerships) that manufacture veterinary pharmaceuticals (or drugs) used to sedate, treat animal diseases and/or to improve animals' performance and health. The veterinary pharmaceuticals industry includes establishments that manufacture veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics and other veterinary pharmaceuticals.
The global veterinary pharmaceuticals market was valued at $23,293.1 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Increased Pet Population
The increase in the pet population drove the growth of the veterinary pharmaceuticals market during the historic period. A growing global pet population means an increase in veterinary caseloads. The global veterinary community is going through an enormous shift-change, with increasing pet ownership and the adoption of good animal welfare practices, thus further increasing demand for veterinary pharmaceuticals. For instance, in July 2021, according to Consulting.US, a US-based consulting industry platform, the number of pet dogs and cats in the USA increased from 140 million in 2019 to 149 million in 2020, representing approximately 7% growth. Also, in 2020, according to the American Veterinary Medical Association, a US-based not-for-profit organization, 45% of households owned dogs, up from 38% at year-end 2016. The population of pet dogs was estimated to be between 83.7 million and 88.9 million last year, up 9%-16% from year-end 2016. Furthermore, in 2021, according to the China Pet Industry Association, the number of pet dogs and cats in urban areas exceeded 100.8 million in 2020, 1.7 % up on 2019. In 2022, Americans spent $136.8 billion on their pets, up 10.68% from 2021 ($123.6 billion). Therefore, the increased pet population supported the growth of the veterinary pharmaceuticals market.
Increased Focus On Stem Cell Therapy To Treat Animals
Stem cell therapy is being increasingly adopted by veterinarians to treat orthopedic conditions such as osteoarthritis, ligament injuries and tendons in high commercial value species, such as racehorses. Stem cell therapy helps to restore motion and stimulate the regeneration of tendon, ligament and joint tissues by isolating adult stem cells from an animals' fat tissue and re-introducing these cells to reduce pain and inflammation. Some of the companies offering stem cell therapy in the USA include VetStem and MediVet. For instance, in April 2022, Boehringer Ingelheim, a German pharmaceutical company, launched RenuTend, a stem cell therapy for horses. It improves healing of tendon and suspensory ligament injuries. It is administered intralesionally, targeting fiber alignment and reducing scar tissue formation, enhancing the quality of healing.
The global veterinary pharmaceuticals market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up 60.3% of the total market in 2022.
Veterinary Pharmaceuticals Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global veterinary pharmaceuticals market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for veterinary pharmaceuticals? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The veterinary pharmaceuticals market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider veterinary pharmaceuticals market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by type of animal, by type of vaccine, by route of administration and by end-user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the veterinary pharmaceuticals market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by type of animal, by type of vaccine, by route of administration and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for veterinary pharmaceuticals providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Veterinary Vaccines; Veterinary Antibiotics; Veterinary Parasiticides; Other Veterinary Pharmaceuticals
- 2) By Type Of Animal: Livestock Animals; Companion Animals
- 3) By Type Of Vaccine: Inactivated Vaccines; Attenuated Vaccines; Recombinant Vaccines; Other Vaccines
- 4) By Route Of Administration: Oral; Parenteral; Topical; Other Routes Of Administration
- 5) By End-User: Veterinary Hospitals; Veterinary Clinics; Pharmacies And Drug Stores
- Companies Mentioned: Merck & Co., Inc.; Boehringer Ingelheim International GmbH; Elanco Animal Health Incorporated; Zoetis Inc; Ceva Sante Animale
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Ontario; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; veterinary pharmaceuticals indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.