A recent study by Triton Market Research titled ‘Global Veterinary Medicines Market’ entails the Global Analysis and Forecasts by Product (Medicated Feed Additives [Antibiotics, Amino Acids], Drugs [Parasiticide, Anti-Inflammatory, Anti-Infective], Vaccines [Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines]), Distribution Channel (Retail Veterinary Pharmacies, Veterinary Hospital Pharmacies), Route of Administration (Parenteral Route, Oral Route, Topical Route), Animal Type (Companion Animals, Livestock Animals), and by Geography (Asia-Pacific, North America, Latin America, Middle East and Africa, Europe).
Veterinary medicine refers to a drug that is employed to treat conditions in animals. Such medicines comprise multiple types of products, including anti-infective drugs to prevent, eliminate, or slow the development of infection-causing germs.
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Triton’s report infers that the global veterinary medicines market is assessed to display a CAGR of 4.11% during the projected years of 2019-2028. It is further expected to generate a revenue value of $32.89 billion by 2028.
The rise in livestock production, surge in various medical conditions in animals, and growing pet ownership are significant factors driving the growth of the veterinary medicines market. Globally, animals are suffering from multiple medical conditions that require urgent care and treatment, which enhances the need for veterinary medicines. Moreover, several diseases have become more prevalent over the years, increasing the need for veterinary care and medicines to cure such conditions, thereby augmenting the veterinary medicines market on a growth path. However, the lack of an adequate number of veterinarians and adverse effects post-vaccination, are hampering the overall development of the veterinary medicines market.
The veterinary medicines market is divided into product, distribution channel, route of administration, and animal type. Based on product, it is subdivided into medicated feed additives, drugs, and vaccines. Further, the medicated feed additives are bifurcated into antibiotics and amino acids. The drugs are categorized into parasiticide, anti-inflammatory, and anti-infective. At the same time, vaccines are branched into inactivated vaccines, attenuated vaccines, and recombinant vaccines. In terms of distribution channel, it is segregated into retail veterinary pharmacies and veterinary hospital pharmacies. The route of administration includes parenteral route, oral route, and topical route. Lastly, animal type is divided into companion animals and livestock animals.
The North American region holds the largest market for the veterinary medicines market, and is expected to continue its hold till 2028. The region’s dominance is mainly owing to the presence of several key players. Moreover, these companies have implemented several strategies to maintain their position in the veterinary medicines market. Their presence has also led to the easy availability of veterinary medicines, further fueling the studied market’s progress. Furthermore, the rise in animal healthcare expenditure and the rise in demand for innovative veterinary treatments are also driving the veterinary medicines market on a growth path.
Indian Immunologicals Limited, Zoetis, Evonik Industries AG, Neogen Corporation, Archer Daniels Midland, Dechra Pharmaceuticals Plc, Ceva Sante Animale, Hester Biosciences Limited, Virbac SA, Vetoquinol, Boehringer Ingelheim Animal Health GmbH, Biogenesis Bago SA, Merck & Co, Kindred Biosciences, and Elanco are prominent companies present in this market.
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Question & Answer: Veterinary Medicines Market
Question 1: What significant factors are driving the growth of the veterinary medicines market?
Answer: The rise in livestock production, surge in various medical conditions in animals, and growing pet ownership are significant factors driving the growth of the veterinary medicines market.
Globally, animals are suffering from multiple medical conditions that require urgent care and treatment, which enhances the need for veterinary medicines. Moreover, several diseases have become more prevalent over the years, increasing the need for veterinary care and medicines to cure such conditions, thereby augmenting the veterinary medicines market on a growth path.
Question 2: What factors are hampering the veterinary medicines market development?
Answer: The lack of an adequate number of veterinarians and adverse effects post-vaccination, are hampering the overall development of the veterinary medicines market.
Question 3: Which region holds the largest share of the veterinary medicines market?
Answer: The North American region holds the largest market for the veterinary medicines market, and is expected to continue its hold till 2028. The region’s dominance is mainly owing to the presence of several key players. Moreover, these companies have implemented several strategies to maintain their position in the veterinary medicines market. Their presence has also led to the easy availability of veterinary medicines, further fueling the studied market’s progress. Furthermore, the rise in animal healthcare expenditure and the rise in demand for innovative veterinary treatments are also driving the veterinary medicines market on a growth path.
Question 4: Which are the prominent companies present in the veterinary medicines market?
Answer: Indian Immunologicals Limited, Zoetis, Evonik Industries AG, Neogen Corporation, Archer Daniels Midland, Dechra Pharmaceuticals Plc, Ceva Sante Animale, Hester Biosciences Limited, Virbac SA, Vetoquinol, Boehringer Ingelheim Animal Health GmbH, Biogenesis Bago SA, Merck & Co, Kindred Biosciences, and Elanco are prominent companies present in this market.
Related Report:
Global Veterinary Vaccines Market
The global veterinary vaccines market is projected to register growth at a CAGR of 5.68% during the estimated phase of 2019-2028, while generating $11.80 billion in terms of revenue by 2028.
Vaccines help develop naturally attainted immunity by fueling the immunity system with either non-pathogenic organisms or by their immunogenic components. The animal vaccines are vital to enhance the health of animals, decreasing monetary loss for owners.
The market is mainly motivated by the rising prevalence of zoonotic diseases, along with surging livestock diseases. Additionally, growing pet ownership and surging governmental initiatives, are factors opening multiple avenues for the veterinary vaccines market to reach its estimated growth.
However, lack of skilled farm workers and adverse effects post-vaccinations, are restricting the expansion of the studied market during the considered years.
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