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Global Veterinary Drugs Market to Grow at a CAGR of 6.2% During 2022-2027, Aided by the Rising Animal Ownership

According to a new report by EMR titled, ‘Global Veterinary Drugs Market Report and Forecast 2022-2027’, the market attained a value of USD 16 billion in 2020. The market is further expected to grow at a CAGR of 6.2% in the forecast period of 2022-2027.

The global market for veterinary drugs is being driven by the growing animal ownership worldwide. The rising adoption of companion pets and the increasing importance of the livestock population are driving the demand for veterinary drugs. This can be attributed to the improved living standards of people, along with rising disposable incomes. The surging demand for animal-source foods such as eggs, milk, and meat, among others has contributed to the rising livestock population. This has augmented the demand for veterinary drugs to keep the risk of any diseases and parasites at bay. Furthermore, the rising prevalence of chronic illnesses among the animal population is further anticipated to propel the demand for veterinary drugs in the forecast period.

The growing focus of the leading market players on mergers and acquisitions to expand their product portfolios and capabilities is expected to positively impact the market growth in the forecast years. For instance, in August 2020, Elanco Animal Health Incorporated (NYSE: ELAN), an American pharmaceutical company, announced the acquisition of the animal health business of Bayer AG (OTCMKTS: BAYRY). This acquisition was aimed at strengthening the Innovation, Portfolio, and Productivity (IPP) strategy of Elanco. The step will help the company expand its innovation activities through pipeline delivery platforms, scale, and access to Bayer’s research and development expertise. Furthermore, in January 2022, Zoetis, Inc. (NYSE: ZTS) announced that Solensia™, its frunevetmab injection, has received the U.S. Food and Drug Administration (FDA) approval to control the pain of osteoarthritis in cats, which would help enhance their mobility, comfort, and overall well-being. This injection is one of the first and only injectable monoclonal antibody (mAb) treatment for feline OA pain in the United States and is administered once a month at veterinary clinics.

Market Breakup by Product, Animal, Route of Administration, Distribution Channel, and Region:

  • The market is divided, based on product, into biologics, pharmaceuticals, and medicinal feed additives. Among these, the biologics segment can be further bifurcated, by type, into vaccines and others. Meanwhile, the pharmaceuticals segment can be further segmented, by type, into parasiticides, anti-infectives, anti-inflammatory, and analgesics, among others.
  • On the basis of animal, the market can be bifurcated into companion and livestock.
  • Based on the route of administration, the industry is segregated into oral, parenteral, and topical.
  • The market is segmented, on the basis of distribution channel, into veterinary hospitals and clinics, pharmacies and drug stores, and online, among others. 
  • Region-wise, the global market for veterinary drugs can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for veterinary drugs is being driven by the rising animal ownership and the increasing importance of the livestock population worldwide.
  • The growing urbanisation, improved living standards, and the rising disposable incomes are boosting the adoption of companion animals, which is driving the market growth. 
  • The increased prevalence of severe diseases among the animal population is also leading to the market expansion. 
  • The rising investments by the leading market players in the development of novel treatment solutions are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for veterinary drugs for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, animals, routes of administration, distribution channels, and regions of veterinary drugs.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global veterinary drugs market are Bayer AG, Vetoquinol S.A., Boehringer Ingelheim International GmbH, Kindred Biosciences, Inc., and Zoetis Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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