Press Release
Press Release
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.
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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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