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North America holds a significant share of the veterinary medicines industry owing to escalating pet ownership and spending in the region. The growing trend of pet insurance in the region is further increasing the demand for veterinary medicines, which is augmenting the industry growth. As countries such as the United States are some of the leading pioneers in veterinary research activities, the development of effective veterinary medicines is surging. Moreover, the increasing research and development (R&D) in institutions such as Cornell University and the University of Guelph in the region is expected to fuel the market growth in the forecast period.
Elanco Animal Health Incorporated (NYSE: ELAN), one of the leading companies in the market, announced that its Tanovea was approved by the Food and Drug Administration (FDA) of the United States in July 2021. The product is approved for the treatment of lymphoma in dogs to make this the first fully approved animal drug approved under the Minor Use and Minor Species (MUMS) Program. This also makes Tanovea one of the most preferred treatments for canine lymphoma. The product is expected to provide an effective treatment of lymphoma, the most prevalent cancer in dogs, to both veterinarians and pet owners. Moreover, the product was 80.4% effective for the treatment of dogs with B-cell lymphoma in clinical trials and is dosed in three-week intervals to ensure optimal quality of life of pets. Such developments are projected to drive the market growth in upcoming years.
Market Analysis by Product, Route of Administration, Animal Type, Distribution Channel, and Region:
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The major players in the global veterinary medicines market are Archer-Daniels-Midland Company, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Evonik Industries AG, and Elanco Animal Health Incorporated, 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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