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Global Veterinary Medicines Market to Reach About USD 28.4 Billion by 2026, Aided by the Rising Pet Ownership

According to a new report by EMR titled, ‘Global Veterinary Medicines Market Report and Forecast 2021-2026’, the global market for veterinary medicines attained a value of about USD 21.7 billion in 2020. The industry is further expected to grow at a CAGR of 4.6% in the forecast period of 2021-2026 to reach a value of approximately USD 28.4 billion by 2026.

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:

  • The market, on the basis of product, can be divided into drugs, vaccines, and medicated feed additives.
  • Based on routes of administration, the industry can be divided into oral route, parenteral route, and topical route.
  • The major animal types of veterinary medicines are companion animals and livestock animals.
  • The distribution channels for veterinary medicines include veterinary hospital pharmacies and retail veterinary pharmacies.
  • The regional markets for veterinary medicines include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing pet ownership, especially among the millennial and Gen-Z population, is surging the demand for veterinary medicines, hence propelling the market growth.
  • The development of efficient veterinary vaccines and the rising prevalence of epidemics and pathogen outbreaks among animals are augmenting the industry growth.
  • The industry is being driven by the adoption of the latest technological advancements in pet care, which is surging the demand for veterinary medicines owing to an enhanced focus on pet health.
  • The increasing research activities to develop efficient veterinary medicines and biomarkers to surge the quality of treatment of animals is providing impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for veterinary medicines for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, routes of administration, animal types, distribution channels, and major regions of veterinary medicines.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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