Brazil pet veterinary drugs market is segmented into conditions such as anti-infectives, anti-inflammatory and parasiticides. Among these segments, parasiticides segment is expected to occupy the top position in the market. Further, rising incidences of zoonotic diseases are increasing the chances of diseases in pets as well as humans and pose a serious risk to animal and human health. This factor is propelling the growth of veterinary drug market owing to the increasing awareness among pet owners. Moreover, the trend of adoption of pets is increasing the risk of diseases transmitted to humans by animals. Further, rising government regulations to protect humans from animal transferable disease are opening the opportunities for the pet pharmaceutical drugs manufacturers to develop and introduce various products to control the disease. In addition to this, various government initiatives are increasing the consumer awareness about the transmissible diseases from pets. So, veterinary drugs are expected to witness growth owing to the increase in the consumer awareness.
The Brazil pet veterinary drugs market is expected to register a CAGR of 7.1% over the forecast period. Moreover, the market of Brazil pet veterinary drugs market was valued at USD 415 million in 2016. Further, continuous strengthening bond between pets and pet owners is expected to expand the pet veterinary drugs market.
The segment of recombinant vaccines by vaccines segment is estimated to register a CAGR of 8.7% during the forecast period. Further, the growth of the recombinant vaccines is expected to expand due to the innovation in the vaccine which has enhanced the efficacy, safety and long term effect. Likely, companion animal owner are ready to pay for welfare and healthcare for their pets. The surging number of pets across the Brazil has increased the demand for innovative pet veterinary drugs.
Rise in Number of Pet Ownership
Rise in the number of companion animal ownership is the major factor which is fuelling the growth of pet veterinary drugs market in the Brazil. Various health benefits such as less stress and high physiological stability and animal assisted therapies are bolstering the bond between the pet and their owners. Further, this affectionate bond is increasing the spending on pets which is boosting the growth of pet veterinary drugs market.
Government Regulations and Initiatives
The trend of adoption of pets is increasing the risk of diseases transmitted to humans by animals. Further, rising government regulations to protect humans from animal transferable disease are opening the opportunities for the pet pharmaceutical drugs manufacturers to develop and introduce various products to control the disease.
However, the high cost of the development of the pet veterinary drugs is increasing the overall cost of drugs which is hampering the growth of the pet veterinary drugs market. Further, the lack of awareness about different kind of pet diseases is expected to limit the growth of Brazil pet veterinary drugs market.
The report titled “Brazil Pet Veterinary Drugs Market Outlook 2024” delivers detailed overview of the Brazil pet veterinary drugs market in terms of market segmentation by conditions, by vaccines, by medical-feed additives, by route of administration and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Brazil pet veterinary drugs market which includes company profiling of Bayer Animal Health, Ceva Animal Healthcare, Elanco Animal Health, Merck Ltd., Zoetis Animal Healthcare, Virbac do Brasil Industria e Comercio Ltda, Merial Animal Health, Vetnil, UCBVET and J.A. Animal Health. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Brazil pet veterinary drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.