Research Nester recently published a report titled “Global Pet Veterinary Drugs Market: Outlook, Industry Analysis & Opportunity Evaluation – 2019-2025” that delivers detailed overview of the global pet veterinary drugs market in terms of market segmentation by drugs, composition, route of administration, end-users, and by regions.
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.
Pet veterinary drugs offered by numerous veterinary care centers are encouraging the concerns among people for their pets and routine check ups. Furthermore, rising expenditure on pets by their owners are expected to drive the growth of pet care, which in turn is generating growth for the pet veterinary drugs market, during the forecast period.
The global demand for pet veterinary drugs is increasing due to significant growth in healthcare industry across the globe. Further, growing pet adoption and increase in pet expenditure and routine care are key growth drivers for global pet veterinary drugs market over the forecast period. According to the American Pet Products Association (APPA), 80% of total pet owners in the U.S derive happiness and emotional support from their pets. Moreover, lower stress, less depression, and lower anxiety was reported by 66% and 55% of pet owners, respectively, in 2016. In 2018, the global pet veterinary drugs market was valued at USD 16,239.3 million. The pet veterinary drugs market is predicted to grow at a robust CAGR of 3.9% over the forecast period (2019-2025).
In the past few years, the market has significantly growing on account of increase in pet expenditure by pet owners and routine care, which in turn is generating growth for the pet veterinary drugs market during the forecast period.
The increased sensitization and awareness among people towards animal health, along with highly advanced diagnostic strategies allows early diagnosis of diseases, which further enables timely pharmaceutical intervention. Also, another factor enabling the demand for effective pharmaceuticals in the rising number of facilities. Regionally, the market in North America is predicted to generate the highest market demand, growing at a CAGR of 4.1% over the forecast period. The growth in the region can be attributed to growing pet expenditure. Re-occurrence of animal diseases is also expected to impel the growth of pet veterinary drugs market in the North America. Asia Pacific is the second largest regional market after North America on the back of increasing supportive government regulations accompanied with growing drug innovations is estimated to aid the pet veterinary drugs market in the region during the forecast period with a CAGR of 4.3%.
However, the growth of pet veterinary drugs market is likely to witness some restraints such as high cost associated with veterinary drugs and therapies. Further, lack of research and development in veterinary drug segment coupled with lack of attention by government is creating huge gap between affordability of drugs and the pet care. Thus, it is expected to limit the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the pet veterinary drugs market which includes company profiling of Zoetis, Elanco Animal Health Inc, Dechra Pharmaceuticals Plc, Bayer AG, Orion Corporation, Boehringer Ingelheim International GmbH, Merck Animal Health, Ceva and other prominent players. 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 global 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.