Menu ×

HEALTHCARE & PHARMACEUTICAL

Pet Veterinary Drugs Market By Drugs (Pharmaceuticals & Biologics and Vaccines {Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines and Toxoid vaccines}); By Route of Administration (Oral, Parenteral and Topical); By Composition (Anti-Infectives, Anti-Inflammatory, Parasiticides, Analgesics & Sedatives and Others); By End-User (Veterinary Hospitals, Veterinary Clinics and Drug Stores) – Global Industry Analysis & Opportunity Evaluation 2019-2025

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

Market Trends

  • Putney Inc., offers Enrofloxacin flavored tablets, which are used for dogs and cats, according to their taste and preferences, which aids in easy intake the tablets. 
  • Substituting the traditional drugs by herbal alternatives due to side effects identified in pets can fulfill the ultimate goal of preventing diseases.

Introductory Overview

Pet veterinary drugs are pharmaceutical formulations for pets in solid, semi-solid, or liquid forms that can be delivered through a suitable drug delivery system. These drugs are administered to pets only through injections, tablets, ointments and others and thus they are different from livestock animals.

Market Size and Forecast

The global demand for the pet veterinary drugs are surging on the back of the rising pet expenses. On the other hand, rising public awareness for regular checkups is also a major factor anticipated to propel the market growth over the forecast period. According to American Pet Products Association, the US pet expenditure has grown from USD 58 billion in 2014 to USD 69.4 billion in 2017. Additionally, the growth of pet adoption across the globe on the account of rising disposable income is expected to foster the market growth during the forecast period.

Furthermore, increasing pet diseases with growing provisions for pet healthcare insurance across developed region is estimated to push the pet veterinary drugs market subsequently during the forecast period. Increasing pet immunization across different developed and developing countries accompanied by increase in pet parenting is boosting the pet veterinary drugs market.

Pet veterinary Drugs market Graph

Get more information on this report: Download Sample PDF

Region-Wise Growth Highlights – 2018-2025

The global pet veterinary drugs market is segmented region wise into 5 major regions comprising North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among these regions, North America is estimated to hold largest market share on the back of the growing pet expenditure and rising disposable income of the people.

North America region held a market share of 38.20% for the veterinary drugs in the year 2018. Concurrently, the market in Europe held the second highest market share of 28.50% in the same year, attributed to the increase in pet population in Russia, Germany and other countries across the region.   

pet veterinary Drugs market Image

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, BENELUX [Belgium, Netherlands, Luxembourg], Turkey, Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Australia, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By Drugs

The global pet veterinary drugs market is bifurcated by drug type into pharmaceuticals & biologics and vaccines. Pharmaceuticals & biologics hold the largest market share of 71.4% in 2018 and is expected to reach a CAGR of 3.90% by 2025.

By Route of Administration

The global pet veterinary drugs market is segmented on route of administration into oral, parenteral and topical, out of which the oral segment held the largest market size in 2018, and is estimated to grow with a CAGR of 4.1% by 2025.

By Composition

The global pet veterinary drugs market on the basis of composition is segmented into anti-infectives, anti-inflammatory, parasiticides, analgesics & sedatives and others. Among these segments, the parasiticides segment held the highest market shares in 2018 and projected to grow with a CAGR of 4.1% by 2025.

By End-User

The end-user segment is bifurcated into veterinary hospitals, veterinary clinics, and drug stores. Out of these, veterinary clinics held the largest market share (62%) in 2018 and is estimated to grow at a CAGR of 4.1%, during the forecast period.

Growth Drivers

The growth of pet veterinary drugs is significantly driven by the rising pet expenses by the pet parents. Concerns for pets and their health has enhanced route check-ups and demand for pet care products in several developing and developed countries, across the globe. Pet veterinary drugs offered by numerous veterinary care centers, which is encouraging the people to opt for routine checkups for their pets. Another major growth factor includes the growing adoption of pets around numerous countries. Additionally, the rising disposable income of the people is instigating the pet ownerships and thus facilitating the demand for pet veterinary drugs in the market. Moreover, the urban society is adopting pets for companionships along with rising humanization for pets, which is anticipated to be another driving factor for the pet veterinary drugs market.

Restraints

One of the major restraining factors for the growth of pet veterinary drugs market is the high cost associated with veterinary drugs and therapies. In addition, rising incidences of diseases such as diabetes, obesity, heart disease, arthritis, and premature death in pets, thereby, demanding for advanced veterinary treatments and care by the pet owners.

Competitive Landscape

Boehringer Ingelheim International GmbH, Zoetis Animal Healthcare, Bayer AG, Merck Animal Health, Elanco Animal Health Inc., Virbac Group, Ceva, Dechra Pharmaceuticals Plc, Vetoquinol, Orion Corporation are some of the leading players in the global pet veterinary drugs market.

Boehringer Ingelheim GmbH is among the world’s top 20 pharmaceutical companies, which manufacture drugs for human as well as animals. It also provides services to the commercial and governmental customers. Boehringer Ingelheim emphasizes on veterinary research and development, with 13 sites for manufacturing vaccines, 5 for pharmaceuticals and one for nutraceuticals. In the past year, the company invested approximately USD 73.04 million in new R&D plants and in expansion of existing facilities.

Additionally, few players are increasingly adopting innovative ways to establish themselves in the fragmented and competitive market through introduction of advanced veterinary drugs for different category of pets. Concurrently, new players in the market are also adopting similar strategies in order to increase their product portfolio and gain a global prevalence in the market.


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions | LOB

Copyright © 2022 Research Nester. All Rights Reserved