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.
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.
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. DOWNLOAD SAMPLE REPORT HERE
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).
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.
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.
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.
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.
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.
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.
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.
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