Global Veterinary (Animal Drug) Drug Market Highlights Over 2022 – 2031
The global veterinary (animal drug) drug market is estimated to garner a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing ownership of animals and the escalating usage of animal drugs. Furthermore, the demand for cattle-based products such as meat, fish, dairy products (cheese and milk), and non-food products such as fiber (mohair, wool, leather, and cashmere) is increasing enormously. It is estimated that the cattle population was about 997 million in 2021, which further increased to approximately 1 billion heads in 2022. Hence, on account of the increasing population of cattle is estimated to propel the global veterinary (animal drug) drug market during the forecast period. Additionally, it has been assessed that approximately 76% of millennials are pet owners and require veterinary care for their pets. Since veterinary care is essential for pets and should be provided with worming, vaccinations, flea and tick treatments.
Moreover, the increasing initiatives taken by the veterinary doctors have been laudable and instilling pet awareness amongst the people. The World Veterinary Association is an association that represents over 500,000 veterinarians worldwide. The mission of the association is to provide leadership to promote animal welfare and health through education and partnership. The growing initiatives from the veterinary professionals are projected to boost the global veterinary (animal drug) drug market growth during the forecast period.
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The market is segmented by end-user into veterinary hospitals, veterinary clinics, and pharmacies. Out of which, the veterinary hospital sub-segment is anticipated to hold the largest share in the global veterinary (animal drug) drug market on account of the large number of pet owners visiting the veterinary hospitals. On the back of aggressive research and technological advancement in the veterinary sector, the global veterinary (animal drug) drug market is estimated to grow during the forecast period.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Veterinary (Animal Drug) Drug Market Regional Synopsis
Regionally, the global veterinary (animal drug) drug market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of escalating adoption of the animals in the region. According to the USDA, there were around 103 million cattle and 32.05 million beef cows in the United States in July 2020, with the number likely to increase significantly in the upcoming years. The region comprises improved and ultra-modern infrastructure which facilitates veterinary research and development. The economists and scientists in the region are exploring innovative ways to improve client loyalty and satisfaction. Such practices are expected to propel the global veterinary (animal drug) drug market during the forecast period.
The Europe region is also expected to offer promising opportunities for the growth of the global veterinary (animal drug) drug market during the forecast period. Since the region has stringent policies for animal health the people are cautious regarding regular check-ups and vaccinations. Also, the research and development initiatives are extraordinary in the region and companies keep launching advanced medicines for animal care.
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The global veterinary (animal drug) drug market is further classified on the basis of region as follows:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
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Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global veterinary (animal drug) drug market includes the following segments:
By Vaccines
- Inactivated
- Attenuated
- Recombinant Vaccines
By Medicated Feed Additives
- Amino Acids
- Antibiotics
By Route of Administration
- Oral
- Parenteral
- Topical
By Animal Type
- Companion Animals
- Livestock Animals
By End-User
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies
Growth Drivers
- Rising Cattle Ownerships Around the World
- Increasing Government Initiatives
Challenges
- Lack of Awareness Amongst the People
Top Featured Companies Dominating the Market
- Zoetis Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Merch & Co., Inc.,
- Boehringer Ingelheim International GmbH
- Ceva Sante Animale
- Elanco Animal Health Incorporated
- Vetoquinol SA
- Bayer AG
- Bimeda Holdings PLC
- Nutreco N.V.,
- Hester Biosciences Limite
