Veterinary Drugs Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Veterinary Drugs Market

The global veterinary drugs market has experienced significant growth over the past few years, driven by factors such as increasing animal ownership, rising demand for animal-derived products, and the continuous introduction of advanced veterinary pharmaceuticals. According ta report by Fortune Business Insights, the market was valued at USD 17,870.6 million in 2017 and is projected treach USD 40,270.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period.

Key Market Drivers

1. Increasing Animal Ownership: The companionship of animals has become more prevalent, leading thigher expenditures on veterinary care tensure longer and healthier lives for pets. This trend significantly contributes tthe demand for veterinary drugs.

2. Rising Demand for Animal-Derived Products: Rapid population growth, increased urbanization, and higher per capita income have escalated the consumption of animal-derived products such as meat, milk, and eggs. This surge necessitates the use of veterinary drugs tmaintain animal health and productivity.

3. Advancements in Veterinary Pharmaceuticals: Continuous innovation and the introduction of new veterinary drugs have enhanced the ability ttreat various animal diseases effectively, thereby propelling market growth. For instance, in May 2019, the U.S. FDA granted regulatory approval tBimeda, Inc. for OxyMed LA, a treatment for pneumonia and bacterial enteritis in cattle.

Product Segmentation and Growth

The veterinary drugs market is segmented intseveral product categories, with parasiticides accounting for the largest share. In 2017, parasiticides held 32.2% of the market share. The administration of parasiticides is crucial as untreated parasitic infections can have devastating impacts on animal health. The demand for parasiticides is expected tgrow at a faster CAGR during the forecast period, attributed tthe increasing need for high-quality animal-derived products and the overall efficiency improvement in livestock and companion animals.

Regional Insights

North America dominated the global veterinary drugs market in 2017, generating revenue of USD 6,290.1 million. This dominance is anticipated tcontinue, driven by factors such as increasing adoption of animals and the launch of advanced veterinary products in the region. In developed countries, the use of veterinary drugs is continuously increasing due thigh animal ownership and stringent animal healthcare guidelines.

In Asia Pacific, emerging countries like India and China are expected twitness significant market growth. This is due tincreasing animal health awareness, government initiatives, and rising disposable incomes leading tgreater expenditure on veterinary drugs. The adoption of other veterinary drugs such as anti-infectives and anti-inflammatory agents is alsincreasing in these regions.

Competitive Landscape

The global veterinary drugs market is highly consolidated, with key players focusing on constant innovation and portfoliexpansion. In 2017, Zoetis emerged as the leading player with the highest market share, attributed tits significant market presence and diverse product offerings. The company has engaged in strategic acquisitions, such as the 2018 acquisition of Abaxis, tstrengthen its position in the market. Other prominent players include Intervet Inc., Boehringer Ingelheim International GmbH, Ceva, Elanco, Vetoquinol S.A., and Bayer AG.

Future Outlook

The veterinary drugs market is poised for sustained growth, driven by the increasing prevalence of animal diseases, rising incidences of zoonotic diseases, and the growing trend of pet ownership. The introduction of new products, along with an increasing number of animals undergoing therapeutic treatments, is projected tfurther augment the demand for veterinary drugs during the forecast period. Additionally, technological advancements in the administration of veterinary drugs, such as collars, dips, and sprays for parasiticides, are expected tboost market growth significantly.

In conclusion, the global veterinary drugs market is experiencing robust growth, underpinned by factors such as increasing animal ownership, rising demand for animal-derived products, and continuous advancements in veterinary pharmaceuticals. With key players focusing on innovation and strategic expansions, the market is well-positioned tmeet the evolving needs of animal healthcare across various regions.

SEGMENTATION DETAILS

By Product

• Anti-infectives
• Anti-inflammatory
• Parasiticides
• Others

By Animal

• Companion
• Livestock

By Route of Administration

• Oral
• Parenteral
• Topical

Distribution Channel

• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies & Drug Stores
• Others

By Geography

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexicand Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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