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

Growth Factors of Veterinary Therapeutics Market

The global veterinary therapeutics market has been experiencing significant growth, driven by increasing pet ownership, rising demand for animal-derived products, and advancements in veterinary medicine. According ta report by Fortune Business Insights, the market was valued at USD 35,005.2 million in 2017 and is projected treach USD 54,968.3 million by 2025, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period.

Market Segmentation

The veterinary therapeutics market is segmented based on product type, animal type, route of administration, and distribution channels.

• Product Type: The market comprises drugs, vaccines, and medicated feed additives. In 2017, the drugs segment held the largest market share at 51.1%. This dominance is attributed tthe widespread use of drugs in treating various animal diseases. Vaccines are anticipated tbe the fastest-growing segment, driven by the increasing emphasis on preventive healthcare for animals.
• Animal Type: The market caters tboth companion animals and livestock. The rising ownership of companion animals, coupled with the growing demand for livestock products such as meat, milk, and eggs, is propelling the need for effective veterinary therapeutics in both segments.
• Route of Administration: Therapeutics are administered orally, parenterally, or topically. The choice of administration route depends on the type of therapeutic and the specific needs of the animal, with each method offering distinct advantages in terms of efficacy and convenience.
• Distribution Channels: The primary distribution channels include veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. Veterinary hospitals and clinics are the predominant channels, reflecting the reliance on professional veterinary services for the administration and prescription of therapeutics.

Regional Insights

Geographically, the market is divided intNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

• North America: In 2017, North America generated revenue of USD 11,124.6 million, accounting for a dominant share of the global market. This leadership is attributed tthe high adoption of companion animals and the increasing demand for animal proteins. The region's advanced veterinary infrastructure and the presence of key market players further bolster its market position.
• Europe: Europe is estimated tbe the second most dominant market, driven by stringent animal health regulations and a strong emphasis on animal welfare. The region's well-established veterinary sector and proactive disease prevention measures contribute tits significant market share.
• Asia Pacific: Emerging economies such as India, China, and Brazil are witnessing a rise in livestock population and increasing ownership of companion animals, fueling the market in these regions. The growing awareness of animal health and the expansion of veterinary services are key factors driving market growth in Asia Pacific.

Key Market Drivers

Several factors are contributing tthe growth of the veterinary therapeutics market:

• Increasing Pet Ownership: The rising trend of adopting companion animals is leading thigher demand for veterinary therapeutics tensure their health and well-being. Pet owners are increasingly willing tinvest in healthcare products and services for their animals, driving market growth.
• Demand for Animal-Derived Products: The growing human population and increasing per capita income are boosting the demand for animal-derived products such as meat, milk, and eggs. This surge necessitates effective therapeutics tmaintain animal health and productivity.
• Preventive Healthcare: There is a rising trend toward preventive therapeutics designed tavert the occurrence of diseases in animals. Vaccination programs and regular health check-ups are becoming more prevalent, contributing tmarket expansion.

Competitive Landscape

The veterinary therapeutics market is highly consolidated, with the top 10 companies holding approximately 75% of the market share. Key players include Zoetis, Intervet Inc. (Merck Animal Health), Elanco, Merial, Bayer AG, Boehringer Ingelheim International GmbH, Ceva, Vetoquinol S.A., IDEXX Laboratories, Inc., and Virbac. These companies focus on introducing new products in specialty disease areas and expanding their geographical presence tstrengthen their market positions.

Recent Developments

The market has witnessed several notable developments:

• In September 2022, the Simplera Otic Solution received approval from the U.S. Food and Drug Administration (FDA). It stands as one of the initial generic drug products offering a single-dose treatment with a 30-day duration of effectiveness for otitis externa (outer ear infection) in dogs.
• In June 2022, the U.S. FDA granted approval for Vetmedin-CA1 (pimobendan) chewable tablets. These tablets represent the initial medication designed tpostpone the commencement of congestive heart failure in dogs diagnosed with Stage B2 preclinical myxomatous mitral valve disease (MMVD).
• Conclusion
• The veterinary therapeutics market is on a robust growth trajectory, fueled by rising awareness of animal health, advancements in veterinary medicine, and increasing demand for livestock and companion animal care. While North America and Europe dominate the market, emerging economies in Asia-Pacific hold tremendous growth potential. As the industry continues tinnovate and expand, the role of veterinary therapeutics in safeguarding animal health and well-being will only become more critical.

ATTRIBUTE - DETAILS

By Product Type

• Drugs
• Vaccines
• Medicated Feed Additives

By Animal Type

• Companion
• Livestock

By Route of Administration

• Oral
• Parenteral
• Topical

By Distribution Channels

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

By Geography

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

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