Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Preb

Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals}), By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Animal Drugs Market is estimated to show robust growth through 2032 owing to the escalating initiatives and support provided by the government regarding pet care.

The accelerating rates of animal obesity and the subsequent rise in animal care assistance provided by the government and associated authorities are some of the key factors stimulating industry revenue streams over the next ten years. Furthermore, the burgeoning demand for animal drugs, backed by the rising animal healthcare expenditure, increasing income levels, and several technological breakthroughs, will create robust growth prospects for the animal drugs industry.

Moreover, leading organizations operating in the market are focusing on strengthening their strategic bonds to penetrate the competitive industry and improve their business standing. For instance, in September 2021, Neogen Corporation announced the acquisition of CAPInnoVet, Inc, a supplier of pet animal health products. The move will help Neogen enter the parasiticide market and complements its Animal Safety business segment, thus driving industry growth.

The animal drugs market has been segmented in terms of product, animal, route of administration, distribution channel, and region.

Based on the product, the vaccines segment is expected to grow substantially during 2023-2032. The rising prevalence of zoonotic diseases in farm animals is expected to boost the market growth. Several zoonoses, such as bovine ephemeral fever, leptospirosis, Johne's diseases, viral respiratory tract infections, as well as infectious bovine rhinotracheitis, infect farm animals worldwide. The expanding patient pool and the increased awareness about preventive drugs and therapies will propel segment gains.

With respect to route of administration, the injectable segment held more than 45% market share in 2022, credited to the numerous advantages provided by the injectable route of administration. Injectables are an efficient and successful method for administering a veterinary drug dose quickly & precisely. The process enables the drug to pierce instantly into the circulatory system without interruption related to absorption processes, helping achieve its therapeutic benefit earlier than any other route. High performance and effectiveness combined with the low negative impacts provided by injectable drugs are set to accelerate the implementation of animal drugs.

From the regional perspective, the Asia Pacific animal drugs market is speculated to grow at over 6% CAGR from 2023 to 2032. The need for animal pharmaceuticals in the Asia Pacific region will further be fueled by the increasing pet adoption and the mounting demand for animal products and food made from animal sources. Besides, favorable government initiatives to reduce the prevalence of infections caused by animals, rising veterinary care costs, and a growing trend of people adopting companion animals, particularly in developing nations, will further accentuate product demand in the region.