Global Veterinary Drugs Market: Overview
The global veterinary drugs market is estimated to register growth at a CAGR of 5.1% during the forecast period of 2016 to 2024. Thus, the market for veterinary drugs is projected to expand from the valuation of US$17.2 Bn in 2015 to US$26.7 Bn by 2024. This market growth can be ascribed to several factors such as a rise in the trend of pet adoption across several parts of the globe.
The latest study by Transparency Market Research (TMR) provides complete synopsis of factors influencing the growth curve of the global veterinary drugs market. Thus, the report covers assessment on major aspects such as growth drivers, challenges, growth opportunities, trends, and competition landscape in the market.
The analysts at TMR have performed the segmentation of the global veterinary drugs market based on many crucial parameters such as product, animal, route of administration, and region.
Based on product, the market for veterinary drugs is classified into four main categories such as anti-inflammatory, parasiticides, anti-infective, and others. In terms of animal, the market is segmented into two main parts, companion and livestock. On the basis of route of administration, the veterinary drugs market is divided into parenteral, topical, and oral.
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Rising Trend of Companion Ownership of Animals to Fuel Demand for Veterinary Drugs
People from across the globe, specifically from several developed nations, are inclining toward the acceptance of concept of companion ownership. This factor is fueling the growth of veterinary drugs market. Furthermore, increasing awareness among owners regarding the health of their pets is driving the demand for veterinary drugs that can help in improving mobility as well as quality of life in companion animals.
The veterinary drugs market is being driven by the increasing support from government bodies of many countries around the world. For instance, Animal Husbandry Department of the Government of India and the Ministry of AYUSH entered into an agreement that focuses on the exploration of possibilities of development of quality drugs intended for animals using medicinal herbs.
Several developing nations including India domesticate livestock animals due to their economic value. These animals are important part of different agricultural and farming activities. This factor is estimated to work in favor of the growth of the veterinary drugs market in the forthcoming years.
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North America: Dominating Region; Latin America & Asia pacific Lucrative Regions for Market Enterprises
Some of the important regions supporting the growth of the global veterinary drugs market include Europe, North America, Latin America, Middle East & Africa, and Asia Pacific. Of them, North America dominates the market owing to many factors such as increase in the pet adoption by major regional population. Moreover, the veterinary drugs industry is estimated to gain high demand prospects in Latin America and Asia Pacific owing to surging cases of animal diseases in both the regions.
Leading Manufacturers Increase Investments in R&D Projects to Develop Advanced Products
Together with fragmented nature, the global veterinary drugs market experiences presence of many well-established players. As a result, the competition level in the market seem to be highly intense. To stay ahead in the market competition, companies are using different strategic moves such as mergers, acquisitions, partnerships, and collaborations. Moreover, many enterprises are increasing investments in R&D projects, which are focused on the development and launch of advanced products. In addition, they are focused on improving the efficiency of their existing product offerings. These factors are creating ample growth opportunities in the market for veterinary drugs.
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The COVID-19 pandemic has impacted negatively on the growth of major industries including the veterinary drugs industry. Manufacturers in the veterinary drugs market are strategizing their moves in order to maintain their revenue streams during the pandemic situations.
Some key players operating in the veterinary drugs market include Boehringer Ingelheim GmbH, Dechra Pharmaceuticals PLC., Vetoquinol, Virbac, Ceva Santé Animale, Elanco Animal Health (Eli Lilly and Company), and Bayer AG.
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