The global veterinary therapeutics market size was surpassed at USD 43.12 billion in 2021 and is projected to hit around USD 74.10 billion by 2030 with a CAGR of 6.2% from 2022 to 2030.
Some of the major factors that are likely to propel the market growth include growing demand for improved drugs, rise in the number of companion animals worldwide, improvements in surgical and medical capabilities of treatments for companion animals, development of products to combat new diseases, and growing emphasis on wellness and prevention of diseases in animals. Companies operating in the current market landscape should focus on expanding their product portfolio, investing in the development of DNA vaccines, and adopting inorganic growth strategies, including mergers & acquisitions to gain steady ground in the veterinary therapeutics market.
Veterinary therapeutics is a branch of animal healthcare that deals with prevention, treatment, and alleviation of several diseases. The veterinary therapeutics market consists of drugs for the treatment of animal diseases, vaccines for the prevention of various pathological conditions, and feed additives to maintain the overall well-being of animals by providing all the necessary nutrients required to lead a long, healthy life. Growth of the global veterinary therapeutics market can be attributed to rise in spending on companion animals globally and demand for high quality protein. North America dominated the global veterinary therapeutics market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, early new product adoption, and presence of major players are expected to drive the market in North America. Asia Pacific is likely to be a highly lucrative market for veterinary therapeutics, expanding at a high CAGR during the forecast period.
Rise in Spending on Companion Animals Globally and Demand for High Quality Protein to Drive Market
Demand for medicines, vaccines, and related products and services for companion animals, rise in pet ownership, longer life expectation for companion animals, increased number of medical treatment options for companion animals, and advancements in animal health medicines and vaccines are anticipated to increase expenditure on companion animals. According to a report published by Federal Trade Commission (FTC), in 2018, the U.S. recorded a spending of around US$ 72.6 Bn on the pet industry, which includes food, veterinary care, prescription, and OTC medications, and other pet services and products. Rise in demand for high quality protein is expected to fuel the growth of the global veterinary therapeutics market. According to the Food and Agriculture Organization (FAO) of the U.S., the demand for food is expected to double food production to feed the global population, which is estimated to reach around 9.1 billion by 2050.
Drugs to be in High Demand
Based on product, the global veterinary therapeutics market has been divided into drugs, vaccines, and medicated feed additives. The drugs segment has been divided into anti-infective, anti-inflammatory, parasiticides, and others. The vaccines segment has been further divided into inactivated vaccines, live attenuated vaccines, recombinant vaccines, and others. The medicated feed additives segment includes amino acids, antibiotics, and others. The drugs segment dominated the global veterinary therapeutics market in 2018 and the trend is projected to continue during the forecast period. High demand for preventive measures against various infectious ailments as well as endoparasites and ectoparasites helps drive the drugs segment. Demand for anti-inflammatory drugs is also expected to rise during the forecast period, due to increase in use of NSAIDs in pain management in companion animal. The others sub-segment includes specialty pharmaceuticals used to treat conditions such as cardiovascular, metabolic, and respiratory disorders.
Livestock Animal to Offer Lucrative Opportunities
In terms of animal, the global veterinary therapeutics market has been classified into companion animal and livestock animal. The livestock animal segment is expected to dominate the market during the forecast period, due to increase in demand for livestock products globally, which leads to surge in expenditure on livestock therapeutic care. This, in turn, drives the livestock animals segment. In addition, increased demand for meat and milk is anticipated to boost the livestock animal segment. The companion animal segment is projected to grow at a high CAGR due to rise in pet ownership and increase in expenditure on high quality medical care and feed additives.
Oral is Most Preferred Route of Administration for Veterinary Therapeutics
Based on route of administration, the global veterinary therapeutics market has been categorized into oral, parenteral, and topical. The oral segment dominated the global veterinary therapeutics market as most of antibiotics and amino acids are given through the oral route of administration together with feed additives. This is expected to boost the market of the oral segment. The parenteral segment is projected to grow at a high CAGR due to increase in government initiatives for the betterment of animal health through vaccination.
Veterinary Clinics to be Major Distribution Channel
In terms of distribution channel, the global veterinary therapeutics market has been categorized into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. The veterinary clinics segment dominated the global veterinary therapeutics market in terms of revenue in 2018. The trend is expected to continue during the forecast period. High market share of the segment is due to increased inclination of owners to avail various medical services that veterinary clinics offer; from treatment to long-term surveillance of patient animal. The veterinary hospitals segment is projected to be a lucrative segment of the global veterinary therapeutics market during the forecast period. The segment is anticipated to expand at a significant CAGR from 2019 to 2027. Rapidly increasing number of hospitals and wide range of services available in hospitals at one site drive the segment.
North America to Dominate Global Market
In terms of region, the global veterinary therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global veterinary therapeutics market in 2018, followed by Europe. North America accounted for major share of the global veterinary therapeutics market in 2018, owing to high adoption of veterinary products, increase in pet insurance, high ownership rate of companion animal, and presence of major players. The veterinary therapeutics market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to the high adoption of drugs, vaccines, and medicated feed additives for the well-being of the rapidly growing livestock animal population in the region, improvement of health care infrastructure in terms of better facilities, and rise in demand for advanced products in the region.
Competition Landscape
The global veterinary therapeutics market is fragmented in terms of number of players. Key players in the global market include Zoetis, Inc., Merck Animal Health, Elanco Animal Health, and Boehringer Ingelheim GmbH, Ceva Santé Animale, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Biovac, The Chanelle Group, and ImmuCell Corporation.
Market Segmentation
Veterinary Therapeutics Market, by Product Type
Veterinary Therapeutics Market, by Animal
Veterinary Therapeutics Market, by Route of Administration
Veterinary Therapeutics Market, by Distribution Channel
Veterinary Therapeutics Market, by Region
A new study on the global veterinary therapeutics market has been published by Vision Research Reports. It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global veterinary therapeutics market. The study offers valuable information about the global veterinary therapeutics market to illustrate how the market would grow during the forecast period 2020-2027. The report provides the value and volume of the global veterinary therapeutics market for the period 2020–2027, considering 2020 as the base year and 2027 as the forecast year. The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in the study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global veterinary therapeutics market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in study on the global veterinary therapeutics market. This can help readers understand principal factors to foresee growth in the global veterinary therapeutics market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global market, which is expected to guide market players in making apt decisions in the future.
The report also delves into the competition landscape of the global veterinary therapeutics market. Key players operating in the global market have been identified, and each one of these has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global market report.
Key Questions Answered in Veterinary therapeutics Market Study
- What are the key factors influencing the veterinary therapeutics market in each region?
- What will be the CAGR of the global veterinary therapeutics market between 2016 and 2027?
- What is the future scope and changing trends in technologies in the global veterinary therapeutics market?
- Which factors will impede the growth of the global veterinary therapeutics market during the forecast period?
- Which are the leading companies in the global veterinary therapeutics market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- What is the volume (Units) of different veterinary therapeutics across all regions during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which segment will expand at the fastest CAGR during the forecast period?
Research Methodology
A unique research methodology has been utilized by Vision Research Reports to conduct a comprehensive research on the growth of the global veterinary therapeutics market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global veterinary therapeutics market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from veterinary therapeutics industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making Vision Research Reports estimates on the future prospects of the global market more reliable and accurate.
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