Veterinary Pharmaceuticals Market Report
Veterinary Pharmaceuticals Market by Animal Type (Production and Companion), Product (Biologics and Pharmaceuticals), Mode of Delivery (Oral, Parenteral, and Others), End-User (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals & Clinics, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Veterinary Pharmaceuticals Overview
Medications and therapeutic items specially created for use in animals are referred to as veterinary pharmaceuticals, sometimes also known as animal pharmaceuticals or animal drugs. These medications are used to identify, avoid, treat, or manage a variety of illnesses and health concerns in livestock, other animals, and companion animals (including dogs, cats, and horses). The market for veterinary pharmaceuticals is essential for preserving the health and welfare of animals. It covers a broad spectrum of goods, such as vaccinations, antibiotics, antiparasitics, analgesics, hormones, and dietary supplements. Depending on the requirements of the animals being treated, these drugs are created in a variety of formats, including pills, injections, topical treatments, and feed additives.
Various factors influence the demand for veterinary medications. First off, there has been a surge in demand for top-notch veterinary care and pharmaceuticals as people form closer bonds with their pets and regard them as essential family members. The demand for animal products including meat, milk, and eggs has increased as a result of the expanding global population and rising disposable incomes, which has also boosted the demand for veterinary medications in livestock production. Regulatory frameworks and guidelines established by government bodies to guarantee the safety, efficacy, and quality of these goods have an impact on the veterinary pharmaceutical business. These rules must be followed by businesses that create, produce, and distribute veterinary medications to protect the welfare of animals and minimise any possible hazards to people. To ensure the health and welfare of animals, the veterinary pharmaceutical sector is essential. It keeps expanding as more people need high-quality veterinary care and drugs to meet their changing needs for pets and the rising demand for animal products from a growing global population.
Global Veterinary Pharmaceuticals Market Analysis
The global veterinary pharmaceuticals market size was $45.1 billion in 2022 and is predicted to grow at a CAGR of 8.5%, by generating a revenue of $99.0 billion by 2032.
COVID-19 Impact on Global Veterinary Pharmaceuticals Market
Globally, several businesses have been significantly impacted by the COVID-19 pandemic, and the veterinary drugs market is no exception. The virus outbreak caused a wide range of difficulties and adjustments within the veterinary drugs industry, affecting both supply and demand dynamics. The pandemic's disruption of the worldwide supply chain was one of its most significant effects on the market for veterinary medications. Transportation of raw materials and finished goods was hampered by the widespread implementation of travel bans and lockdown measures. Due to these delays, veterinary hospitals, clinics, and pet owners were all impacted by the manufacture, distribution, and availability of veterinary pharmaceuticals.
Positively, the pandemic has sped up the veterinary sector's adoption of digital tools and telemedicine. To deliver treatment and drugs remotely, veterinary clinics and experts are increasingly embracing virtual consultations and online pharmacy ordering platforms. In addition to reducing some of the difficulties caused by the pandemic, this transition towards digital solutions has created new opportunities for expansion and efficiency in the veterinary drugs business. Looking ahead, the veterinary medicines market is anticipated to rebound as vaccination campaigns continue and the situation eventually stabilizes. As individuals resume routine veterinary appointments and place a higher priority on their pets' health and well-being, demand for veterinary services and pharmaceuticals is projected to increase. The pandemic's long-term effects on the market, however, will depend on elements including the pace of the economic recovery, ongoing changes in the veterinary healthcare industry, and prospective shifts in pet ownership patterns.
Growing Adoption of Telemedicine to Drive the Market Growth
The demand for telemedicine is increasing, which is leading to major growth in the veterinary medicines industry. Remote teamwork is now crucial for veterinarians, pharmaceutical firms, and pet owners alike due to the growing use of technology and the advent of telemedicine in veterinary care. The demand for effective communication and collaboration between veterinary professionals and pharmaceutical businesses is one of the main reasons influencing this market's expansion. Regardless of their location, veterinarians may consult with specialists and get advice on complex cases thanks to rtelemedicine capabilities. In addition to improving the standard of veterinary care, this real-time collaboration enables quicker diagnosis and treatment, which is ultimately better for the health and welfare of animals. Research and development initiatives in the veterinary medicines market heavily rely on remote collaboration. Now that academics, veterinarians, and other industry professionals can communicate with pharmaceutical businesses from around the world, knowledge and expertise may be shared more easily. This cooperative strategy expedites the creation of novel pharmaceutical items, such as fresh drugs, vaccines, and treatment regimens, which can greatly enhance the outcomes for animal health. The industry for veterinary drugs has also adopted remote collaboration more quickly thanks to the COVID-19 pandemic. Veterinarians are increasingly using telemedicine and online consultations to give their patients the lifesaving care they need in the face of travel limitations and social isolation policies. The need for reliable communication systems and digital solutions that facilitate seamless collaboration has been underscored by this change. The market for veterinary medications is developing significantly as a result of the rising demand for remote collaboration. In the end, improved animal healthcare outcomes are the result of this trend's facilitation of effective communication, research collaboration, and telemedicine services.
Concerns Related to Counterfeit Goods to Restrain the Market Growth
The market for veterinary medicines has expanded significantly in recent years due to several causes, including an increase in the number of pets, greater disposable income, and rising awareness of the importance of animal health. However, several issues need to be resolved that could limit market expansion. First off, the market for veterinary medications faces a serious security risk from counterfeit goods. Counterfeit drugs may have inferior or useless components, which could result in inadequate therapy or even cause injury to animals. The availability of fake goods reduces consumer and veterinary confidence, which hurts market expansion. Secondly, there are many issues with data security and privacy in the market for veterinary medications. The sector is rapidly using digital platforms for communication and record-keeping, which increases the danger of data breaches and unauthorized access to private data. Theft or unauthorized use of veterinary and patient data can have serious repercussions, including endangering animal health and legal ramifications that can impede market expansion. The market for veterinary medications is also susceptible to problems with supply chain security. Due to the worldwide nature of the sector and the cross-border transit of pharmaceuticals, it is vulnerable to items that are tampered with or counterfeit entering the market. Weak linkages in the supply chain can jeopardize the integrity of the product, thereby harming animals and damaging the market reputation. While the veterinary drugs market has a lot of promise, security issues need to be adequately resolved for it to continue expanding. To reduce security threats and promote a secure marketplace, it is important to combat counterfeit goods, ensure data security and privacy, improve supply chain security, encourage responsible use, and enforce strict rules.
Advancements in Pharmacological Treatments to Drive Excellent Opportunities
The veterinary medicines market is anticipated to have amazing growth and a wealth of prospects due to substantial technological advancements. The need for efficient pharmacological treatments has increased recently due to the growing importance and understanding of animal health as well as the rising occurrence of numerous diseases in animals. The ongoing creation and use of cutting-edge technology is one of the major drivers boosting the market for veterinary medications. The way veterinary medicines are created, given out, and monitored has undergone a revolution thanks to developments in fields like drug delivery systems, diagnostics, and genetic engineering. The use of genetic engineering has expanded the field of veterinary medicine. Genetically modified organisms (GMOs) that produce therapeutic proteins, vaccines, and other biologics have now been created by scientists. As a result, novel veterinary medicines with improved efficacy and safety profiles have been created. Research, development, and monitoring of veterinary pharmaceuticals have also been improved by developments in data analytics and digital health technology. Big data analytics enables scientists and pharmaceutical firms to examine enormous volumes of animal health data, spot trends, and create specialised treatment plans. The way veterinarians communicate with pet owners has also changed as a result of telemedicine and mobile health applications, which make it easier to conduct remote consultations, remind them to take medications, and track the effectiveness of treatments. Stunning technological breakthroughs are creating a slew of prospects for the veterinary medicines market. The practice of veterinary medicine has been completely transformed by the combination of cutting-edge diagnostic tools, drug delivery systems, genetic engineering, and digital health solutions. The potential for more developments and breakthroughs in veterinary medicine is enormous as technology develops, promising greater outcomes for animal health and presenting strong opportunities for pharmaceutical businesses participating in this industry.
Global Veterinary Pharmaceuticals Market Share, by Animal Type, 2022
The production sub-segment accounted for the highest market share in 2022. The research and manufacturing of numerous pharmaceutical items specially created for veterinary use is a significant function of the product segment in the veterinary pharmaceuticals market. The tasks included in this section span a wide range of disciplines, including formulation, production, packaging, and quality control. Pharmaceutical companies spend a lot of money investigating and understanding animal health issues, locating new medication candidates, and running pre-clinical tests to evaluate their safety and efficacy during the research and development process. To ensure the creation of efficient and secure treatments for animals, this stage entails collaboration between scientists, veterinarians, and other professionals. Quality assurance is essential to the entire production process. To ensure that the completed products fulfil predetermined requirements for safety, purity, potency, and stability, strict quality assurance procedures are put in place. This entails putting various analytical procedures to the test on raw materials, in-process samples, and finished goods to ensure that they adhere to regulatory standards. Knowledge of veterinary medicine, pharmaceutical sciences, manufacturing procedures, and regulatory compliance are prerequisites for the production component of the veterinary pharmaceuticals market. To address the various healthcare demands of animals and give veterinarians access to efficient treatment alternatives, ongoing research and development initiatives are required.
Global Veterinary Pharmaceuticals Market Share, by Product, 2022
The biologics sub-segment accounted for the highest market share in 2022. In recent years, the veterinary pharmaceutical market's biologics segment has experienced tremendous expansion and development. Pharmaceuticals known as biologics are made from living organisms or their parts, including recombinant proteins, monoclonal antibodies, and vaccinations. These goods are made to offer specialized treatment or preventive measures for a range of animal ailments and problems. The growing knowledge of the advantages and efficacy of these medicines among pet owners and veterinarians is one of the major factors promoting the expansion of the biologics industry. Compared to conventional medications, biologics have several distinct advantages, such as improved specificity, fewer side effects, and longer-lasting effects. Their therapeutic potential is increased because they can target specific disease pathways or antigens. Animals of all kinds, including companion animals (dogs, cats), livestock (cattle, pigs, poultry), and equines, have shown a great recovery with the use of biologics. In conclusion, the veterinary pharmaceuticals market's biologics category is expanding rapidly due to factors like raised awareness, technical improvements, regulatory backing, and shifting market dynamics in the animal health sector. The biologics market is anticipated to grow further with continued research and development efforts, providing cutting-edge treatments and preventative measures for animal diseases.
Global Veterinary Pharmaceuticals Market Share, by Mode of Delivery, 2022
The parenteral sub-segment accounted for the highest market share in 2022. The market for veterinary pharmaceuticals has a parenteral section that categorizes medications that are given to animals generally by injections or infusions. Bypassing the digestive system, parenteral administration guarantees that drugs are delivered directly into the bloodstream or tissues. This method of administration is frequently chosen for drugs that may not work well when given orally or for therapies that demand rapid and precise absorption. The parenteral segment in the context of veterinary pharmaceuticals includes a wide range of goods, including injectable medications, vaccinations, and fluid treatment solutions. These goods are safe and effective since they are specially made and packaged to fulfil the special requirements of animals. Advances in drug delivery technology, raised awareness of animal health, expanding pet ownership, and a rising need for high-quality veterinary care are some of the factors propelling the expansion of the parenteral sector in the veterinary pharmaceuticals market. This market's growth is further aided by the creation of novel formulations and dosage forms for parenteral administration as well as the accessibility of a large selection of veterinary medications. Overall, the veterinary pharmaceuticals market's parenteral segment plays a crucial role in animal healthcare by giving veterinarians access to efficient treatment alternatives and maintaining the welfare of animals.
Global Veterinary Pharmaceuticals Market Share, by End-User, 2022
The veterinary hospitals & clinics sub-segment accounted for the highest market share in 2022. In the veterinary pharmaceuticals industry, the category of veterinary hospitals & clinics is essential. The primary places to go for pet owners looking for veterinary care for their animals are veterinary hospitals and clinics. These facilities offer a variety of veterinarian services, such as examinations, medications, operations, immunizations, and written prescriptions for pharmaceuticals. The veterinary hospitals & clinics category is a prominent consumer of veterinary pharmaceuticals and medications within the veterinary pharmaceuticals industry. To accommodate the various healthcare requirements of their customers, these organizations frequently keep a well-stocked inventory of pharmaceutical supplies. Pharmaceuticals for use in animals include a wide range of treatments, including antibiotics, pain relievers, anti-inflammatories, vaccinations, parasiticides, and other therapies. Veterinarian hospitals and clinics not only use veterinary medications but also act as advocates and market influencers. In these facilities, veterinarians play a crucial role in prescribing and advising pet owners on certain pharmaceutical goods. When it comes to choosing veterinary medications, pet owners' tastes and decisions are greatly influenced by their knowledge and suggestions. Overall, the market for veterinary pharmaceuticals is significantly dominated by the category of veterinary hospitals and clinics. It acts as a significant consumer, a route, and a factor in the uptake of veterinary treatments and medications. The breakthroughs and innovations in the larger fields of veterinary medicine and pharmaceuticals are intimately related to the segment's growth and success.
Global Veterinary Pharmaceuticals Market Shape, by Region, 2022
The North American veterinary pharmaceuticals market generated the highest revenue in 2022. The market for veterinary pharmaceuticals is dominated by the region of North America. North America has seen substantial expansion in the veterinary pharmaceutical sector due to a strong focus on pet care and a high level of awareness about animal health. The area includes nations with developed veterinary healthcare systems and sizable populations of companion animals, like the United States and Canada. Pet owners in North America are increasingly turning to cutting-edge veterinary care and pharmaceuticals to make sure their pets are healthy. The need for veterinary pharmaceuticals, such as medicines, vaccines, feed additives, and diagnostic tests, has increased due to these technological advancements. The market is characterized by the presence of both local manufacturers and foreign pharmaceutical corporations serving the diverse needs of veterinarians and pet owners. The veterinary pharmaceutical industry's research and development is centered in North America. Leading businesses and academic institutions in the area actively participate in cutting-edge research and partnerships to create novel medicines and treatments for animals. This encourages the release of innovative veterinary pharmaceutical products, which further fuels the market's expansion.
Competitive Scenario in the Global Veterinary Pharmaceuticals Market
Investment and agreement are common strategies followed by major market players. One of the leading market players in the industry is Virbac. On May 11, Virbac Spain, one of the Group's oldest subsidiaries and a company that was founded in 1983, commemorated 40 years of dedication to animal health. The company’s Veterinary HPM® dog and cat feeds initially appeared in Europe in 2015; they are now available in more than 30 countries around the world.
Some of the leading veterinary pharmaceuticals market players are Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim GmbH, Elanco, Nutreco N.V., Virbac, Kindred Biosciences, Inc., and Biogenesis Bago.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Animal Type
Segmentation by Product
Segmentation by Mode of Delivery
Segmentation by End User
Key Companies Profiled
Q1. What is the size of the global veterinary pharmaceuticals market?
A. The size of the global veterinary pharmaceuticals market was over $45.1 billion in 2022 and is projected to reach $99.0 billion by 2032.
Q2. Which are the major companies in the Veterinary Pharmaceuticals market?
A. Merck Animal Health and Ceva Sante are some of the key players in the global veterinary pharmaceuticals market.
Q3. Which region, among others, possesses greater investment opportunities shortly?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted for by the operating companies in this market.