Veterinary Pharmaceuticals Market

The report "Veterinary Pharmaceuticals Market by Product (Drugs, Vaccines, Medicatives feed additives), Aniaml Type (Production, Companion), Route of Administration (Oral, Parentreal), Distribution Channel (Veterinary Hospitals, Clinics), Indication (Infectious, Dermatologic, Pain) and Region - Global Forecast to 2027", size is projected to reach USD 39.0 billion by 2027 from USD 27.5 billion in 2022, at a CAGR of 7.5% during the forecast period.

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Market is driven by factors such as growing initiatives by regional governments, rising incidences of zoonotic & chronic diseases, increasing pet healthcare expenditure, and R&D initiatives by market players. However, lack of veterinary infrastructure facilities in underdeveloped and developing nations, stringent regulations associated with medicate feed additives are expected to restrict market growth.

“The drugs segment accounted for the largest market share in the veterinary pharmaceuticals market, by product, during the forecast period”

The veterinary pharmaceuticals market is segmented into drugs, vaccines, and medicated feed additives. In 2021, the drugs segment accounted for the largest market share in the veterinary pharmaceuticals market. Increased spending on animal care products, growing cattle population, rise in the demand of animal vaccination due to increased meat & diary consumption are anticipated to propel market growth.

“The parenteral segment accounted for the largest market share in the veterinary pharmaceuticals market, by route of administration”

Based on route of administration, the veterinary pharmaceuticals market is segmented into oral, parenteral, and topical route. The parenteral segment accounted for the largest market share in 2021. This can be attributed to the several advantages offered by this administration, such as first-pass metabolism avoidance, better bioavailability, and reliable dosage.

“North America accounted for the major market share of the veterinary pharmaceuticals market”

The global veterinary pharmaceuticals market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the regional analysis, the North America region is likely to retain a significant market share in 2021 and the future. Surge in the number of companion animals, easy availability of veterinary medicines, increasing animal health expenditure, and the increasing adoption of pet health insurance in US are some of the factors attributing to the growth of te market in the region.

The major players operating in this market are  Zoetis, Inc., Merck & Co., Inc (Intervet International B.V), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Sante Animale, Vetoquinol S.A., Virbac, Boehringer Ingelheim International GmbH, Sopafrin SCA, Archer Daniels Midland and Evonik Industries AG.

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