Veterinary Therapeutics Market: Introduction
According to the report, the global veterinary therapeutics market was valued at ~US$ 36 Bn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027. 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.
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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.
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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.
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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.
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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.
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