Increasing pet adoption and rising consumption of milk and meat to drive animal pharmaceuticals market
According to TechSci Research report, “Global Animal Pharmaceuticals Market By Product Type, By Product, By Animal Type, By Registration, By Region, Forecast & Opportunities, 2025”, global animal pharmaceuticals market is expected to grow at a steady CAGR during the forecast period on account of the prevailing trend of pet adoption, which brings along the responsibility of taking care of the pet’s health. Another major factor is increasing diseases in animals, whose products like, milk and meat are consumed by the human population. If these animals are not taken care of, diseases like swine flu are likely to enter the food chain and spread all over world. The indispensability of animal pharmaceuticals is crystal clear as they find their applications in diagnosis, treatment and curing veterinary diseases. Additionally, rising awareness about various veterinary disorders, besides increasing investments made by the governments and pharma companies in animal pharmaceuticals are driving the animal pharmaceuticals market, globally. However, certain rules made by government regarding issues like animal testing and approval of new drugs & chemicals limit the potential growth of the market. Increasing number e-commerce platforms have led to the trend of online business which bring along the risks of the transfer of counterfeit medicines via illegal distribution channels, thus hampering growth of the market.
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The animal pharmaceuticals market is segmented by product type, product, animal type, registration and region. In terms of product type, market can be segmented into vaccine, veterinary and others, out of which vaccines are likely to have a good growth due to the demand for long-term planning for pet’s health. In terms of product, market can be segmented into ectoparasiticides, endoparasiticides, anti-inflammatories and bronchodilators out of which, ectoparasiticides held the largest market share in 2019 due to the increase in the ectoparasite-ridden animals. The animal type segment is further bifurcated into companion and production animals, where companion animals hold the larger share as the governments have now started encouraging pet owners to take care of their pets, thus, in turn propelling the market for companion animals’ pharmaceuticals.
The regional analysis of the market is done considering five major regions which are North America, South America, Europe, Asia-Pacific and Middle East & Africa. North America holds the highest share due to the increasing adoption of pets, urbanization, rising usage of meat & milk products and prevalence of zoonotic diseases. The market growth of the region can also be attributed to the pre-existing established pharmaceutical companies contributing to the market. Second position is held by Europe, which is primarily driven by rising concerns towards the healthcare of livestock and companion animals.
Major players in global animal pharmaceuticals market include Zoetis Inc, Merck Animal Health, Vetoquinol SA, Zoetis Inc, Virbac SA, Boehringer Ingelheim International GmbH, Eli Lilly & Co, Perrigo Co PLC, Sanofi SA, Bayer AG, Elanco Animal Health Inc, Ceva Sante Animale S.A., Covetrus Inc., Idexx Laboratories Inc., Vetoquinol USA, Inc., Norbrook Laboratories, Ltd., Huvepharma EOOD, Adivo GmbH, Ceva Sant Animale, Phibro Animal Health Corp, etc. In order to expand their market share, the companies adopt various strategies like new service launches, collaborations, introduction of more schemes and many more. As of April 2019, Bayer AG, a German pharmaceutical and life sciences company, joined hands with a biotech company, Adiv GmbH, for the development of anti-bodies for animal pharmaceuticals. Also, in June 2018, Merck & Co.’s subsidiary of animal health merged with a division of Viscon Hatchery Automation, Vinovo B.V., for the provision of more efficient ovo vaccination for birds and poultry.
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“Asia-Pacific is expected to have the highest growth rate in the upcoming years due to the increasing diseases from animals like swine flu and Ebola, which have also escalated the human death rate across the globe. Additionally, increasing consumption of dairy products and growing exports of animals to other countries are stressing on the need of maintaining the health of the animals, which is anticipated to drive animal pharmaceuticals market through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Animal Pharmaceuticals Market By Product Type, By Product, By Animal Type, By Registration, By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global animal pharmaceuticals market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global animal pharmaceuticals market.
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