What is Animal Drugs Market?
Veterinary drugs are the drugs used for the animals to cure and prevent diseases. Veterinary drugs are given to animals via feed or drinking water, or by injection. Increasing animal adoption and healthcare expenditure on animal boosting the growth of the animal drug market. In addition, the demand for medicines due to viral disease expected to drive the animal drug market in the forecasted period. Furthermore, growing research and development activities in the animal drug. For instance, Bayer introduces the SRD online tool of antibiotic treatment for swine respiratory.
Highlights from Animal Drugs Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Zoetis (United States), Boehringer Ingelheim (Germany), Bayer (Germany), Elanco Animal Health (United States), Ceva (United States), Dechra (United Kingdom), Merck (United States), Virbac (France) and Vetoquinol (France) |
Animal Drugs market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solution to improve quality, enhances and promotes performance of drug. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Animal Drugs market throughout the forecasted period.
Zoetis (United States), Boehringer Ingelheim (Germany), Bayer (Germany), Elanco Animal Health (United States), Ceva (United States), Dechra (United Kingdom), Merck (United States), Virbac (France) and Vetoquinol (France) are some of the key players profiled in the study. Animal Drugs Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Livestock and Companion |
Type | Anti-infective , Anti-inflammatory and Parasiticides |
Route of Administration | Oral,Parenteral,Topical |
Distribution Channel | Supermarket,Speciality Store,Online |
On the basis of geography, the market of Animal Drugs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Self-Medication for Pets on the Basis of Information Available on the Internet
Market Growth Drivers:
Increasing Animal Adoption Worldwide and Increasing Healthcare Expenditure on Animal
Challenges:
The Requirement of Huge Investment for Research and Development
Restraints:
High Cost of the Drugs and Lack of Awareness in Underdeveloped Countries
Opportunities:
Increasing Investment in Clinical Animal Research and Development and High Demand for the Medicines Due to Viral Disease
Key Target Audience
Animal Drugs Manufacturer, Animal Drugs Suppliers/Distributors, Raw Material Suppliers, Healthcare Industry and Research and Development Organisation
Market Leaders & Development Strategies
In July 2019, Zoetis Inc. announced it has entered into an agreement to acquire Platinum Performance. Platinum’s premium nutritional product formulas and unique approach to the field of scientific wellness for horses, dogs, and cats will further strengthen and diversify Zoetis’ portfolio in the equine and pet care markets.
In July 2019, Bayer introduces SRD Smart Compare, a new online tool that puts sound scientific evidence at veterinarians’ fingertips to aid in their selection of antibiotic treatment for swine respiratory disease (SRD) when needed.
The Federal Food, Drug, and Cosmetic Act gives the FDA the legal authority to approve and regulate drugs for animals. Before a drug company can market an animal drug, the company must get the drug approved by the FDA.