According to a new report published by Allied Market Research, titled, "Veterinary Medicine Market by Product, Route of Administration, Animal Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2019–2027," the global veterinary medicine market was valued at $22 billion in 2019, and is expected to reach $29 billion by 2027, registering a CAGR of 4.6% from 2019 to 2027.
Animals are integral part of human life as humans use them for food, labor, and companionship. In addition, animals suffer from various medical conditions, which require immediate attention and treatment. Products such a drugs, vaccines, and medicated feed additives, which are used in the treatment of animals are defined as veterinary medicines. Moreover, there are different types of drugs used in companion animals and livestock animals. For instance, drugs include anti-infective, anti-inflammatory and parasiticide, which are employed in treatment of conditions such as hookworm and inflammation. In addition, products such as inactivated vaccines, attenuated vaccines, and recombinant vaccines are also employed in the treatment of various medical condition in animals. Furthermore, medicated feed additives such as amino acids and antibiotics are also used for treatment of animals. Moreover, veterinary medicines are administered through different routes such as oral, parenteral and topical. Furthermore, drugs, vaccines and other veterinary medicine products are used in companion animals and livestock animals.
The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. Furthermore, factors such as surge in prevalence of various medical conditions in animals and rise in demand for livestock products also boost growth of the veterinary medicine market. In addition, rise in animal healthcare expenditure is another major factor that fuels market growth. However, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medical feed additives restricts growth of the veterinary medicine market. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.
In addition, COVID-19 pandemic is another major factor that has profound effects on the veterinary medicine market due to the nationwide lockdowns across the globe. Thus, these lockdowns have led to emergence of new challenges and changes which are tedious to manage and every business is suffering. For instance, in veterinary medicines industry, COVID-19 has resulted in a decline of demand for veterinary medicines. However, the supply has been in a good state and is ensured in by respective governmental institutions present in various countries. Thus, the overall impact of COVID-19 outbreak has been negative for the veterinary medicine market due to factors such as less veterinary visits and postponing of annual checkups of companion animals.
The global veterinary medicine market is segmented on the basis of product, route of administration, animal type, distribution channels, and region to provide a detailed assessment of the market. By product, the market is divided into drugs, vaccines, and medicated feed additives. The drugs segment is further divided into anti-infective, anti-inflammatory, and parasiticide. In addition, the vaccines segment is divided into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Similarly, the medicated feed additives segment is divided into amino acids and antibiotics. By route of administration, the market is classified into oral route, parenteral route, and topical route. By animal type, it is divided into companion animals, and livestock animals. By distribution channels, it is classified into veterinary hospitals, veterinary clinics, and pharmacies & drug stores. By region, the veterinary medicine market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
On the basis of product, the drugs segment held the dominant share in 2019, owing to factors such as rise in prevalence of parasites in animals and surge in prevalence of various infections, which are treated using anti-infectives.
By route of administration, the parenteral segment occupied the largest share of veterinary medicine market in 2019. The growth of this segment is attributed to large number of parenteral formulations offered by key players in the market. In addition, the topical segment exhibited the fastest growth as the key players have increased their focus toward launching novel topical products for treatment of parasites.
By animal type, the livestock segment occupied the largest share of the veterinary medicine market in 2019. The growth of the segment is attributed to surge in population of livestock animals across the globe. Furthermore, the companion animal segment is expected to exhibit fastest growth rate, owing to surge in awareness toward their health.
In 2019, North America accounted for the major share of the veterinary medicine market size, and is expected to continue this trend, owing to surge in number of companion animal owners and easy availability of veterinary medicines. Moreover, other factors such as surge in animal health expenditure also boost growth of the veterinary medicine market in North America. Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to use of veterinary medicines. The other factors that boost growth of the market include surge in awareness related to animal health and rise in ownership of companion animals in the region.
Key Findings Of The Study
- By product, the vaccines segment occupied one-fourth share of the global veterinary medicine market in 2019
- By route of administration, the parenteral route segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By distribution channel, the retail veterinary pharmacies segment accounted for more than half the share of the market in 2019.
- By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.