Veterinary Medicine Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, Route of Administration, Animal Type and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2020-2027

Veterinary Medicine Market Overview:

The veterinary medicine market accounted for $22,973 million in 2019, and is expected to reach $29,698 million by 2027, registering a CAGR of 4.6% from 2020 to 2027. 

Veterinary medicine is termed as any product used to treat various medical conditions in animals. For instance, veterinary medicine include drugs such as anti-infective drugs and parasiticides, which are administered orally in animals. Similarly, veterinary medicine also includes vaccines, which are used to build immunity in animals against various infectious diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. In addition, they also include medicated feed additives, which are mixed with animal feed to provide pharmaceutical effects in animals. Moreover, veterinary medicine is used in various type of animals including companion animals such as dogs and cats and livestock animals such as cattle, pigs, and poultry. Furthermore, the medicine is administered in animals via different routes such as drugs are manly administered through oral route, vaccines are given through parenteral route, and some parasiticidal drug preparations are administered through topical route. 

Some medical conditions in animals that are treated using veterinary medicine include pain and inflammation associated with osteoarthritis, hookworm, whipworm, infections, and others.

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 the veterinary medicine market growth. In addition, rise in animal healthcare expenditure is another major factor that fuels growth of the market. However, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medicate feed additives restrict veterinary medicine market growth. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.

Moreover, COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This lead to disruption, limitation, challenges and changes in each sector of every industry. Similarly, veterinary medicines industry was also impacted by the pandemic. For instance, veterinary organizations across the globe have recommended limiting animal patient care to acutely ill animals and emergencies. Furthermore, the lockdowns have led to rescheduling of annual checkup exams and elective procedures. However, various key players have ensured the supply of veterinary medicines as the governmental institutions across the globe are taking strict measures to maintain the supply. Therefore, overall impact of COVID-19 on the veterinary market remains fairly negative, owing to fall in demand as veterinary visits are limited and animal healthcare approach is changed to providing care to emergency cases and critically ill animals.

Veterinary Medicine Market Segmentation  

The global veterinary medicine market is segmented on the basis of product, route of administration, animal type, distribution channel, and region to provide a detailed assessment of the market. By product, it 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 channel, 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).

Segment Review

On the basis of product, the drugs segment held a 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-infective drugs. Furthermore, other factors that contribute to growth of the market include surge in awareness related to use of drugs in animals and rise in adoption of veterinary drugs across the globe.

By route of administration, the parenteral segment occupied largest share of the veterinary medicine market in 2019. 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.  

In 2019, North America accounted for 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 the region. Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to use of veterinary medicines. 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. 

The global veterinary medicine market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum veterinary medicine market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Zoetis, Inc., Merck & Co., Inc. (Intervet International B.V.), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Santé Animale, Virbac., Vetoquinol S.A., Boehringer Ingelheim International GmbH., ADM Animal Nutrition, and Evonik Industries AG.

Key Benefits For Stakeholders

• This report entails a detailed quantitative analysis along with the current global veterinary medicine market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
• The veterinary medicine market forecast is studied from 2020 to 2027. 
• The veterinary medicine market size and estimations are based on a comprehensive analysis of key developments in the industry. 
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.

  Veterinary Medicine Market Report Highlights

Aspects	Details
By Product	Drugs Anti-infective Anti-inflammatory Parasiticide Vaccines Inactivated Vaccines Attenuated Vaccines Recombinant Vaccines Medicated Feed Additives Amino Acids Antibiotics
By Route Of Administration	Oral Route Parenteral Route Topical Route
By Animal Type	Companion Animals Livestock Animals
By Distribution Channel	Veterinary Hospital Pharmacies Retail Veterinary Pharmacies
By Region	North America  (U.S., Canada, Mexico) Europe  (Germany, France, UK, Italy, Spain, Rest of Europe) Asia-Pacific  (Japan, China, Australia, India, South Korea, .Rest of Asia-Pacific) LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players	Elanco Animal Health Incorporated., Merck & Co., Inc., Soparfin SCA., Evonik Industries AG (RAG Stiftung), Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Archer Daniels Midland, Ceva Santé Animale, Zoetis Inc., Virbac SA.

Analyst Review

In accordance to several interviews conducted, the utilization of veterinary medicine is likely to witness a significant rise due to factors such as surge in prevalence of various medical conditions in animals, which require the use of veterinary medicines. Furthermore, experts of key companies believe that factors such as surge in population of livestock animals across the globe, rise in demand for livestock animal products, and increase in animal healthcare expenditure also fuel growth of the market. 

The other major factors that contribute toward the growth of the market include rise in awareness associated with animal healthcare and launch of novel and advanced veterinary products in the market. Moreover, on the basis of region, the North America veterinary medicine market acquired majority share, owing to rise in animal healthcare expenditure and easy availability of veterinary medicines. Similarly, Asia-Pacific is expected to exhibit fastest growth rate during the forecast period, owing to factors such as surge in awareness associated with the use of veterinary medicine and rise in population of livestock and companion animals.

 

Author Name(s) : Sanjivan Gill | Roshan Deshmukh

Related Tags

• Animal Vaccines
• Animal Therapeutics
• Infectious Diseases