Animal Pharmaceutical Market Size, Share, Growth, and Industry Analysis, By Type (Drugs, Vaccines, & Medicated Feed), By Application (Veterinary Hospitals, Veterinary Clinics, Point of Care/ In-house Testing, & Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

animal pharmaceutical market REPORT OVERVIEW

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The global animal pharmaceutical market size was USD 52985.42 million in 2021 and is projected to touch USD 71522.26 million by 2027, at CAGR of 5.13% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market is experiencing significant growth, attributed to key industry drivers. As awareness of animal health and well-being rises, the importance of animal pharmaceuticals becomes increasingly evident. These products are integral to maintaining the health of livestock and companion animals, addressing concerns such as disease prevention and treatment. The market's expansion aligns with the growing emphasis on responsible pet ownership, livestock management, and the need for reliable and effective pharmaceutical solutions.

The market is currently evolving through technological innovations. Manufacturers are proactively engaged in research and development, aiming to enhance the efficacy of animal pharmaceuticals and improve their sustainability. These advancements encompass more effective treatments, safer drug administration, and digital solutions that enable better monitoring and care. As animal welfare gains prominence and regulatory requirements become more stringent, the market adapts to meet the evolving needs of veterinarians, livestock producers, and pet owners, positioning itself as a critical component of animal care and health management.

Covid-19 Impact: Market Growth Restrained by COVID-19 due to Lockdown Restrictions

The COVID-19 pandemic had a mixed impact on the animal pharmaceutical market. While the market for livestock treatments and vaccines remained relatively stable, the companion animal segment faced disruptions due to reduced veterinary visits. Overall, the impact on the market can be considered negative, as the pandemic created challenges and uncertainties for both producers and consumers of animal pharmaceuticals.

LATEST TRENDS

"Growing Interest in Telemedicine for Animal Health to Revolutionize the Market"

A noteworthy trend in the market is the increasing adoption of telemedicine and digital health solutions for animals. With the advancement of technology, veterinarians and pet owners now have access to virtual consultations and remote monitoring, making healthcare for animals more convenient and accessible. This trend not only enhances the efficiency of veterinary care but also aligns with the broader digitalization and telehealth movement. The use of telemedicine in the market reflects a growing desire for efficient and remote healthcare solutions for pets and livestock.

animal pharmaceutical market SEGMENTATION

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• By Type

Based on type the market can be categorized into drugs, vaccines, & medicated feed.

• By Application

Based on application the market can be categorized into veterinary hospitals, veterinary clinics, point of care/ in-house testing, & others.

Driving factors

"Rising Pet Ownership to Spur Market Growth "

One key driving factor of the animal pharmaceutical market growth is the surge in pet ownership. As more households across the world embrace pets as family members, the demand for pharmaceuticals to ensure their health and well-being has increased significantly. This factor is especially prominent in the companion animal segment, where treatments and preventive medications are in high demand. The bond between pet owners and their animals has led to heightened awareness and investment in pet healthcare, propelling the market forward.

"Increasing focus on Livestock Health to Fuel Growth in the Market "

Another crucial driving factor for the market is the importance of livestock health in ensuring food security. With a growing global population, the need for a consistent and healthy food supply is paramount. Animal pharmaceuticals play a vital role in preventing and treating diseases in livestock, ensuring the production of safe and nutritious food products. As the world places increasing importance on sustainable and responsible farming, the demand for pharmaceutical solutions in livestock management continues to grow, driving the expansion of the market.

RESTRAINING FACTOR

"Regulatory Hurdles to Challenge Market Growth"

One notable restraining factor in the market is the complex and evolving regulatory landscape. Stringent government regulations and approval processes can delay product launches and increase development costs. Meeting the diverse and often stringent requirements across different regions can be a challenging and time-consuming task for pharmaceutical manufacturers. These regulatory hurdles can act as barriers to market entry, hampering the introduction of new products and technologies, and potentially limiting market growth.

animal pharmaceutical market REGIONAL INSIGHTS

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"North America to Lead the Market due to the Strong Focus on Animal Health in the Region"

North America stands as the most dominant region in the animal pharmaceutical market share, capturing the majority of market share. This leadership is driven by the region's strong focus on animal health and welfare, along with a robust pet ownership culture and a significant livestock industry. The presence of well-established pharmaceutical companies and a commitment to rigorous regulatory standards further solidify North America's position as a dominant force in the market. The region's emphasis on advanced healthcare solutions for both companion and livestock animals makes it a major contributor to the industry's growth and innovation.

KEY INDUSTRY PLAYERS

"Influential Industry Players Shaping the Market through Innovation"

Major industry players, encompassing well-established pharmaceutical companies and emerging innovators, wield substantial influence in the market. Established companies bring extensive experience, research capabilities, and a proven track record for developing safe and effective pharmaceuticals. Their global reach and distribution networks help set industry standards and ensure reliable supply chains. At the same time, innovative newcomers infuse the market with fresh approaches and technological advancements, driving the evolution of animal pharmaceuticals. The collective impact of these industry players fosters a competitive landscape that accelerates the growth and diversification of the market, ultimately benefiting animal health and welfare.

List of Market Players Profiled

• Vetoquinol S.A. (France)
• Phibro Animal Health Corp (U.S.)
• Bimeda Animal Health Ltd (Ireland)
• Sparhawk Laboratories (U.S.)
• Perrigo Company plc (Ireland)
• Merck & Co., Inc. (U.S.)
• Elanco Animal Health Inc. (U.S.)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.