Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Global Veterinary Pharmaceuticals Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global veterinary pharmaceuticals market was valued at about $12.8 billion in 2018 and is expected to grow to $21.32 billion at a CAGR of 13.6% through 2022.
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Top Companies in the Global Veterinary Pharmaceuticals Market: Merck & Co. Inc., Zoetis Inc., Eli Lilly and Company, Bayer AG, Boehringer Ingelheim GmbH and Other
Markets Covered: 1) By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Others 2) By End User: Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug stores 3) By Route of Administration: Oral, Others (Parental, Topical) 4) By Animal Type: Companion Animals, Livestock Animals 5) By Vaccines: Inactivated vaccines, Attenuated vaccines, Recombinant vaccines
North America was the largest region in the veterinary pharmaceuticals market in 2016, accounting for about 32% of the share in the market.
Increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary pharmaceuticals market. Increase in the incidence of diseases in livestock and companion animals will require medicines to treat animals for the disease. For instance, according to Banfield State of Pet Health report 2016, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 in 2006 to 23.6 cases in 2015 whereas the prevalence rate increased by 18% in cats from 2006 to 2015. The increase in prevalence rate of diseases among animals results in increased demand for veterinary pharmaceuticals.
The veterinary pharmaceuticals market is being restrained by lack of awareness about animal healthcare. According to the Animal Welfare Act 2006 a proper healthcare means the pet should have the regular vaccination, a suitable diet, protection from pain, suffering and should be free from any kind of disease. According to the latest PDSA Animal Wellbeing (PAW) UK report 2018, only 38% people in the UK are aware of this legislation which shows a very less proportion of the population is aware of the animal healthcare and acts as a major restraint for the market.
The rise in generic drugs for animal care is being seen as the latest trend in the veterinary pharmaceuticals market. The economical nature of generic drugs is enabling the pet lovers to take care of their pets efficiently. During 2013-2015, FDA has approved 22 generic animal drugs for cats and dogs which has increased the adoption of generic drugs by the veterinarians. According to a survey conducted on 520 veterinarians by Brakke and Trone Brand Energy Inc., around 80% of the veterinarians confirmed that they are using generic drugs in order to save the pet owners money. However, the lower margin of profit given by generic drug manufacturers compared with heavy margins of branded drugs needs to be looked in by the veterinarians.
The veterinary pharmaceuticals market is regulated by government agencies such as European Medicines Agency (EMA), USFDA (the US food and drug ministration), and others. For instance, the EU agencies require 6 to 12 months to approve the veterinary medicinal products. Moreover, it requires all parts of the registration dossier to be submitted together unlike the US-FDA which accepts phased submissions. The US-FDA assesses each technical section for 6 months which may increase to another 6 months cycle if questions/concerns are raised. However, the technical sections assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and estimate date of approval. Also, the license validity and renewal of the application in EU region is very difficult upon the existing regulatory policies. Therefore, the manufacturers of veterinary pharmaceuticals should plan well, communicate effectively in order to minimize the costs and reduce timelines.
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-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
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-Analytical Tools: The Global Veterinary Pharmaceuticals Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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