Based on Global Market Insights, Inc., estimates, the animal drugs market size is set to exceed $41 billion by 2025 with achieve over 4.9% CAGR.
Ocean View, DE -- (SBWIRE) -- 04/06/2020 -- The drugs segment of the animal drugs market was valued at over $17.7 billion back in 2018. The U.S. Food and Drug Administration regulates human and veterinary drugs, medical devices and biologic products to assure their effectiveness and safety.
Based on Global Market Insights, Inc., estimates, the animal drugs market size is set to exceed $41 billion by 2025 with achieve over 4.9% CAGR. The animal drugs market share is expected to depict a major rise owing to the introduction of a variety of novel and innovative animal drugs. Increasing focus of several veterinary pharmaceutical firms towards the development of novel, effective healthcare and pharmaceutical products for livestock as well as other companion animals is likely to push the market share.
In addition, global firms are also actively involved in spreading awareness about the integrality of animal drugs to proliferate their adoption across the world. Citing an example, Merck Animal Health, in May 2019, unveiled BRAVECTO Cares, a company-sponsored educational campaign highlighting the role that service dogs fulfil and the significance of keeping their health good by keeping them safe from fleas and ticks.
Likewise, growing investments in R&D activities are further expected to accelerate animal drugs market outlook.
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Top Companies like Virbac, Dechra Pharmaceuticals, Ceva Santé Animale, Zoetis, Boehringer Ingelheim, Bayer, Elanco and Merck are some of the notable industry players.
Demand for veterinary drugs to drive product segment expansion over the forecast time period
With respect to product segment, the animal drugs market is bifurcated into medicated feed additives, vaccines, and drugs. Among these, drugs are anticipated to witness momentous growth during the forthcoming timeframe.
Furthermore, the government also registers animal drugs to protect health of people who consume food of animal origin. Since, the animal drugs are essential to prevent and control disease in companion and livestock animals, the segment would witness heavy growth in the market.
Improvement in drugs for livestock animals showing enhanced applicability
The livestock animal segment has been projected to witness a growth of more than 4.5% throughout the projected timeframe. Improvements in drugs for livestock animals have also shown their improved applicability to address various health problems, thereby encouraging the segment growth.
Animal healthcare has not yet developed across middle-income group countries, who can help keep good livestock animals health without the use of veterinary drugs. Meanwhile, significant advancements have been carried out when it comes to effective usage of animal drugs in the U.S. and Europe.
Emphasis of injectable segment as the most efficient means of delivering therapy to animals
The injectable segment, in 2018, was valued for around $13 billion and is projected to witness numerous growth opportunities over the forecast time period. Injectable drug administration route is considered to be the most efficient way of facilitating therapy to animals since it completely removes the solute absorption need in animals.
The injectable route directly administers the medicine into the system circulation. Substances get absorbed directly into the animal's blood vessels on chronic or acute basis, thus leading to segmental growth in the market with the help of the convenience factor.
Browse Report Summary @ https://www.gminsights.com/industry-analysis/animal-drugs-market
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
18.104.22.168. Paid sources
22.214.171.124. Unpaid sources
Chapter 2. Executive Summary
2.1. Animal drugs market industry 3600 synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Animal type trends
2.1.4. Route of administration trends
2.1.5. Distribution channel trends
2.1.6. Regional trends
Chapter 3. Animal Drugs Market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers
126.96.36.199. Surging demand for pet insurance policies worldwide
188.8.131.52. Rising rate of obesity in companion animals
184.108.40.206. Increasing government support for pet care across the globe
220.127.116.11. Growing demand for online veterinary pharmacies
3.3.2. Industry pitfalls & challenges
18.104.22.168. High cost associated with animal drugs
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By animal type
3.4.3. By route of administration
3.4.4. By distribution channel
3.5. Porter's analysis
3.6. Competitive landscape, 2018
3.6.1. Strategy dashboard
3.7. PESTEL analysis
More insightful info: https://www.marketwatch.com/press-release/animal-drugs-market-size-2019-outlook-opportunity-and-demand-analysis-report-by-2025-2020-01-10
Impact of veterinary hospitals on animal drugs market
In 2018, veterinary hospitals segment was estimated to be valued at over $11.2 billion. The segment is further anticipated to grow significantly over the analysis period. These hospitals facilitate numerous insurance plans with several coverage schemes designed specifically for providing better treatment options to the animals.
In addition, factors such as early disease detection, corrective health treatments, cost-effective and preventive healthcare, quality treatment would foster the distribution channel segment growth in the market.
Growth of veterinary hospitals across developing nations would also be a key factor augmenting the animal drug distribution in veterinary hospitals.
Effects of growing demand in North American region
North America animal drugs market accounted for more than 37% of the overall market revenue share back in 2018. The region is also projected to witness lucrative growth through 2025. This growth can be credited to the rising focus of regional organizations on new drug development to treat several chronic diseases found in animals.
Along with novel drug development, a robust network of veterinary hospitals, drug stores and clinics, would further push the market share in the region. Furthermore, increasing adoption of pets and growing concerns among pet owners regarding the health of their pets would proliferate the market share further.