Veterinary Therapeutics Market Overview
Veterinary Therapeutics Market size is estimated to reach 44.12 billion by 2027, growing at a CAGR of 7.1% during the forecast period 2022-2027. Veterinary therapeutics is a section of animal healthcare that tackles avoidance, treatment and relief of numerous ailments amidst animals. Anti-infectives are medications that perform to avert or treat infections. They involve antibacterial, antivirals antifungals and antiparasitic medicines. Based on species types, the application of veterinary anti-infectives medicines is comparatively greater on livestock animals as to pet animals. For regulatory purposes, in numerous nations, most endo parasiticides are regarded as veterinary medicines, whereas most ecto parasiticides are regarded as pesticides. One reason is that the huge majority of ectoparasiticides include active constituents also utilized as agricultural pesticides. Antibiotics are significant medications in veterinary practice that allow the treatment of bacterial disease and can contribute to enhancing animal health and well-being. Medicated feed additives typically assist in keeping up animal health and advance growth and feed effectiveness. The progress of Veterinary Therapeutics industry Size is owing to surging financing in R&D activities, entry of novel players and product innovation.
The soaring demand for veterinary drugs, vaccines and medicated feed additives to avert, treat and handle distinct animal ailments is set to drive the Veterinary Therapeutics Market. The accelerated increase in the count of animal ailments, boost in ownership of companion animals and the great predominance of zoonotic diseases are set to propel the growth of the Veterinary Therapeutics Industry during the forecast period 2022-2027. This represents the Veterinary Therapeutics Industry Outlook.
Veterinary Therapeutics Market Report Coverage
The “Veterinary Therapeutics Market Report - Forecast (2022-2027)” by Industry ARC, covers an in-depth analysis of the following segments in the Veterinary Therapeutics Market.
- Geographically, North America (Veterinary Therapeutics market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the surging demand for animal proteins like meat and milk in the North American region.
- Veterinary Therapeutics Market growth is being driven by the heightened acceptance of medications for livestock animals integrated with novel product launches. However, reduced R&D returns leading to aging product portfolio, binding regulatory framework, emerging concern regarding the application of antibiotics and growth promoters in food animals are some of the major factors hampering the growth of Veterinary Therapeutics Market.
- Veterinary Therapeutics Market Detailed Analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Veterinary Therapeutics Market report.
Veterinary Therapeutics Market: Market Share (%) By Region, 2021
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Veterinary Therapeutics Market Segment Analysis - by Product Type
The Veterinary Therapeutics Market based on product type can be further segmented into Drugs, Vaccines and Medicated Feed Additives. The Drugs Segment held the largest Veterinary Therapeutics market share in 2021. This growth is owing to the heightening application of increasing predominance of food borne ailments requiring application of anti-infectives. Veterinary Non-Steroidal Anti-Inflammatory Drugs (NSAIDs) are utilized to curb pain and inflammation. Veterinary parasiticides or antiparasitics are products that destroy parasites that flood livestock, pets and additional animals. The surging application of parasiticides in the treatment and avoidance of numerous parasite infections is further propelling the growth of the Drugs segment.
Furthermore, the Medicated Feed Additives segment is estimated to grow with the fastest CAGR of 8.2% during the forecast period 2022-2027 owing to the soaring application of medicated feed additives including antibiotics or additional medications that may help in growth and weight gain.
Veterinary Therapeutics Market Segment Analysis - by Animal Type
The Veterinary Therapeutics Market based on animal type can be further segmented into Companion Animals and Livestock Animals. The Companion Animals Segment held the largest Veterinary Therapeutics market share in 2021. This growth is owing to the surging count of companion animals in countries like the U.S. Comprehensive research records strong relationships between human beings and companion animals. The soaring benefits of owning a companion animal like lesser feelings of loneliness, greater compatibility between humans and lesser allergies are further propelling the growth of this segment.
Furthermore, the Livestock Animals segment is estimated to grow with the fastest CAGR of 8.4% during the forecast period 2022-2027 owing to the surging benefits acquired from maintaining livestock animals like saving money on meat, getting access to quality meat, managing pastures and growing one's own food to be better prepared for tough times in the future.
Veterinary Therapeutics Market Segment Analysis - by Geography
The Veterinary Therapeutics Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America (Veterinary Therapeutics Market) held the largest Veterinary Therapeutics market share with 33% of the overall market in 2021. The growth of this region is owing to the surging application of veterinary medications including antibiotics and vaccines in the North American region. The heightening application of medicated feed additives owing to its different benefits like diminishing the chances of livestock becoming sick is further propelling the growth of the Veterinary Therapeutics Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the increase in livestock population in the Asia-Pacific region. The surging ownership of companion animals and the soaring application of veterinary antibiotics are further fueling the progress of the Veterinary Therapeutics Industry in the Asia-Pacific region.
Veterinary Therapeutics Market Drivers
Surging Applications of Anti-Infectives are Projected to Drive the Growth of Veterinary Therapeutics Industry:
MERCK Animal Health has developed Anti-infective solutions for each kind of operation. The strong antibiotic lineup from Merck Animal Health is loaded with products that efficiently treat Bovine Respiratory Disease (BRD) to assist in getting cattle back where they belong quick. RESFLOR GOLD treats BRD and decreases fever in only one dose. RESFLOR GOLD integrates the strong antibiotic florfenicol with the fast-acting NSAID flunixin meglumine. It begins regulating the fever connected with BRD in as little as six hours to get cattle back up on their feet. When BRD occurs, time is of the essence. ZUPREVO – the BRD treatment that is absorbed at an accelerated pace in as little as 45 minutes becomes vital. Once in the lungs, it stays there for 28 days. One low-dose volume of 1 mL/100 lbs. translates to reduced handling and more doses per bottle. The surging applications of Anti-Infectives are therefore fueling the growth of the Veterinary Therapeutics Industry, thereby contributing to the Veterinary Therapeutics Industry Outlook, during the forecast period 2022-2027.
Proliferating Applications of Veterinary Parasiticides are Expected to Boost the Growth of the Veterinary Therapeutics Market:
Veterinary parasiticides or antiparasitics are products that destroy parasites that flood livestock, pets and other animals. All parasiticidal finished products include one or more active constituents that have the particular efficiency against parasites, along with a range of non-active or inert constituents that are typically termed "formulation". Typical non-active inert constituents are solvents (like water, alcohols), stabilizers, preservatives and more. The term parasiticide or antiparasitic is utilized both for finished products and for the active constituents they include, that are really effective against the parasites. Parasiticides are typically classified as ectoparasiticides which curb external parasites like flies, endoparasiticides which curb internal parasites like roundworms and endectocides which curb both external and internal parasites. The safety margin, also termed safety index, is the ratio between the single dose of a medication that brings about no clinical adverse reactions in the target host, divided by the single therapeutic dose suggested. The safety margin of present veterinary parasiticides range between 3 and >10. The proliferating applications of veterinary parasiticides are therefore propelling the growth of the Veterinary Therapeutics Market during the forecast period 2022-2027.
Veterinary Therapeutics Market Challenges
Wellness Concerns in Veterinary Medicine are Hampering the Growth of the Veterinary Therapeutics Market:
One of the greatest challenges for veterinary medicine is wellness. The mental health statistics for veterinary medicine are appalling. Female vets are 2.4 times more likely to commit suicide in comparison with the average person, whereas male vets are 1.6 more likely to do so. Furthermore, in a survey of 11,000 vets across the U.S., 9% of participants had wrestled with soaring levels of physiological stress; 31% had endured a depressive episode and 17% had undergone suicidal ideation. Vets with contented clients are more likely to be psychologically unwell, whereas happier vets are more likely to have dissatisfied clients. These statistics emphasize a burgeoning trend within veterinary medicine about mental health and service demand. The profession is quite stressful. Four out of ten veterinarians are ‘actively’ considering getting out of the profession. The wellbeing of veterinary professionals is certain to be a continuing issue. This issue is thus hampering the growth of the Veterinary Therapeutics Market.
Veterinary Therapeutics Industry Outlook
Novel product launches in specialty disease areas, mergers and acquisitions, technological upgrade, collaborations, agreements, partnerships, joint ventures, boost in geographical expansion and R&D activities are key strategies adopted by players in the Veterinary Therapeutics Market. The top 10 companies in the Veterinary Therapeutics market are:
- Merck & Co. Inc
- Boehringer Ingelheim
- Dechra Pharmaceuticals PLC
- Ceva Santé Animale
- Vetoquinol S.A.
- Bayer AG
- IDEXX Laboratories, Inc.
- In June 2021, Zoetis Inc., declared that it will extend its portfolio of equine horse care products, with the inclusion of Pro-Stride® APS, Restigen® PRP and CenTrate® BMA, a series of devices planned to assist address injuries typical in horses that may bring about lameness. Equine lameness as an outcome of musculoskeletal pain, specifically osteoarthritis, is one of the top reasons for veterinary assessment and can have considerable physical, economic and quality-of-life effect to both horse and owner. Horse joint health care is an increasingly significant segment in equine medicine.
- In April 2021, Zoetis introduced the earliest products in a novel class of medicines for the handling of osteoarthritis pain in dogs and cats in 20 years. Librela and Solensia are monoclonal antibody therapies that aim Nerve Growth Factor (NGF), a key player in OA pain. Zoetis declared the introduction of Librela (bedinvetmab) in the European Union (EU), U.K. and Switzerland.
- In March 2021, Zoetis introduced “Driven to Care” sustainability initiative and long-term objectives to satisfy responsibilities to communities, animals and the planet. Zoetis Inc. declared its long-term sustainability objectives, which bank on the firm’s purpose to nurture the world and humankind by boosting care for animals. Under the banner Driven to Care, Zoetis delivers to life its particular responsibilities to Communities, Animals and the Planet, involving backing of 10 of the 17 United Nations’ Sustainable Development Goals (SDGs). This concludes the Veterinary Therapeutics Industry Outlook.
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Report Code: HCR 0650