Selbyville, Delaware, Jan. 19, 2023 (GLOBE NEWSWIRE) --
The animal drugs market value is set reach USD 59.5 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising demand for pet insurance policies will play a detrimental role in the expansion of the animal drugs industry. High costs associated with animal healthcare to witness rapid gains for pet insurance. Routine medical costs of pet care services including vaccinations and annual exams range between USD 200 to USD 300 per visit, thus necessitating an adequate insurance structure.
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Accelerate production of medicated feed additives for livestock to outline industry progression
Animal drugs market value from medicated feed additives is estimated to hit over USD 9.7 billion by 2032. Medicated feed additives and fortified feed have gained substantial momentum in recent years owing to increasing demand from the livestock sector. Medicated feed offers a range of clinical benefits in the overall growth and development of animals. Increasing consumption of meat and poultry products has fueled the need for medicated additives to improve the nutritional profile of feed.
Surging rate of pet adoption to propel medication needs of companion animals
Animal drugs market revenue from companion animals is anticipated to witness over 6.5% CAGR till 2032. High rate of pet adoption across developing and developed countries is fueling the demand for premium pet products driven by rising disposable incomes and robust expenditure on veterinary care. Pet ownership is increasing at a rapid pace across developed countries with a fast-paced lifestyle and growing need for companionship. Moreover, the availability of mobile veterinary services, pet insurance, and advanced pet medications will positively influence segment progress.
Browse key industry insights spread across 344 pages with 571 market data tables & 17 figures & charts from the report, “Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals}), Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}), Route of Administration (Oral, Injectable, Topical), Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-drugs-market
COVID-19 pandemic-driven pet ownership trends to increase preference for animal drugs in veterinary hospitals
Growing animal health expenditure and accessibility to advanced veterinary facilities will augment the animal drugs market landscape. COVID-19 pandemic-driven pet ownership and adoption rates along with increasing awareness regarding animal health to accelerate development for veterinary services and animal drugs across dedicated healthcare facilities.
High prevalence of zoonotic diseases to boost Europe animal drugs industry
Europe animal drugs market is poised to surpass USD 16.6 billion by 2032. Rising prevalence of zoonotic and veterinary diseases along with the presence of favorable healthcare policies will foster industry expansion across Europe. Pet parents in the region have access to state-of-the-art veterinary care facilities and innovative mobile veterinary services, further offering lucrative business prospects. Also, regional players are gaining significant support from the regulatory authorities in Europe with the deployment of favorable laws and policies. Growing public efforts and awareness initiatives will have a positive impact on the industry in Europe.
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Strategic collaborations to boost animal drugs industry outlook
Boehringer Ingelheim International GmbH, Durvet, Inc., Merck & Co., Inc., Neogen Corporation, Inc., Virbac S.A., Vetoquinol SA, Zoetis, Inc. are some of the leading companies in the global animal drugs market.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
