Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Pharmaceuticals Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global veterinary pharmaceuticals market has experienced substantial growth in recent years, culminating in a market value of nearly $31.09 billion in 2023. This impressive trajectory is anchored by a compound annual growth rate of 6% since 2018. Projections indicate a continued expansion, with an anticipated growth to $43.91 billion by 2028 and a further increase to $64.18 billion by the year 2033.
The industry's growth is attributed to several driving forces such as rising pet ownership, increasing disposable income, and growing support from governments around the world. However, the market faces challenges including a shortage of veterinarians, stringent animal testing regulations, and the prevalence of counterfeit drugs that could potentially hinder future growth.
Segment Analysis
An analysis of the veterinary pharmaceuticals market reveals a notable segmentation by product type, with veterinary parasiticides leading the segment. Companion animals constitute the majority in the types of animals segment, reflecting the increasing trend of pet ownership. In terms of administrative routes, parenteral methods dominated the market, although oral administration is projected to grow rapidly in the forecast period.
Regional Insights
North America currently represents the largest market share in the veterinary pharmaceuticals sector, with significant contributions from other regions. Notably, South America and the Middle East are anticipated to be the fastest-growing regions in the coming years, showcasing substantial market opportunities.
Competitive Landscape
The market is characterized by a high degree of concentration, with major industry players accounting for 60.3% of the market share. Strong competitive dynamics and strategic initiatives, such as new product launches and partnerships, are integral to maintaining market positions and capitalizing on the industry's growth potential.
Strategic Recommendations
With the aim of leveraging market opportunities, veterinary pharmaceutical companies are advised to focus on innovative treatments, including stem cell therapy and advanced vaccines. Embracing nanotechnology and enhancing vaccine development represent key strategies towards maintaining a competitive advantage. Furthermore, strategic partnerships and an expanded presence in emerging markets could augment companies’ growth trajectories in the global landscape.
The veterinary pharmaceuticals industry appears set for a robust growth period, driven by technological innovation and a growing emphasis on animal health. As opportunities unfold, industry players who strategically align themselves with market trends and invest in research and development are expected to thrive in this dynamic environment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 350 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $31.09 Billion |
| Forecasted Market Value (USD) by 2031 | $64.18 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
- Elanco Animal Health Incorporated
- Zoetis Inc
- Ceva Sante Animale
- Virbac SA
- Dechra Pharmaceuticals PLC
- Vetoquinol S.A.
- Evonik Industries AG
- Zydus Animal Health
- Milma
- Immunologix India Pvt Ltd (IGY)
- DCC Animal Hospital
- Sun Pharmaceuticals Industries Limited
- Vivaldis Health and Foods Pvt Ltd
- Zenex Animal Health India Private Limited (Zenex)
- New Ruipeng Group (NRP Group)
- National Meditek
- Fartovet Industry Limited
- Hebei Chengshengtang Animal Pharmaceutical
- Shijiazhuang Fengqiang Animal Pharmaceutical Co Ltd
- Vvaan Lifesciences Private Limited
- Century Pharmaceuticals Limited
- Cargill India Pvt Ltd
- Jurox Pty Ltd
- IDT Biologika GmbH
- Scil Animal Care
- Heska Corporation
- Heiland GmbH
- Global Stem Cell Technology
- Inovet
- Ceva Santé Animale
- Bayer
- Veteq
- Nimrod Veterinary Products Ltd
- Bimeda
- Vetoquinol SA
- Orion Animal Health
- Laboratorios Calier SA
- Petmedix
- Eco Animal Health
- Teknofarma
- Farmavet
- Candioli Pharma
- Suanfarma
- Marino Ibericamed
- MPA veterinary
- Lamons Laboratories SA
- Swetrade Pharmaceuticals AB
- Animalcare
- AVZ LTD
- Nasr Pharmaceutical Company
- VIC Group
- VET-AGRO Sp. z o. o
- CANPOLAND SA
- Cymedica
- NITA-FARM
- Apicenna LLC
- Delos Medica
- Provet Group
- VitOMEK LCC
- Bioveta AS
- Veterinarski Zavod Subotica
- Biowet Puławy sp. z o.o
- PharmaGal s.r.o
- Bond Vet
- VetStrategy
- Diamond Animal Health
- Phibro Animal Health Corporation
- VetNova
- Piedmont Animal Health
- Modern Animal
- Merck & Co Inc
- Trifecta Pharmaceuticals USA LLC
- Alberta Veterinary Laboratories Ltd
- Virbac
- Veterinary Purchasing Co Ltd
- Maure
- Ouro Fino Saúde Animal Participações
- Peru Animal Hospital
- Miami County Veterinary Clinic
- Cindy Fouts
- Vetanco
- Chemo Argentina
- Brouwer
- Agrovet Market Animal Health
- Lemavet
- Primo Veterinary Medicines Trading LLC
- Eurovets Veterinary Suppliers
- Physio Evolution
- Herzliya Veterinary Hospital
- Oron Veterinary Center
- Saudi Pharmaceutical Industries (SPI)
- DBK Pharma S.A.E
- MSD Animal Health
- Afrivet
- Dawa Limited
- Aesthetics Limited
- Neimeth International Pharmaceuticals
- Osy-Adamu Pharmaceutical Co
- M S J Afro Agro Pharmacy
- Global Vet (U) Ltd
- Multivet Ghana Ltd
For more information about this report visit https://www.researchandmarkets.com/r/3oi8io
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