Selbyville, Delaware, Dec. 01, 2019 (GLOBE NEWSWIRE) --
Global Animal Drugs Market is set to cross USD 41 billion by 2025, according to a new research report by Global Market Insights, Inc. Increasing introduction of new and advanced animal drugs will drive the global market growth over the analysis timeframe.
Growing focus of various companies on development of effective healthcare products for livestock and companion animals is expected to drive market growth. The market is witnessing strong growth due to the incorporation of new formulations, leading to launch of new products. Moreover, firms are also engaged in creating awareness regarding the importance of animal drugs, that will further increase the adoption of animal drugs in the market. In May 2019, Merck Animal Health launched BRAVECTO Cares, an educational campaign that highlights the role service that dogs play and the importance of keeping them healthy by protecting them from ticks and fleas. Furthermore, increasing investment in R&D activities will boost industry growth in the coming years.
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Animal drugs market based on product is segmented as drugs, vaccines and medicated feed additives. Drugs segment was valued at more than USD 17.7 billion in 2018 and is expected to witness substantial growth over the forecast period. Generally, the U.S. FDA regulates veterinary and human drugs, biologic products, and medical devices to assure their safety and effectiveness. Furthermore, to protect the health of consumers of foodstuffs of animal origin, animal drugs need to be registered by governmental agencies. Thus, as animal drugs are necessary to control and prevent diseases in livestock and companion animals, the market will witness rapid adoption over the upcoming years.
Some major findings of the animal drugs market report include:
- Development of new vaccines and medications will propel the market growth
- Increasing number of online veterinary pharmacies is estimated to escalate the availability of online catalogs for prescription drugs
- Investment in the research and development for novel drug development is anticipated to boost the growth prospects of the animal drugs industry
- North America market dominated the overall market and is projected to foresee similar trend in the upcoming years owing to strong footprint of key pharma firms coupled with considerable investments in research activities
- Some of the notable industry players operating in the global market are Elanco, Merck, Bayer, Boehringer Ingelheim, Dechra Pharmaceuticals, Zoetis, Ceva Santé Animale and Virbac
Animal drugs market based on animal type is segmented as livestock animals and companion animals. Livestock animal segment is expected to witness more than 4.5% growth throughout the analysis timeframe. Animal healthcare is yet not sufficiently developed in the middle-income countries that can keep livestock animals healthy without veterinary drugs. In the U.S. and Europe, substantial advancements have been made towards the effective use of animal drugs. Improvement in drugs for livestock animals have shown its enhanced applicability to address numerous health problems, thereby stimulating the segment growth.
Browse key industry insights spread across 200 pages with 294 market data tables & 9 figures & charts from the report, “Animal Drugs Market Share 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}, By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, The Netherlands, China, India, Japan, Australia, South Korea, Taiwan, Brazil, Mexico, Argentina, South Africa, GCC Countries, Israel), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-drugs-market
Animal drugs industry based on route of administration is segmented as oral, injectable, topical and others. Injectable segment was valued over USD 13.0 billion in 2018 and is anticipated to witness lucrative growth over the forecast timeframe. Injectable route of administration of animal drugs is considered as the most efficient means of delivering therapy to animals as it eliminates the need for solute absorption. Injectable route directly introduces the drug into the systemic circulation. Substances are directly absorbed into the blood vessels on either an acute or chronic basis, thus favoring the segmental growth.
Distribution channel is segmented as veterinary hospitals, veterinary clinics, pharmacy and drug stores, and e-commerce. Veterinary hospitals segment was valued over USD 11.2 billion in 2018 and is anticipated to significantly grow over the analysis timeframe. Veterinary hospitals provide several insurance plans with maximum coverage schemes for better treatment of animals. Also, factors like corrective health treatments, early detection of disease, quality treatment, affordable and preventive healthcare favors the segmental growth. furthermore, expansion of veterinary hospitals in emerging economies will escalate the distribution of animal drugs thorough veterinary hospitals.
North America animal drugs market registered over 37.0% revenue share in 2018. Considerable revenue share can be attributed to increasing focus of companies on novel drug development for the treatment of various chronic diseases in animals. Also, a strong foothold of veterinary hospitals, clinics, and drug stores will further augment the regional growth. Moreover, rising adoption of pets coupled with growing concerns of their owners regarding the pet’s health are few of the significant factors propelling business growth in the region.
Major companies have undertaken organic and inorganic strategies such as collaborations, partnerships to expand its geographical reach as well as strengthen market position. For instance, in June 2018, Zoetis and Regeneron signed a five-year collaboration agreement in order to develop monoclonal antibody therapeutics by Regeneron for animals and discover novel veterinary therapies. The collaboration will strengthen the pipeline portfolio of Regeneron and assist Zoetis through grant of license for Regeneron’s antibody technology.
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Browse Related Reports:
Animal Healthcare Market Overview 2024: Veterinary vaccines market is poised to expand with a commanding CAGR of 3.9% in coming 5-7 years. Increasing vaccination of consuming animals as a result of various government and non-government vaccination programs should augment demand. Pet animal vaccines market is estimated to cross USD 2.4 billion by the end of 2024, owing to escalating pet population and availability of new products. Zoetis, Merck, Elanco, Bayer, Boehringer Ingelheim, Virbac, Ceva Sante Animale, Phirbo Animal Health, Vetoquinol are some of the major companies in the market.
https://www.gminsights.com/industry-analysis/animal-healthcare-market
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.