Selbyville, Delaware, Dec. 13, 2021 (GLOBE NEWSWIRE) --
The animal drugs market size is anticipated to record a valuation of USD 46 billion by 2027, according to the most recent study by Global Market Insights Inc. Supportive initiatives adopted by the government authorities and public organizations is expected to drive the market growth.
The U.S. Food and Drug Administration’s Center for Veterinary Medicine (CVM) initiated a novel and improvised performance measuring system on its FDA-TRACK portal. This system will enhance FDA’s performance management system that oversees, analyzes, and reports key performance parameters & projects. Similarly, the U.S. government launched the ‘Feed the Future’ initiative that provides training to public and private veterinary clinicians. This program also helped in initiating breeding programs, and attracting investments in the development of the animal healthcare system in the U.S. Moreover, various funding programs by government organizations to boost the R&D activities for advancing the research on the treatment of various animal diseases is set to favor industry growth in the coming years.
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The medicated feed additives segment in the animal drugs market is poised to witness 6.6% growth rate through 2027 owing to the rising awareness regarding meat & dairy products and revised government protocols associated with regulations of medicated feeds. Medicated feed additives are pivotal in regulating animal health and driving growth & feed efficiency. In addition, the U.S. FDA's veterinary feed directive (VFD) proposed a revision associated with the regulations to enhance the efficiency of VFD program to protect public health (human and animal health).
The companion animals segment is estimated to attain a CAGR of 5.9% during 2021 to 2027 led by the rapid adoption of companion animals and increased pet care expenditure. The surging social acceptance of pets has propelled pet adoption notably. In addition to this, the increased acceptance of companion animals to foster the demand for animal health products, including animal drugs.
The animal drugs market for topical segment is predicted to expand at more than 6% CAGR till 2027 impelled by the rising prevalence of skin infections and diseases among animals. Several fungal and parasitic infections including toxoplasmosis, tinea corporis/capitis, campylobacteriosis, and salmonellosis among others are commonly prevalent in pets. The surging incidence of these infections to promote the demand for topically administered anti-parasitic and anti-infective drugs, thereby driving the segment revenue.
The veterinary clinics segment held more than 28% of the market share in 2020 due to the corporatization of veterinary clinics, leading to the emergence of veterinary clinic chains that increase the access to quality veterinary services. The rising investments in veterinary clinics would further aid the veterinarians to provide access to advanced therapeutics to pet owners. Moreover, some private players associated with pet care industry including Mars, Inc. are further investing into veterinary facilities to promote the access to pet owners.
Japan animal drugs market size was USD 1.4 billion in 2020 on account of the increasing prevalence of zoonotic diseases and the rising usage of pets in the country. The surging prevalence of food borne and zoonotic diseases will stimulate the demand for animal drugs. The rising prevalence of these diseases along with increased pet adoption in the country to accelerate the demand for animal drugs.
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Some of the major players operating in the animal drugs market are Elanco Animal Health, Boehringer Ingelheim International GmbH, Ceva Sante Animale, Dechra Pharmaceuticals Ltd, Virbac S.A., and Merck Animal Health. These companies are engaged in implementing numerous strategic initiatives such as collaborations, product launches, research activities to expand their product portfolio and market presence.
Table of Contents (ToC) of the report:
Chapter 3 Animal Drugs Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
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 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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https://www.gminsights.com/toc/detail/animal-drugs-market
About Global Market Insights Inc.
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.
