The veterinary medicine market is expected to register a CAGR of 5.7%, during the forecast period (2020-2025).
The major factors accounting for the growth of the veterinary medicine market are the increasing prevalence of infectious diseases among animals, increase in drug preferences by pet and poultry farm owners, continous growth in the human population, leading to increased demand for meat and animal-based products, and increase in R&D approaches and startups to develop advanced drugs. Infectious diseases, like avian influenza, swine influenza, and many others, are being diagnosed continuosly, which urges for the development of new veterinary drugs. According to APPA (American Pet Product Association), USD 72.56 billion was spent on the pet industry in 2018 and estimated to reach USD 75.38 billion in 2019 which is 65% up from one decade prior. According to the United Nations forecast human population is expected to increase from 7.2 billion today to 8.2 billion by 2025, which demands the production of meat and other animal-based products. Hence, increase in the expenditure into the pet industry and expected demand for meat production drives the growth of Veterinary Medicine Market during the forecast period.
Key Market Trends
The Anti-infective Drugs Segment Dominates the Market and the Same Trend is Expected over the Forecast Period
In the Drugs category of Product type segment, Anti-infectives sub-segment is expected to dominate the market due to the continuous increase in the spread of influenza virus from animals to the human population. According to the Influenza update report March 2020, WHO 58268 cases were detected positive for influenza viruses, of which 62.8% were typed as influenza A and 37.2% as influenza B. Out of the sub-typed influenza viruses, 66.5% were influenza A(H1N1)pdm09 and 33.5% were influenza A(H3N2), which supports the growth of Anti-infectives market in future.
North America Dominates the Market and the Same Trend is Expected over the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. Due to new R & D initiatives in the developed countries leading to the launch of new products which makes North America to dominate the market. Increasing animal ownership and stringent regulatory guidelines in animal healthcare drives the market growth. According to United States, APPA by 2019, 67% of the U.S. households includes pets, which is expected to increase during the forecast period.
The Veterinary Medicine market is moderately competitive and consists of several major players with marginal revenue differences. Among the leading animal health companies, Zoetis stands at the top in terms of revenue. With increasing consolidations of various organizations like Boehringer Ingelheim Animal Health and Merial in 2019, it is expected to generate the competitive rivalry among the key players in future. Some of the major players of the market are Zoetis, Bayer AG, Boehringer Ingelheim, Merck, and Elanco, etc.,
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