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Animal Drugs Market size to exceed $59.5Bn by 2032

  • Published Date: January 16, 2023

Animal Drugs Market size is projected to reach USD 59.5 billion by 2032, as per a new research report announced 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.

Pet health insurance helps pet parents manage hefty expenses for treatments enabled by the minimum monthly premium packages offered by policyholders to reduce financial burdens. This scenario represents increased awareness offering lucrative business prospects for animal drug manufacturers.

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. Furthermore, rising expenditure on high-quality feed products for companion animals will propel the production of medicated feed additives.

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:

Broad spectrum of clinical advantages to stir demand for oral drug delivery of animal drugs

A key advantage of orally administered drugs is that it automatically gets absorbed into the systemic circulation from the gastrointestinal tract and shows faster effects. Oral drug delivery is a primarily adopted approach when a large animal population such as poultry birds is involved. It is a more convenient, affordable, and non-invasive mode of drug administration in animals. Oral animal drugs are gaining traction on account of the myriad of clinical benefits and controlled drug delivery in animals.

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 industry 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 industry size

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.

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. These participants are foraying into new collaborations, deals, and agreements for increased global presence.

Authors: Sumant Ugalmugle, Rupali Swain