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Animal Drugs Market size worth over $46bn by 2027

  • Published Date: December 13, 2021

Animal Drugs Market size is set to exceed USD 46 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The growing incidence of zoonotic diseases globally is projected to stimulate the market growth. Zoonotic diseases possess a considerable threat to humans as they are transferred from animals to humans. Bacterial species including Mycoplasma bovis, Pasteurella multocida, and Mannheimia haemolytica among others are majorly associated species with BRD. These diseases are highly fatal, if left untreated it can harm animals.
 

The increasing prevalence of obesity among companion animals to fuel the animal drugs market expansion

The rising rate of obesity among companion animals is amongst the significant factors boosting the market progression. The genetic precursor for the disease promotes higher risk for certain canine breeds (including Labradors & golden retrievers) and feline breeds (such as Manx & domestic shorthair). Other risk variables include neutering status, gender, and age. Obesity risk concerned with neutering is owing to a correlation of decreased energy requirements and a surge in food consumption, while reduced physical activity has been associated with obese dogs. The increase in the number of pets affected with obesity is estimated to proliferate the need for animal drugs.
 

Higher prevalence of zoonoses among livestock animals will spur the market value

Global Animal Drugs Market Report By Product

Get more details on this report - Request Free Sample PDF
 

The vaccines segment in the animal drugs market is slated to reach more than USD 11.5 billion in 2027 due to an increase in the incidence of zoonoses diseases in livestock animal population. Multiple zoonoses infect farm animals globally, including leptospirosis, bovine ephemeral fever, viral respiratory tract infections, Johne's Diseases (JD), and infectious bovine rhinotracheitis (IBR), among others.
 

Browse key industry insights spread across 285 pages with 567 market data tables & 18 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}, 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), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-drugs-market

 

Growing adoption of companion animals and the surge in the incidence of zoonotic diseases among pets to foster the market demand

The companion animal segment is anticipated to witness 5.9% growth rate through 2027 led by the increasing acceptance of pets and rise in the incidence of zoonotic diseases among them. Zoonoses are amongst the challenging health concerns that infect animals and also can be transmitted among the humans that are in contact with the infected animals. In this regard, companion animals such as dogs and cats are considered to be at exposed risk to zoonotic helminths including Toxocara species. Toxocariasis is a parasitic infection, primarily observed in dogs, and cats among other animals. This infection affects young dogs and cats from birth to 1 year old that feature poor respiratory signs, general failure to thrive, and intestinal disorders.
 

Several clinical benefits offered by oral route of administration will push the segment growth

The animal drugs market for oral route of administration segment valued at USD 7.8 billion in 2020 impelled by several clinical benefits offered by oral route of administration among animals. Orally administered dose is absorbed into the systemic circulation from the gastrointestinal tract. This route of administration is amongst the commonly used approach, especially when dealing with large animal population including poultry birds. The oral route offers high convenience, affordability, and non-invasive approach. The oral dose can be administrated through a host of oral animal drugs including tablets, capsules, solutions, suspensions, and pastes among other formulations.
 

Rising preference for veterinary hospitals to drive the industry growth

The veterinary hospitals segment accounted for 38% of the animal drugs market share in 2020 owing to increased accessibility to veterinary facilities, the rise in animal health expenditure, etc. The increased awareness regarding pet health and growing adoption of pets, especially during the COVID-19 period has manifested the demand for these healthcare facilities. Furthermore, Banfield Pet Hospital, a national providers of preventive veterinary services reported approximately half million more pet visits in 2020 as compared to 2019. The emergence of telehealth services that provides veterinary services at home convenience also doubled in 2020. The surged number of pet visits at veterinary hospitals indicates the growing demand and preference for these facilities.
 

Increasing pet adoption and animal care expenditure will promote the business growth

Germany animal drugs market size crossed USD 1.7 billion in 2020 on account of the surging adoption of pet animals, increasing animal care expenditure, and supportive government initiatives. Increasing focus on veterinary care services surged due to high adoption of pets in the region. Moreover, favorable laws and policies implemented in the country by regulatory authorities would aid the companies operating in the animal drugs business. Strategic initiatives taken by the firms to bolster their industry position and expand their product portfolio to garner maximum revenue share will further propel the industry expansion during the forecast period.
 

Players are emphasizing on strategic initiatives and innovative product launch to expand business operations

Some of the major companies 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 leaders adopt numerous strategic formulation including collaborations, partnerships, and mergers & acquisitions among others to gain competitive advantage.
 

Authors: Sumant Ugalmugle, Rupali Swain