Veterinary Pharmaceuticals Market Size 2020 Insights Updated With COVID-19 Impact Analysis and Forecast to 2030

Veterinary Pharmaceuticals Market - By Animal Type (Livestock, Companion Animal), By Type Of Pharmaceutical (Veterinary Parasiticides, Veterinary Vaccines, Veterinary Antibiotics, Others), By Administration Route (Oral, Others), By End Use, And By Region, Opportunities And Strategies – Global Forecast To 2030 By The Business Research Company

The global veterinary pharmaceuticals market reached a value of nearly $33,762.4 million in 2018, having increased at a compound annual growth rate (CAGR) of 11.9% since 2014. Growth in the historic period resulted from emerging markets growth, increased pet spending and increased disease prevalence. Factors that negatively affected growth in the historic period was a shortage of veterinarians, lack of awareness, and inappropriate use of medicines.

The Key drivers of the veterinary pharmaceuticals market include:-
Increasing Penetration of Pet Insurance: The increasing penetration of pet insurance is expected to drive the veterinary pharmaceuticals market. Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity. In developed economies such as the USA, the pet insurance penetration rate is around 1%, although in Western European countries such as the UK the penetration rate is around 20%. During 2018-2022, the pet insurance market in the USA is expected to grow from $1 billion in 2018 to $2 billion in 2022, at a compound annual growth rate of 14%, mainly driven by the increasing consumer awareness and rising disposable income of companion animal owners.

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Veterinary Pharmaceuticals Market Segmentation:-
By Type Of Pharmaceutical:
1. Veterinary Parasiticides
2. Veterinary Vaccines
3. Others - Veterinary Pharmaceuticals
4. Veterinary Antibiotics

The veterinary parasiticides market was the largest segment of the veterinary pharmaceuticals market, accounting for 29.4% of the total in 2019. It was followed by veterinary vaccines, veterinary pharmaceuticals, veterinary antibiotics. Going forward, veterinary vaccines segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market.

By Animal Type
1. Livestock
2. Companion Animal

The livestock market was the largest segment of the veterinary pharmaceuticals market, accounting for 54.2% of the total in 2019. It was followed by companion animal.

By End Use Channel:
1. Veterinary Hospitals
2. Pharmacies And Drug Stores
3. Veterinary Clinics

The veterinary hospitals market was the largest segment of the veterinary pharmaceuticals market, accounting for 66.7% of the total in 2019. It was followed by pharmacies and drug stores and veterinary clinics. Going forward, veterinary clinics segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market.

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By Geography - The veterinary pharmaceuticals market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the veterinary pharmaceuticals market are
1. Zoetis Inc.
2. Boehringer Ingelheim International GmbH
3. Merck & Co., Inc.
4. Elanco Animal Health Inc.
5. Bayer AG

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

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