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Veterinary Drug Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

05-14-2024 02:43 PM CET | Health & Medicine

Press release from: Orion Market Research

Veterinary Drug Market Size, Trends, Latest Insights, Analysis

The veterinary drug industry works for three types of animals which include livestock, pets, and wild animals. Livestock includes chicken, cows, buffaloes, pigs, goats, and others that provide meat and dairy products. Wild animals include deer, elephants, and other protected species. Pets include cats, dogs, birds, horses, tortoise, rabbits, and so on. Considerable growth in the adoption of pets has been witnessed in recent years. The most popular pets in North America and Europe are dogs and cats.

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The trend to adopt companion animals is increasing across the globe including developed and emerging economies. According to the US National shelter, the adoption rate of cats and dogs has steadily increased in recent years. The total number of pets in the US in 2017-2018 was 184 million as compared to 144 million in 2012. In 2016, about 6.5 million animals registered in animal shelters with a decrease from 7.2 million in 2011 which reflects the increasing adoption rate in the nation. An estimated 3.2 million shelter animals were adopted in 2016 which was 2.7 million higher from adoptions in 2011, it shows a growth rate of 18.5% in national adoptions.

Moreover, as the American Pet Products Association, 67% of the US household has a pet from 56% in 1988. In the same meantime, the total number of households in the US has increased from around 90 million in 1988 to 130 million in 2019. Growth in health insurance is also witnessed in North America. As per the North American Pet Health Insurance Association (NAPHIA), around 2.43 million pets were insured in North America in 2018 with an increase of 17% YoY.

According to FEDIAF (European Pet Food Industry Federation), there are 80 million households in the EU owing at least one pet animal. As per the Pet Supplies Industry Association, there were around 34.4 million pets in Germany which include dogs, cats, small animals, and cage animals. Nearly 45% of the overall household owns a pet animal in the country. Cat has the largest share with 14.8 million followed by dogs with 9.4 million.

As per Pet Food Manufacturer Association, there were more than 51 million pets in UK in 2018 and about 40% of households had at least 1 pet in UK. There were about 9 million dogs and 7.5 million cats in UK in 2019. Unlike livestock or wild animals, there is always a spender for the food, health, vaccine, and insurance of a pet animal, due to which branded drugs are also available in the market along with their generic version providing significant growth to the animal drug market.

Global Veterinary Drug Market- Segmentation

By Animal

• Livestock
• Companion
• Other

By Type

• Anti-Parasitic
• Anti-inflammatory
• Anti-infective
• Others

By Route of Administration

• Oral
• Topical
• Injection
• Other

A full report of Veterinary Drug Market is available at: https://www.omrglobal.com/industry-reports/veterinary-drug-market

Global Veterinary Drug Market- Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Akorn Animal Health, Inc.
• Bayer AG
• Bimeda Holdings PLC
• Biogenesis Bago A.S.
• BOEHRINGER Ingelheim International GmbH
• Ceva Santé Animale
• Dechra Pharmaceuticals PLC
• Elanco Animal Health Inc.
• Hipra S.A.
• Huvepharma EOOD
• Hygieia Biological Laboratories
• Intervet International B.V

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Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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