Rising Disease Prevalence: A Key Driver Transforming the Veterinary Pharmaceuticals Market 2024

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The Veterinary Pharmaceuticals Global Market report reveals an impressive increase in the market's size in recent years, pointing to a significant future growth. From a value of $32.53 billion in 2023, the market is projected to grow to $35.05 billion in 2024, demonstrating a compound annual growth rate CAGR of 7.8%. The expansion can be linked to key factors such as the rise in pet populations, increased individual spending on pets, the expanding reach of e-commerce platforms, emerging markets growth, growing government initiatives, and rising disease prevalence.

What are the Future Projections for the Veterinary Pharmaceuticals Market?

The veterinary pharmaceuticals market size is expected to grow robustly in the coming years. It should burgeon to $46.54 billion in 2028, reflecting a compound annual growth rate CAGR of 7.3%. The growth during the forecast period is attributable to increasing pet ownership, growing population, rising disposable income, increasing urbanization, the penetration of pet insurance, and continued government support.

Over the forecast period, the major trends will include a focus on stem cell therapy for animal treatment, application of nanotechnology in veterinary medicines to combat antibiotic resistance, and the development of chewable tablets. Efforts towards reducing the impact of COVID-19, through telemedicine platforms and an emphasis on strategic partnerships and collaborations, will also play a significant role in shaping market trends.

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What Drives the Veterinary Pharmaceuticals Market Growth?

A key driver propelling the veterinary pharmaceuticals market is the increase in the prevalence rate of diseases among animals. A surge in diseases in livestock and companion animals necessitates the production of medicines to treat these animals. For instance, according to Banfield State of Pet Health Report, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 to 23.6 cases, while cats saw an 18% jump in prevalence rate. Such an increase in disease prevalence among animals leads to heightened demand in the veterinary pharmaceuticals market.

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Who are the Major Players in the Veterinary Pharmaceuticals Market?

The main companies operating in the veterinary pharmaceuticals market are Zoetis Inc, Merck & Co., Inc, Boehringer Ingelheim International GmbH, Elanco Animal Health Incorporated, and Ceva Sante Animale. Other significant companies include Virbac SA, Dechra Pharmaceuticals PLC, Vetoquinol S.A., Phibro Animal Health Corporation, and Kyoritsu Seiyaku Corporation, among others.

How is the Veterinary Pharmaceuticals Market Segmented?

The veterinary pharmaceuticals market is segmented based on:

1 By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Other Veterinary Pharmaceuticals
2 By Type Of Animal: Livestock, Companion Animals
3 By Type Of Vaccine: Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines, Other Vaccines
4 By Route Of Administration: Oral, Parenteral, Topical, Other Routes Of Administration
5 By End User: Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores

What are the Key Regional Insights?

In 2023, North America held the largest portion of the veterinary pharmaceuticals market. Following North America, Asia-Pacific was the second-largest in the global veterinary pharmaceuticals market. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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