Veterinary Drugs Market Size: Set for Robust Growth Driven by Rising Pet Care Demand and Technological Advancements

Veterinary Drugs Market Poised for Significant Growth Amidst Rising Demand and Innovations

Veterinary drugs are expected to witness significant growth owing to increased pet ownership, rising demand for animal protein and advancements in veterinary medicine. According to last analyses, the market was valued approximately at USD 37.58B in 2023 and is anticipated to reach USD 54.67B by 2030, at a CAGR of 5.5%, during the forecast period.

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Market Estimation, Growth Drivers, and Opportunities

A growing population combined with rising disposable incomes has increased the consumption of animal-derived meat, milk, and eggs. Consequently, veterinary drugs are employed in this trend to maximise the health and productivity of livestock. At the same time, the impressive growth in the area of pet humanization- viewing our pets as family members- has also increased the attention paid to the health and welfare of companion animals. All of these factors are fuelling the market for preventive and therapeutic veterinary medicines.

Biotechnology has been playing a key game changer role in the innovation of veterinary drugs, and this is further boost the opportunity of present in the market for the veterinary drugs. Technologies such as precision farming and telemedicine have been used in veterinary settings to continue with better efficiency in the delivery of veterinary drugs. Moreover, the movement towards sustainable and organic farming practices affects the use of pharmaceuticals in livestock management and opens new growth opportunities for the market.

U.S. Market Trends and Investments

This is what it looks like in the USA in 2024 for veterinary drugs market trends. One of those signals is the surge revenue of Zoetis, a premier name in animal health. Zoetis earnings also beat expectations with overall sales up 8% to $2.36 billion andand adjusted earnings per share up 11% to $1.56 in Q2 2024. Strong demand for major products, including Simparica Trio, Apoquel, Cytopoint, Librela and Solensia, attributed to this growth. As a result, Zoetis raised its full-year sales guidance to $9.1-$9.25 billion, ahead of estimates.

Market Segmentation and Leading Segments

The veterinary drugs market can be segmented based on product types, animal types, routes of administration, distribution channel and region. Out of these, companion animal segment is the leading market size. Growing pet ownership and pet humanization trend has resulted in increased spending on pet healthcare thereby increasing demand for veterinary drugs segment. Factor influencing market growth is the increasing focus on preventive healthcare measureses such as vaccination, health check-ups, etc.

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Competitive Analysis

The veterinary drugs market is characterized by the presence of several key players contributing to its growth. The top five companies with the largest market shares include:

• Zoetis Inc. - As the world's largest producer of medicine and vaccinations for pets and livestock, Zoetis has demonstrated strong financial performance. In 2024, the company reported an 8% increase in overall sales to $2.36 billion in the second quarter, driven by robust demand for key products such as Simparica Trio, Apoquel, Cytopoint, Librela, and Solensia. This growth led Zoetis to revise its full-year sales expectations to $9.1-$9.25 billion, surpassing analysts' projections.

• Boehringer Ingelheim - This German-based company has a significant presence in the animal health sector. In recent years, Boehringer Ingelheim has expanded its portfolio through strategic acquisitions and investments in innovative technologies to enhance its veterinary drug offerings.

• Ceva Santé Animale - Headquartered in France, Ceva focuses on research, development, production, and marketing of pharmaceutical products and vaccines for companion animals and livestock. The company has been proactive in adopting biotechnological innovations to address emerging animal health challenges.

• Elanco Animal Health - Elanco has been actively involved in producing pharmaceuticals, including antibiotics and vaccines, essential for maintaining health and productivity in livestock. The company has shown strong opposition to the plant-based meat industry, as the adoption of plant-based alternatives poses a threat to their profitability.

• Merck Animal Health - A division of Merck & Co., this company offers a broad portfolio of veterinary pharmaceuticals and vaccines. Merck Animal Health has been investing in research and development to introduce innovative solutions in the veterinary drugs market.

Regional Analysis

The veterinary drugs market exhibits varying dynamics across different regions:

• United States - The U.S. holds a significant share of the veterinary drugs market, driven by high pet ownership rates and substantial investments in animal healthcare. Government policies supporting veterinary research and the presence of major market players contribute to market growth.

• United Kingdom - The UK's veterinary market has been under scrutiny due to concerns about overcharging pet owners. The Competition and Markets Authority (CMA) launched an investigation into the sector, leading to discussions about price transparency and regulatory measures. Major veterinary groups, such as IVC Evidensia, have advised against price controls, suggesting that such measures could be intrusive and impractical.

• Germany and France - Both countries have robust veterinary drug markets, supported by strong agricultural sectors and a focus on animal welfare. Government initiatives promoting sustainable farming practices and stringent regulations ensure the quality and safety of veterinary pharmaceuticals.

• Japan - Japan's veterinary drugs market is growing, driven by an increasing pet population and a cultural emphasis on animal care. Technological advancements and a focus on preventive healthcare contribute to market expansion.

• China - China's market is experiencing rapid growth due to rising meat consumption and a burgeoning pet industry. Government policies aimed at improving veterinary healthcare and food safety regulations further support the expansion of the market.

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Conclusion

The veterinary drugs market is on a steady growth trajectory, fueled by increasing demand for pet healthcare, livestock disease prevention, and pharmaceutical innovations. The presence of key players, along with advancements in biotechnology and precision medicine, will continue to drive market expansion.

Key opportunities for future growth include:

• Increasing investments in research and development for novel veterinary drugs.
• Expanding government support and regulations to improve veterinary healthcare.
• Adoption of advanced technologies such as telemedicine and AI-driven diagnostics.

With a growing emphasis on animal health and welfare, the veterinary drugs market is poised for continued success in the years to come.

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