The global veterinary medicine market size is expected to reach USD 39.1 billion by 2026, according to a new report by Radiant Insights, Inc., registering a 6.2% CAGR over the forecast period. Increasing prevalence of chronic and zoonotic disorders is fueling the demand for veterinary medicines. Rising demand for animal products has intensified livestock production worldwide. Moreover, factors such as a change in food preferences owing to changing lifestyle and population growth is boosting the demand for livestock products. Rising concern about food security and increasing animal husbandries are propelling the demand for veterinary pharmaceuticals and vaccines for livestock population.
Increasing demand for meat production is eventually driving the need to protect animals from various diseases. Stringent regulations by government bodies for mandatory vaccination in cattle and poultry to reduce the risk for foodborne diseases is propelling market growth. Companies are also trying to develop recombinant vaccines in order to reduce the risk of diseases in farm animals. Moreover, the current industry trade toward antibiotic-free production is spurring the demand.
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Rising concerns of people regarding their pets lead to increase in insurance claims. Most pet insurance policies cover major chronic conditions except any pre-existing one. New product launches to curb the ever increasing need for medicines is further expected to boost veterinary medicinemarket growth in the near future. For example, in September 2018, Boehringer Ingelheim launched Semintra 10 mg/ml oral solution in European countries for the treatment of hypertension in cats. This move will enable the company to increase its presence in the companion animal market.
Further key findings from the report suggest:
• Pharmaceuticals held the largest revenue share in the market based on product in 2018. This is owing to increasing demand of potent pharmaceuticals to prevent zoonotic and foodborne diseases in livestock animals
• By animal type, companion animals will emerge as the fastest growing segment, registering a CAGR of 6.9% by 2026. The growth can be attributed to increasing prevalence of chronic diseases such as diabetes and arthritis among animals
• The parenteral mode of delivery segment is expected to show lucrative growth over the forecast period. This is due to their rapid onset of actions and massive product availability
• Asia Pacific is expected to emerge as the fastest growing regional market. On the other hand, North America held the largest revenue share due to the presence of major industry players in this region
• Some of the leading players are Zoetis Inc.; Elanco; Bayer AG; Boehringer Ingelheim GmbH; Virbac; and Neogen Corporation.
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Table of Contents
Chapter 1 Research Methodology & Scope
1.1 Market Segmentation & Scope
1.1.1 Estimates and Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased database:
1.3.2 Radiant Insights Internal Database
1.3.3 Secondary sources
1.3.4 Primary Research:
1.3.5 Details of Primary Research
1.3.5.1 Data for primary interviews in North america
1.3.5.2 Data for primary interviews in Europe
1.3.5.3 Data for primary interviews in Asia Pacific
1.3.5.4 Data for primary interviews in Middle East and Africa
1.4 Information or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis (Model 1)
1.6.1.1 Approach 1: Commodity Flow Approach
1.7 List of Secondary Sources
1.8 List of Primary Sources
1.9 Report Objectives
Chapter 2 Executive Summary
2.1 Market Outlook
2.1.1 veterinary medicine Market Outlook, 2014 - 2026 (USD Million)
2.2 Segment Outlook
2.3 Competitive Outlook
2.4 veterinary medicine Market Summary, 2018
Chapter 3 Veterinary Medicine Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market analysis
3.1.1.1 Animal health Market Outlook, 2014 - 2026 (USD Million)
3.1.2 Ancillary Market Analysis
3.2 Penetration & Growth Prospect Mapping
3.3 Product Pipeline Analysis
3.4 Veterinary Medicine Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Rise in livestock population and increasing pet ownership rates
3.4.1.2 Increase in number of Zoonotic & Chronic diseases
3.4.1.3 Rising R & D and procedural advancements
3.4.1.4 Increasing consumption of meats and mandatory vaccination
Continued…
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