Research Nester recently published a report titled “Global Pet Veterinary Drugs Market Outlook: Industry Analysis & Opportunity Evaluation 2019-2025” which delivers detailed overview of the global pet veterinary drugs market in terms of market segmentation by drug, route of administration, composition, end-user, and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Bayer AG has acquired numerous companies in order to increase its overall marginal revenue in the market. The company has gone through various acquisitions in the recent past such as, Covestro, Monsanto and others in order to expand its product portfolio as well as to increase its net revenue.
The global pet veterinary drugs market is significantly driven by the rising expenses on pets by the owners. As the demand for pet veterinary drugs increases, the size of the global pet veterinary drugs market holds a market revenue of USD 16,239.3 Million in 2018. Pet veterinary drugs offered by numerous veterinary care centers are encouraging the concerns among people for their pets and routine checkups. The rise in number of visits for routine care in veterinary or clinic house calls i.e. 67% of dogs and 40.6% of cats in 2016 is anticipated to foster the demand for pet veterinary drugs market during the forecast period. It is estimated to expand robustly at a CAGR of 3.9% over the forecast period, i.e., 2019-2025.
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On the basis of geography, the global pet veterinary drugs market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The market in North America was estimated to hold highest market share of 38.1% in 2018. The growth in the region can be attributed to the growing pet expenditure. Re-occurrence of animal diseases is also expected to drive the growth of the market in North America, with the U.S. being the prominent market driving the growth in the region.
Several factors such as rapidly increasing pet adoptions is also expected to propel the market growth. As per APPA, in the year 2016, approximately 78 million dogs and 85.8 million cats were domesticated in the United States. Similarly, the market in Europe is expected to expand for pet veterinary drugs on the back of increasing dog and cat population in the region, particularly in the U.K, Russia, France, Germany, and Spain. Additionally, there is a high rate of adoption of cats and dogs among other pets, which is enhancing the demand for drugs given to dogs and cats as compared to other veterinary drugs in the market.
The global pet veterinary drugs market has been segmented by drugs into pharmaceuticals & biologics and vaccines. Among these segments, Pharmaceuticals & Biologics segment held the larger market share of 71.4% share in 2018. Similarly, on the basis of composition, the market is segmented into anti-infectives, anti-inflammatory, parasiticides, analgesics & sedatives and others. Out of which, the parasiticides segment held the largest share in the year 2018.
The growth of the market may be impeded by a few factors, which includes high costs associated with veterinary drugs and therapies. In addition, lack of routine checkups and preventive measures for pets in numerous households, across the globe, is also expected to restrain the market demand for pet veterinary drugs. Furthermore, lack of research and development in veterinary drug segment coupled with lack of attention by government is creating huge gap between affordability of drugs and the pet care.
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This report also provides the existing competitive scenario of some of the key players of the global pet veterinary drugs market which includes company profiling of Boehringer Ingelheim International GmbH, Zoetis Animal Healthcare, Bayer AG, Merck Animal Health, Elanco Animal Health Inc., Virbac Group, Ceva, Dechra Pharmaceuticals Plc, Vetoquinol, Orion Corporation,and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pet veterinary drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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