Veterinary drugs are the drugs used in the treatment of numerous diseases growing in animals. Veterinary drugs such as antibiotics, antimicrobials, antihistamines, antiprotozoals and hormones are developed in order to minimize the attack of harmful virus and bacterial parasites in animals.
According to American Pet Products Association (APPA), 67% percent of United States households own a pet and estimated that 78 million dogs and 85.8 million cats are owned in the United States. Therefore the presence of advanced cost-effective veterinary drugs and rising clinical animal researches are the key driving factors in the veterinary drug market.
Key Market Trends
Parasiticides Segment is Expected to be a Fastest Growing Segment in the Veterinary Drugs Market
Parasites are organisms that survive by attacking pets and farm animals for nourishment and live in or on the body, benefiting from food and protection. Common parasites such as ticks, mosquitos and fleas live outside the body on the skin or hidden in an animal’s fur which not only harm the animal, they can quickly spread a disease outbreak. For instance, the Rift Valley Fever is an endemic zoonotic disease in Africa and the Middle East that costs producers USD 427 million every year.
Hence, owing to aforementioned factors, along with rise in prevalence of infectious diseases and increase in pet ownership, the parasiticides segment hold a significant market share and is anticipated to show similar trend over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the global veterinary drugs market due to a rise in the prevalence of infectious diseases and the emergence of new technologies in this region. North America held the highest share and is also expected to continue dominating the market through the forecast period. Moreover, the introduction of new animal-related products and increasing adoption of animals is fueling the growth of the overall regional market to a large extent.
Competitive Landscape
The veterinary drug market is moderately consolidated and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Bayer AG, Zoetis Animal Healthcare, Virbac S.A, Boehringer Ingelheim International GmbH, Ceva, Vetoquinol S.A, Merck Ltd, Elanco, Intervet Inc and Bimeda, Inc
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