DUBLIN--(BUSINESS WIRE)--The "Veterinary Pharmaceuticals Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global veterinary pharmaceuticals market was valued at about $12.8 billion in 2018 and is expected to grow to $21.32 billion at a CAGR of 13.6% through 2022.
The veterinary pharmaceuticals market consists of sales of veterinary pharmaceuticals and related services. This industry includes establishments that produce veterinary medicines which are used for pet animals and farm animals (includes vaccines, antibiotics and parasiticides).
North America was the largest region in the veterinary pharmaceuticals market in 2016, accounting for about 32% of the share in the market.
Increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary pharmaceuticals market. Increase in the incidence of diseases in livestock and companion animals will require medicines to treat animals for the disease. For instance, according to Banfield State of Pet Health report 2016, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 in 2006 to 23.6 cases in 2015 whereas the prevalence rate increased by 18% in cats from 2006 to 2015. The increase in prevalence rate of diseases among animals results in increased demand for veterinary pharmaceuticals.
The veterinary pharmaceuticals market is being restrained by lack of awareness about animal healthcare. According to the Animal Welfare Act 2006 a proper healthcare means the pet should have the regular vaccination, a suitable diet, protection from pain, suffering and should be free from any kind of disease. According to the latest PDSA Animal Wellbeing (PAW) UK report 2018, only 38% people in the UK are aware of this legislation which shows a very less proportion of the population is aware of the animal healthcare and acts as a major restraint for the market.
The rise in generic drugs for animal care is being seen as the latest trend in the veterinary pharmaceuticals market. The economical nature of generic drugs is enabling the pet lovers to take care of their pets efficiently. During 2013-2015, FDA has approved 22 generic animal drugs for cats and dogs which has increased the adoption of generic drugs by the veterinarians. According to a survey conducted on 520 veterinarians by Brakke and Trone Brand Energy Inc., around 80% of the veterinarians confirmed that they are using generic drugs in order to save the pet owners' money. However, the lower margin of profit given by generic drug manufacturers compared with heavy margins of branded drugs needs to be looked in by the veterinarians.
The veterinary pharmaceuticals market is regulated by government agencies such as European Medicines Agency (EMA), USFDA (the US food and drug ministration), and others. For instance, the EU agencies require 6 to 12 months to approve the veterinary medicinal products.
Moreover, it requires all parts of the registration dossier to be submitted together unlike the USFDA which accepts phased submissions. The USFDA assesses each technical section for 6 months which may increase to another 6 months' cycle if questions/concerns are raised. However, the technical sections' assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and estimate date of approval. Also, the license validity and renewal of the application in EU region is very difficult upon the existing regulatory policies. Therefore, the manufacturers of veterinary pharmaceuticals should plan well, communicate effectively in order to minimize the costs and reduce timelines.
Major players in the market are Merck & Co. Inc., Zoetis Inc., Eli Lilly and Company, Bayer AG, Boehringer Ingelheim GmbH.
Scope
- Markets Covered: 1) By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Others 2) By End User: Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug stores 3) By Route of Administration: Oral, Others (Parental, Topical) 4) By Animal Type: Companion Animals, Livestock Animals 5) By Vaccines: Inactivated vaccines, Attenuated vaccines, Recombinant vaccines
- Companies Mentioned: Merck & Co. Inc, Zoetis Inc., Eli Lilly and Company, Bayer AG, Boehringer Ingelheim GmbH
- Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
- Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
- Time Series: Five years historic and forecast.
- Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Merck & Co. Inc
- Zoetis Inc.
- Eli Lilly and Company
- Bayer AG
- Boehringer Ingelheim GmbH
- Perrigo Company plc
- Virbac SA
- Dechra Pharmaceuticals plc
- Ceva Sante Animale
- Aratana Therapeutics Inc.
- Vetoquinol
- Ceva Sant Animale
- Virbac SA
- Pegasus Laboratories Inc
- Provetica AH LLC
- Norbrook Laboratories Ltd
- Putney Inc.
- Elanco US Inc
- Phibro Animal Health Corp.
- Bimeda Animal Health Ltd.
- Syndel USA
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