Veterinary Drugs Market Growth COVID-19 Impact Analysis, Demand and Industry

Veterinary Drugs Market Poised for Robust Growth, Projected to Reach USD 54.67 Billion by 2030

The global veterinary drugs market, valued at USD 37.58 billion in 2023, is anticipated to grow at a compound annual growth rate (CAGR) of 5.5%, reaching approximately USD 54.67 billion by 2030. This growth is driven by increasing demand for animal protein, rising pet ownership, and a heightened focus on animal health and welfare.

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Market Estimation, Growth Drivers, and Opportunities

The surge in global population and disposable incomes has led to increased consumption of animal-derived products such as meat, milk, and eggs. This, in turn, necessitates the use of veterinary drugs to ensure the health and productivity of food-producing animals. Additionally, the trend of pet humanization has amplified the demand for veterinary care, as pets are increasingly considered integral family members.

Opportunities in the market are further bolstered by advancements in veterinary pharmaceuticals, including novel drug developments and biotechnological innovations. The integration of technology, such as precision farming and telemedicine, enhances the efficiency of veterinary drug administration. Moreover, the industry’s shift toward sustainable and organic farming practices influences the use of pharmaceuticals in livestock management.

U.S. Market Trends and Investments

In the United States, the veterinary drugs market is experiencing significant developments. Loyal, a San Francisco-based biotech startup, has made strides in bringing an anti-aging pill for dogs closer to market. The FDA’s Center for Veterinary Medicine has certified the daily pill as having a “reasonable expectation of effectiveness” in extending the lifespan of senior dogs. Final approval depends on further safety validation and manufacturing scalability, with a target launch by the end of 2025. This innovation reflects the growing demand for pet wellness and aligns with broader consumer trends emphasizing the humanization of pets.

Additionally, Idexx Laboratories, a producer of diagnostic products for veterinary offices, reported strong fourth-quarter results, exceeding Wall Street’s expectations. The company’s stock surged to a four-month high, closing up 11.1%. Idexx earned $2.62 per share on $954 million in sales during the December quarter, reflecting a 13% increase in earnings and a 6% rise in sales year-over-year. Contributing factors included higher prices and increased pet ownership.

Market Segmentation: Dominant Segments

In 2023, the veterinary parasiticides segment accounted for 42.6% of the market, making it the largest by type. This segment is essential in controlling parasites in both livestock and companion animals, ensuring their health and productivity. By animal type, companion animals held a 51% market share, driven by the increasing trend of pet humanization and the corresponding demand for preventive and therapeutic medications. Regarding the route of administration, parenteral methods dominated with a 45.6% share, reflecting the preference for injections in delivering effective treatments.

Competitive Analysis: Leading Companies and Innovations

The global veterinary drugs market is characterized by the presence of several key players:

1. Merck & Co., Inc.: Holding a 15.5% market share, Merck continues to invest in research and development, focusing on innovative treatments and vaccines to address various animal health needs.

2. Boehringer Ingelheim International GmbH: With a 13.4% share, the company emphasizes the development of advanced pharmaceuticals and has expanded its portfolio through strategic acquisitions.

3. Elanco Animal Health Incorporated: Accounting for 9.2% of the market, Elanco focuses on providing comprehensive solutions for both companion and food animals, with recent investments in biotechnological innovations.

4. Zoetis Inc.: Holding an 8.5% share, Zoetis has introduced new products like Librela and Solensia for arthritis treatment in dogs and cats, respectively. While these products have shown promise, they have also sparked discussions regarding their safety profiles.

5. Ceva Santé Animale: With a 4.7% market share, Ceva focuses on developing vaccines and pharmaceutical products, emphasizing animal welfare and sustainable practices.

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Regional Analysis: Market Dynamics in Key Countries

• United States: As the largest market, the U.S. benefits from a strong culture of pet ownership and advanced veterinary care infrastructure. Government regulations ensure the safety and efficacy of veterinary drugs, fostering consumer confidence.

• United Kingdom: The UK’s veterinary sector has seen substantial consolidation, with six major players now controlling 60% of the market, up from 10% in 2013. The Competition and Markets Authority (CMA) has launched an inquiry into the sector in response to rising concerns about high and opaque pricing. Potential remedies include capping prescription fees and enforcing better pricing disclosures.

• Germany: Germany’s market is driven by a high standard of living and a population that values animal welfare. Government support for wellness programs further stimulates market expansion.

• France: In France, the market is influenced by a cultural appreciation for animal health and government-backed initiatives promoting active lifestyles. The integration of veterinary care into daily routines has led to steady market growth.

• Japan: Japan’s aging population has spurred demand for veterinary drugs tailored to older pets. Government programs focusing on healthy aging and the prevention of lifestyle-related diseases support market development.

• China: China’s rapid urbanization and rising middle class have led to increased health consciousness. Government policies encouraging physical activity and the expansion of veterinary facilities contribute to the market’s robust growth.

Conclusion: Market Outlook and Growth Opportunities

The global veterinary drugs market is poised for sustained growth, driven by technological advancements, shifting consumer preferences, and supportive government policies. Opportunities abound in the development of smart, connected equipment that offers personalized experiences.

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