Dublin, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The "Veterinary Pharmaceuticals Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global veterinary pharmaceuticals market is expected to grow from $13.22 billion in 2020 to $14.62 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to reach $19.25 billion in 2025 at a CAGR of 7.1%.
Major players in the veterinary pharmaceuticals market are Merck & Co. Inc., Zoetis Inc., Eli Lilly and Company, Bayer AG, and Boehringer Ingelheim GmbH.
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).
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 US-FDA which accepts phased submissions. The US-FDA 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.
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. FDA has approved 22 generic animal drugs for cats and dogs which has increased the adoption of generic drugs by the veterinarians.
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.
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.
Key Topics Covered:
1. Executive Summary
2. Veterinary Pharmaceuticals Market Characteristics
3. Veterinary Pharmaceuticals Market Trends And Strategies
4. Impact Of COVID-19 on Veterinary Pharmaceuticals
5. Veterinary Pharmaceuticals Market Size And Growth
5.1. Global Veterinary Pharmaceuticals Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Veterinary Pharmaceuticals Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Veterinary Pharmaceuticals Market Segmentation
6.1. Global Veterinary Pharmaceuticals Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Veterinary Pharmaceuticals Market, Segmentation By End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Pharmacies and Drug stores
6.3. Global Veterinary Pharmaceuticals Market, Segmentation By Route of Administration, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Others (Parental Topical)
6.4. Global Veterinary Pharmaceuticals Market, Segmentation By Animal Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.5. Global Veterinary Pharmaceuticals Market, Segmentation By Vaccines, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Veterinary Pharmaceuticals Market Regional And Country Analysis
7.1. Global Veterinary Pharmaceuticals Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Veterinary Pharmaceuticals Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Merck & Co. Inc
Eli Lilly and Company
Boehringer Ingelheim GmbH
Perrigo Company plc
Dechra Pharmaceuticals plc
Ceva Sante Animale
Aratana Therapeutics Inc.
Ceva Sante Animale
Pegasus Laboratories Inc
Provetica AH LLC
Norbrook Laboratories Ltd
Elanco US Inc
Phibro Animal Health Corp.
Bimeda Animal Health Ltd.
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