Dublin, July 09, 2021 (GLOBE NEWSWIRE) -- The "Global Animal Pharmaceuticals Market, By Product Type (Drugs, Vaccine, Medicated Feed), By Animal Type, By Route of Administration, By Type of Infection, By End User, By Distribution Channel, By Region, By Company, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The animal pharmaceuticals market was valued USD45.23 billion in 2020 and is likely to grow with a steady CAGR of 7.05% in the forecast period to reach USD68.45 billion by 2026 due to the increase in pet adoption, rise in overall consumption of milk and meat, and fatal diseases like Ebola and swine flu spreading from animals.
Animal pharmaceuticals are highly beneficial in the diagnosis and treatment of animal disorders. The emergence of new economies has led more governments and pharma companies to fund animal healthcare, consequently pushing the market forward. The restraining factors for the market can be the government rules regarding animal testing, and the probability of the sales of fake medicines across e-commerce platforms.
The Global Animal Pharmaceuticals market is segmented based on product type, animal type, route of administration, type of infection, end-user, distribution channel and region. Based on product type, the market is segmented into drugs, vaccines and medicated feed. The drugs segment dominates the market due to the rise in diseases and various infections. On the basis of animal type, the market is segmented into companion and livestock animals.
Companion animals tend to hold a larger share in the market as pet owners ensure their pet's health and well-being. As compared to livestock animals, companion animals receive special care and veterinary treatment from their owners, which is the major factor driving the market share of this segment.
Based on route of administration, the pharmaceutical products, i.e., drugs and medicated feed are given orally hence the oral route of administration dominates the market. Viral infections dominate the type of infection segment pertaining to their ease of spread and rate of infection.
Veterinary clinics are expected to grow at a faster rate because they provide specialized pet/ livestock treatment however, veterinary hospitals are still likely to dominate the end-user segment. Based on distribution channel, e-commerce segment is expected to grow at a faster rate in the future because of continuous technological advancements that make it the most convenient option for pet and livestock owners.
The overall animal pharmaceuticals market is widespread, expanding itself to various regions including Asia-Pacific, Europe, North America, South America, and Middle East & Africa. North America has the largest market share by virtue of the pre-existing established pharmaceutical companies and the increasing consumption of meat and milk in the region. However, the fastest growth is shown by the Asia-Pacific region due to the prevalence of animal-borne diseases like swine flu and Ebola.
The inter-company competition keeps on increasing parallelly with the market which in turn leads to innovations in technology, thus enhancing the animal healthcare sector.
The top leading players of the animal pharmaceuticals market are
Merck & Company Inc.
Boehringer Ingelheim GmbH
Elanco Animal Health Inc.
Phibro Animal Health Corporation
Ceva Sante Animale S.A
Biogenesis Bago SA
Neogen Corporation Ltd.
Dechra Pharmaceuticals PLC
Krka, tovarna zdravil, d. d., Novo mesto
ECO Animal Health Ltd
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026F
Key Target Audience:
Animal healthcare centers, vets
Research organizations and consulting companies
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to animal pharmaceuticals
Global Animal Pharmaceuticals Market, By Product Type:
Global Animal Pharmaceuticals Market, By Animal Type:
Global Animal Pharmaceuticals Market, By Route of Administration:
Global Animal Pharmaceuticals Market, By Type of Infection:
Global Animal Pharmaceuticals Market, By End-User:
Point of Care/ In-house Testing
Global Animal Pharmaceuticals Market, By Distribution Channel:
Pharmacies and Drug stores
Global Animal Pharmaceuticals Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/x46ib9
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