Major players in the veterinary pharmaceuticals market are 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, and Aratana Therapeutics.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Pharmaceuticals Global Market Report 2022" - https://www.reportlinker.com/p06281022/?utm_source=GNW
The global veterinary pharmaceuticals market is expected to grow from $21.98 billion in 2021 to $24.11 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The market is expected to grow to $32.7 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
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 (including vaccines, antibiotics, and parasiticides).
The main types of veterinary pharmaceuticals include veterinary vaccines, veterinary antibiotics, veterinary parasiticides, and other types.Veterinary vaccines provide protection against one or more diseases, which can lower the severity or prevent certain diseases entirely.
The routes of administration include oral and other routes of administration for animal types including companion animals and livestock animals. The vaccines include inactivated vaccines, attenuated vaccines, and recombinant vaccines.
North America was the largest region in the veterinary pharmaceuticals market in 2021.Asia-Pacific was the second-largest region in the veterinary pharmaceuticals market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary pharmaceuticals market.The increase in the incidence of diseases in livestock and companion animals will require medicines to treat animals for the disease.
For instance, according to the Banfield State of Pet Health Report, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 to 23.6 cases whereas the prevalence rate increased by 18% in cats. The increase in the prevalence rate of diseases among animals results in increased demand for veterinary pharmaceuticals.
The veterinary pharmaceuticals market is being restrained by a lack of awareness about animal healthcare.According to the Animal Welfare Act 2006, proper healthcare means the pet should have regular vaccination, a suitable diet, protection from pain, suffering and should be free from any kind of disease.
According to the PDSA Animal Wellbeing (PAW) UK report, only 38% of people in the UK are aware of this legislation which shows a very less proportion of the population is aware of 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 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 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 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 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 the date of approval.Also, the license validity and renewal of the application in the EU region is very difficult upon the existing regulatory policies.
Therefore, the manufacturers of veterinary pharmaceuticals should plan well, communicate effectively to minimize the costs and reduce timelines.
The countries covered in the veterinary pharmaceuticals market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06281022/?utm_source=GNW
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