Major players in the veterinary pharmaceuticals market are Merck & Co. Inc. , Zoetis Inc. , Eli Lilly and Company, Bayer AG, and Boehringer Ingelheim GmbH. The global veterinary pharmaceuticals market is expected to grow from $13.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Pharmaceuticals Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067905/?utm_source=GNW
22 billion in 2020 to $14.62 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $19.25 billion in 2025 at a CAGR of 7.1%.
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. 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.
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, 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 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.
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