$21Bn+ Veterinary Pharmaceuticals Market Analysis, 2015-2030 - Merck & Co, Zoetis, Eli Lilly & Company, Bayer, and Boehringer Ingelheim are Dominating

DUBLIN, Feb. 17, 2020 /PRNewswire/ -- The "Veterinary Pharmaceuticals Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global veterinary pharmaceuticals market was valued at about $12.8 billion in 2018 and is expected to grow to $21.32 billion at a CAGR of 13.6% through 2022. Major players in the market are Merck & Co, Zoetis, Eli Lilly and Company, Bayer, and Boehringer Ingelheim GmbH. North America was the largest region in the veterinary pharmaceuticals market in 2016, accounting for about 32% of the share in the market.

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 2016, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 in 2006 to 23.6 cases in 2015 whereas the prevalence rate increased by 18% in cats from 2006 to 2015. 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.

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. During 2013-2015, 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.

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.

Key Topics Covered

1. Executive Summary

2. Veterinary Pharmaceuticals Market Characteristics

3. Veterinary Pharmaceuticals Market Size And Growth
3.1. Global Veterinary Pharmaceuticals Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Veterinary Pharmaceuticals Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Veterinary Pharmaceuticals Market Segmentation
4.1. Global Veterinary Pharmaceuticals Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

• Veterinary Vaccines
• Veterinary Antibiotics
• Veterinary Parasiticides
• Others

4.2. Global Veterinary Pharmaceuticals Market, Segmentation By End User, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies and Drug stores

4.3. Global Veterinary Pharmaceuticals Market, Segmentation By Route of Administration, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

• Oral
• Others (Parental, Topical)

4.4. Global Veterinary Pharmaceuticals Market, Segmentation By Animal Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

• Companion Animals
• Livestock Animals

4.5. Global Veterinary Pharmaceuticals Market, Segmentation By Vaccines, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

• Inactivated vaccines
• Attenuated vaccines
• Recombinant vaccines

5. Veterinary Pharmaceuticals Market Regional And Country Analysis
5.1. Global Veterinary Pharmaceuticals Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
5.2. Global Veterinary Pharmaceuticals Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

Companies Mentioned

• Aratana Therapeutics Inc.
• Bayer AG
• Bimeda Animal Health Ltd.
• Boehringer Ingelheim GmbH
• Ceva Sante Animale
• Dechra Pharmaceuticals plc
• Elanco US Inc.
• Eli Lilly and Company
• Merck & Co. Inc.
• Norbrook Laboratories Ltd.
• Pegasus Laboratories Inc.
• Perrigo Company plc
• Phibro Animal Health Corp.
• Provetica AH LLC
• Putney Inc.
• Syndel USA
• Vetoquinol
• Virbac SA
• Zoetis Inc.

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