Market Trends of Veterinary Antibiotics Industry
This section covers the major market trends shaping the Veterinary Antibiotics Market according to our research experts:
Penicillin Segment is Expected to Witness Significant Growth Over the Forecast Period
Penicillin is anticipated to dominate the market growth owing to the increasing veterinary diseases amongst livestock along with the rising adoption of penicillin in the management of various infectious diseases. According to the UK Veterinary Antibiotic Resistance and Sales, Surveillance Report, penicillin is also the most frequently prescribed antibiotic and it accounted for 46% of the total antibiotics prescribed for dogs and cats in 2020.
Moreover, the rising cases of veterinary diseases including respiratory, skeletal, urinary, skin, and bacterial infections are also driving the market growth. According to the report published by US Department of Agriculture (Wildlife Services), the number of rabies cases in animals in the United States increased from 4,055 to 4,090 during 2017 to 2020. Furthermore, the easy availability of penicillin products as compared to the other antibiotics along with the growth initiatives of major players to effective use of anitiobiotics are also supporting the segment growth during the forecast period. For instance, in January 2022, ADM announced the launch of a customized antibiotic reduction program developed by Wisium, its premix and nutrition services business.
Therefore, the penicillin segment is expected to witness significant growth over the forecast period due to increasing veterinary diseases and easy availability of the products in the market.
North America is Expected to Dominate the Veterinary Antibiotics Market
North America is expected to dominate the market owing to factors such as the increasing number of livestock and companion animals in the region. Moreover, increasing expenditure on animal health is also anticipated to support market growth. According to the study published by American Pet Products Association, in 2022, more than 90.5 million families owned a pet the number increased by 67% as compared to the number of pet owners in the year 2019. Furthermore, the increasing utilization of animal-based meat and high demand it is anticipated to drive the demand for animal feeds and medicines including veterinary antibiotics during the forecast period.
An increase in the number of veterinary clinics, the presence of key players in the region, and the growing awareness about veterinary diseases in livestock and companion animal owners are among the key factors which contribute to the growth of the studied market in North America. According to the report published by the American Veterinary Medical Association, more than 121,461 veterinarians were practicing in around 28,000-30,000 veterinary practices in the United States in the year 2021. Also, the new product by key players in the region is also responsible for the growth of the market. For instance, in October 2022, Huvepharma Inc. announced the relaunch of PoultrySulfa (sulfamerazine, sulfamethazine and sulfaquinoxaline), the only FDA-approved triple-sulfa veterinary product available to the animal health market in the United States.
Therefore, the increasing number of livestock and companion animals in the region, increase in the number of veterinary clinics, and new product launches are estimated to support the market growth in the region.
