|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The veterinary medicine market was valued at USD 42,633.76 million in 2020, and it is expected to reach USD 65,797.09 million by 2026, registering a CAGR of 7.56% during the forecast period.
The outbreak of COVID-19 has impacted all industries, including the veterinary medicine industry as well. Idexx Laboratories, along with other lead participants, have already tested thousands of dogs and cats for the virus; the test generally came out to be negative. However, pet owners are still advised to maintain a distance from pets to maintain hygiene and reduce the risk of contamination. The impact of COVID-19 has been observed in the livestock sector as well. The supply chain has been disrupted, leading to difficulty in moving animal products such as meat, milk, eggs to markets. The restriction has also been implemented on the seasonal border crossing with ruminants. However, in order to cater to the disrupted demand-supply chain, Food and Agriculture Organization, in April 2020, published a new policy regarding the production of livestock and supply chain of livestock products during COVID 19 to ensure sufficient production of livestock.
The major factors responsible for the growth of the veterinary medicine market are the increasing burden of chronic diseases among animals, growing animal adoption, and the increase in drug preferences by pet and poultry farm owners, coupled with continued growth in the human population, leading to increased demand for meat and animal-based products. As per the Centers for Disease Control and Prevention, Zoonotic diseases are very common, both in the United States and around the world. Ss, It is estimated that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and over 3 out of every 4 new or emerging infectious diseases in people come from animals.
Currently, the global livestock population is also seeing a surge. According to the USDA, in July 2020, there were about 103.0 million cattle and 32.1 million beef cows in the United States as of July 2020 and are expected to grow substantially in coming years. Moreover, increasing research and development investments, high pet adoption rate, and growing consumption of meats and mandatory vaccination for the animals are anticipated to boost demand for veterinary pharmaceuticals and vaccines for animals in the near future. According to American Pet Product Association (APPA), in 2018, Americans spent USD 72.56 billion on the pet industry and USD 75.38 billion in 2019, 65% up from one decade prior.
In addition, increasing meat consumption is one of the major propelling factors for market growth. According to The World Counts, Denmark, in 2018, it was observed that global meat production has increased up to two-fold from 1988 to 2018. It also stated that meat consumption is estimated to range between 460 to 570 million tons by 2050. An increase in meat consumption will increase the demand for veterinary medicine, as more medicines will be adopted to keep this livestock animal free of disease.
Scope of the Report
Veterinary drugs are used by veterinary professionals to treat diseases, injuries and help the growth of animals. These are majorly used to cure diseases and prevent the spread of infectious diseases among animals. These drugs indirectly benefit human healthcare by restricting the spread of infectious diseases from animals to humans. The Market is Segmented by Product Type (Drugs, Vaccines, and Medicated Feed Additives), Animal Type (Companion Animals and Livestock Animals), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
The report also offers values (USD million) for the product type (Drugs, Vaccines, and Medicated Feed Additives) as a whole, without the sub-segments of Drugs, Vaccines, and Medicated Feed Additives, and By Animal Type (Companion Animals and Livestock Animals) as a whole, without the sub-segments of Companion Animals and Livestock Animals, will be provided for each country provided in the scope.
|By Product Type|
|By Animal Type|
Key Market Trends
The Vaccine Segment is Expected to Hold the Significant Market Share
By Product, the Vaccine segment is expected to hold a significant market share. The growth of this segment is driven by rising demand for animal-derived food products, an increase in the companion animal population, and a rising incidence of zoonotic diseases, along with various initiatives by government agencies and animal associations to maintain animal health. According to USDA (United States Department of Agriculture) NASS (National Agricultural Statistics Service), the total production of eggs, broilers, and turkey, and the value of sales from the chicken was USD 46.3 billion in 2018, an increase of about 8% from USD 42.7 billion in 2017.
In addition, significant development by the major players in the market of veterinary vaccines, such as mergers and acquisitions, product development, and launches to expand their product portfolio of vaccines, is expected to boost the growth potential of the market. For instance, in October 2019, Ceva entered into an agreement with ProBioGen AG for manufacturing vectorized poultry vaccines using ProBioGen’s proprietary AGE1.CR technology. This agreement has helped both companies to expand their long-term partnership and long track record of developing innovative vaccines.
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North America Dominates the Market and the Same Trend is Expected over the Forecast Period
North America has dominated the veterinary medicine market so far and is expected to do so even in the forecast period. Key contributing factors attributing toward the dominance are the increasing prevalence of zoonotic diseases, favorable reimbursement programs, and the rising expenditure on companion animals. As per the American Veterinary Medical Association (AVMA) report, in the United States in 2019, expenditure on pets reached over USD 95.7 billion, with dogs and cats contributing to a major share. Also, increasing the adoption of pet health insurance in the United States is also expected to boost the market growth. The rise in the concentration of the major veterinary hospitals in this region offering good reimbursement rates is adding fuel to the market growth. The consolidation of large healthcare also causes growth in the market due to an increase in buying power of the healthcare players, which results in economies of scale.
In addition, there is a huge presence of key market players focused on the market developmental strategies in this region. For instance, in 2019, Zoetis, a US-based company, signed a partnership agreement with Caritas to improve the productivity and sustainability of the value chain of tilapia fish in the country. Also, the partnership was expected to provide training for tilapia farmers in fish health management and best aquaculture practices. All these developments are further expected to fuel the market growth.
Asia Pacific market for veterinary medicine is also anticipated to offer tremendous growth opportunities over the forecast period. Higher adoption of companion animals coupled with increasing awareness regarding the animal has promoted market growth in the region. In addition, rising expenditure on animal health and veterinary services and cattle population are some of the major factors that are driving the market for veterinary medicine.
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The Veterinary Medicine market is moderately competitive and consists of several major players with marginal revenue differences. Among the leading animal health companies, Zoetis stands at the top in terms of revenue. Increasing consolidations of various organizations, like Boehringer Ingelheim Animal Health and Merial in 2019, are expected to generate competitive rivalry among the key players in the future. Some major players of the market include Zoetis, Bayer AG, Ceva, Merck, and Elanco.
In August 2020, Merck acquired IdentiGEN, a company dealing in DNA-based animal traceability solutions for aquaculture and livestock.
In August 2020, Elanco acquired Bayer’s Animal Health Business to expand Elanco’s scale and capabilities, positioning the company for the long term as a leader in the attractive, durable animal health industry.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Disease Conditions in Animals, Coupled with the Increasing Adoption of Animals
4.2.2 Increase in Drug Preferences by Pet and Poultry Farm Owners
4.2.3 Increased Demand for Meat and Animal-based Products in Agriculture and Human Healthcare
4.3 Market Restraints
4.3.1 High Costs Associated with Animal Healthcare
4.3.2 Lack of Awareness about Animal Health in the Emerging Nations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
126.96.36.199 Other Drugs
188.8.131.52 Inactive Vaccines
184.108.40.206 Attenuated Vaccines
220.127.116.11 Recombinant Vaccines
18.104.22.168 Other Vaccines
5.1.3 Medicated Feed Additives
22.214.171.124 Other Medicated Feed Additives
5.2 By Animal Type
5.2.1 Companion Animals
126.96.36.199 Other Companion Animals
5.2.2 Livestock Animals
188.8.131.52 Other Livestock Animals
5.3.1 North America
184.108.40.206 United States (By Product Type and By Animal Type)
220.127.116.11 Canada (By Product Type and By Animal Type)
18.104.22.168 Mexico (By Product Type and By Animal Type)
22.214.171.124 Germany (By Product Type and By Animal Type)
126.96.36.199 United Kingdom (By Product Type and By Animal Type)
188.8.131.52 France (By Product Type and By Animal Type)
184.108.40.206 Italy (By Product Type and By Animal Type)
220.127.116.11 Spain (By Product Type and By Animal Type)
18.104.22.168 Rest of Europe (By Product Type and By Animal Type)
22.214.171.124 China (By Product Type and By Animal Type)
126.96.36.199 Japan (By Product Type and By Animal Type)
188.8.131.52 India (By Product Type and By Animal Type)
184.108.40.206 Australia (By Product Type and By Animal Type)
220.127.116.11 South Korea (By Product Type and By Animal Type)
18.104.22.168 Rest of Asia-Pacific (By Product Type and By Animal Type)
5.3.4 Middle-East and Africa
22.214.171.124 GCC (By Product Type and By Animal Type)
126.96.36.199 South Africa (By Product Type and By Animal Type)
188.8.131.52 Rest of Middle-East and Africa (By Product Type and By Animal Type)
5.3.5 South America
184.108.40.206 Brazil (By Product Type and By Animal Type)
220.127.116.11 Argentina (By Product Type and By Animal Type)
18.104.22.168 Rest of South America (By Product Type and By Animal Type)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Aptimmune Biologics
6.1.2 Boehringer Ingelheim
6.1.3 Cadila Pharmaceuticals Ltd
6.1.4 Ceva Animal Health LLC
6.1.5 China Animal Husbandry Co. Ltd
6.1.6 Dechra Pharmaceuticals PLC
6.1.8 Merck & Co. Inc.
6.1.9 Neogen Corporation
6.1.10 Nutreco NV
6.1.11 Phibro Animal Health Corporation
6.1.12 Sanofi SA
6.1.13 Vetoquinol SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Veterinary Medicine Market market is studied from 2018 - 2026.
What is the growth rate of Global Veterinary Medicine Market ?
The Global Veterinary Medicine Market is growing at a CAGR of 7.56% over the next 5 years.
What is Global Veterinary Medicine Market size in 2018?
The Global Veterinary Medicine Market is valued at 42633 Million USD in 2018.
What is Global Veterinary Medicine Market size in 2026?
The Global Veterinary Medicine Market is valued at 65797 Million USD in 2026.
Which region has highest growth rate in Global Veterinary Medicine Market ?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Veterinary Medicine Market ?
North America holds highest share in 2020.
Who are the key players in Global Veterinary Medicine Market ?
Zoetis , Merck & Co., Inc , Elanco , Bayer AG , Ceva are the major companies operating in Global Veterinary Medicine Market .