Luton, Bedfordshire, United Kingdom, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Animal Pharmaceuticals Market.
International trade and travel have been hampered since the beginning of 2020 as an increasing number of nations across the world have closed their borders and restricted travel to try to stop the coronavirus (COVID-19) epidemic. The companion animal medications market's supply chain was hampered as a result, temporarily decreasing demand for these goods. During the projected period, the sector for dermatologic disorders is anticipated to increase at the greatest CAGR. Some of the main reasons influencing the growth of this market include the rising incidence of arthritis, the rising need for cutting-edge orthopaedic medications, and the rising pet population.
Rising Interest in Animal Pharmaceuticals to Promote Growth
Growing initiatives by regional governments have improved animal healthcare and sparked an increase in demand for veterinary vaccinations. For instance, the Democratic Republic of the Congo's Kwilu and Kwango regions saw the introduction of a cow vaccination programme in 2019 thanks to the Food and Agriculture Organization of the United Nations (FAO) and the Ministry of Fisheries and Livestock.
Additionally, as the number of animals has increased, so has global interest in proper animal health monitoring technologies. According to FAO, livestock accounts for around 40% of global agricultural production.
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Animal Pharmaceuticals Market: Recent Development
- In order to commercialize and distribute a variety of Tilapia vaccines globally, Virbac purchased them from the animal health business Ictyogroup in September 2020.
- At its US manufacturing location in De Soto, Kansas, Merck invested USD 100 million in facility expansion and improvement projects in June 2020. The vaccine manufacturing facility was also expanded at this location, increasing its capacity for production.
- Simparica Trio was given FDA clearance by Zoetis in February 2020.
- In Europe, Eradia, an antibiotic for dogs, was introduced by Zoetis in February 2019.
| Report Metric | Details |
| Base Year Considered | 2021 |
| Forecast Period | 2022-2029 |
| Forecast Unit | Value (USD) |
| Segments Covered | Type, Source, Mode of Delivery, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, and LAMEA |
| Companies Covered | Zoetis Inc, Merck & Company Inc., Boehringer Ingelheim GmbH, Elanco Animal Health Inc., Vetoquinol SA, Virbac SA, Phibro Animal Health Corporation, Ceva Sante Animale S.A, Covetrus Inc., Biogenesis Bago SA, Neogen Corporation Ltd., Dechra Pharmaceuticals PLC, ImmuCell Corporation, Krka, tovarna zdravil, d. d., Novo mesto, ECO Animal Health Ltd, Others. |
Animal Pharmaceuticals Market Key Players
Animal Pharmaceuticals Market Major Key Players include: - Zoetis Inc, Merck & Company Inc., Boehringer Ingelheim GmbH, Elanco Animal Health Inc., Vetoquinol SA, Virbac SA, Phibro Animal Health Corporation, Ceva Sante Animale S.A, Covetrus Inc., Biogenesis Bago SA, Neogen Corporation Ltd., Dechra Pharmaceuticals PLC, ImmuCell Corporation, Krka, tovarna zdravil, d. d., Novo mesto, ECO Animal Health Ltd, Others.
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Animal Pharmaceuticals Market Segmentation
By Type, it is segmented into
- Vaccines
- Veterinary Drugs
By Product it is segmented into
- Anti-inflammatories
- Bronchodilators
- Ectoparasiticides
- Endoparasiticides
By End User, it is segmented into
- Hospitals
- Laboratories
- Veterinary Clinics
Animal Pharmaceuticals Market – Drivers and Restraints
- The rise in zoonotic disease prevalence, the growing demand for pet insurance in conjunction with rising animal welfare spending, and the initiatives of various governmental agencies and animal groups all have a substantial impact on this market's growth.
- However, it is anticipated that a fixed number of novel antitoxins, growing pet care costs, and rising vaccine stockpile costs would restrain the growth of this market throughout the projected time period.
- India and China have high-development potential for participants in the APAC animal wellbeing sector due to the influx of companion animal owners and rising animal wellbeing consumption.
- Additionally, a lot of participants on the international markets are focusing on investing in these countries to strengthen their identity and ensure long-term economic growth.
Animal Pharmaceuticals Market: Regional Analysis
The region of North America now dominates the worldwide market among these significant geographical categories. The rising incidence of pet obesity issues is fueling the region's expansion. Such situations have significantly increased in recent years, and as a result, the industry is developing most rapidly in this area. Additionally, more individuals are purchasing dogs every year. This is also anticipated to be significant in the growth of the North American companion animal medicines industry.
Animal Pharmaceuticals Market: Top Impacting Factors
- Numerous multinational firms are concentrating on investing in this specific industry due to the rise in the number of companion animals and the rising cost of animal health care.
- A prominent worry among animal keepers is the rise in the incidence of zoonotic illnesses including rabies, salmonellosis, plague, brucellosis, and Lyme, which is fueling the expansion of the companion animal medications industry.
- Lack of knowledge about animal healthcare and rising pet care costs are limiting the market.
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