The Global Market for Animal Medication is Projected to Reach US$44.4 Billion by 2022

Growing Demand for Animal Protein & Rising Pet Ownership Drive the Animal Medication Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry trends, growth drivers, market size, and demand forecasts on the global Animal Medication market. The global market for Animal Medication is projected to reach US$44.4 billion by 2022, driven by increasing pet ownership, growing spending on pet medication, rising demand for animal protein and increasing emphasis on farm animal health as well as yield.

Human dependency on animals for food and companionship is a key factor spurring both the companion and farm animal medication markets. Rising focus on breeding healthy animals for safer supply of animal based foods, growing concerns over the surge in human diseases of animal origin; rising consumer per capita spends on pet healthcare and wellbeing are driving animal products such as food, medications and feed additives. Demand for animal medication in the livestock industry is guided by trends such as growing affluence in developing markets and the resulting increase in animal meat consumption, rising preference for protein rich diets, stringent livestock safety regulations and competitive pressure to enhance livestock yield. On the other hand, growing pet ownership and increasing awareness of animal health are driving demand in the pet animals market. Emergence and spread of new disease strains in animals and their virulence jump across species boundaries are also driving demand for animal mediation worldwide. The pharmaceutical sector is responding to this growth in demand by stepping up investments in animal drug research and development. Technological advances as well as innovations are ensuring availably of effective drugs for treating myriad health conditions that arise in companion and farm animals.  

With several animal drugs being an extension of human medications, the opportunities for pharmaceutical companies battling patent expiries and growing competition, are immense in the animal medication sector. Lower drug development costs when compared to human medicines, less burdensome trials, less stringent regulations on drug approvals and high longevity of products on the market are some of the benefits of veterinary drug development which are attracting drug manufacturers to venture into this space. Developments in the distribution supply chain, particularly the growing presence of brick and mortar and online retailers in dispensing animal drugs, is helping expand easy product visibility in the market. Although still relatively small, pet insurance is gaining in popularity given the high cost of pet medications thereby making these medications more affordable for pet owners. The growing adoption of pet insurance is expected to have a favorable effect on market prospects in the coming years. Regulations in major markets such as the United States and Europe are undergoing changes, particularly focusing on issues related to animal medication distribution, drug compounding and veterinary drug development and availability of better medications, which are likely to promote animal medication market in the years to come.

As stated by the new market research report on Animal Medication, the United States represents the largest market worldwide, supported by higher historical pet ownership, long-standing practice of using veterinary medications, launch of new products, availability of pet insurance and large animal farming projects. Asia-Pacific ranks as the fastest growing market with a CAGR of 9.4% over the analysis period, led by soaring demand for protein rich foods, growing population and increase in livestock production, expanding base of affluent middle class population, growing disposable income and willingness to have functional and reciprocative relationship with pets to fill in relationship voids, humanization of pets and the resulting parallel increase in pet care spending on par with family healthcare spending.     

Major players covered in the report include Bayer HealthCare AG, Boehringer Ingelheim GmbH, Ceva Santé Animale S.A., Dechra Pharmaceuticals PLC, Eli Lilly and Company, Merck Animal Health, Merial, Vétoquinol SA, Virbac SA and Zoetis, Inc. among others.

The research report titled “Animal Medication: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Animal Medication in terms of US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe) Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. Further, the report analyses the global and regional markets for Animal Medication by the following categories - Companion Animals and Farm Animals (Cattle, Pigs and Others). The study also analyzes different product groups for the global market, including Parasiticides, Vaccines, Anti-infectives, Medicinal Feed Additives, and other Pharmaceuticals.

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