Pet Humanization & Focus on Safe Food and Raising Healthy Livestock Drive Global Consumption of Animal Medication

Rising demand for animal protein, increasing emphasis on animal health, trend towards pet humanization, higher insurance coverage, and new product development are poised to drive the global market for Animal Medication to reach US$38 billion by 2024.

The global market for animal health remains in good health on account of increasing global population, rapid urbanization and continuous expansion of the middle class. The ever-increasing global population is placing immense pressure on farm owners to expand yield of farm animal products, such as eggs, dairy, meat and other related products in a sustainable way. With majority of zoonotic infections that are witnessed among humans being livestock-transmitted, increasing focus on food safety from consumers and producers alike in addition to growing emphasis on increasing livestock yield are driving demand for animal medication in the farming animal space. Growing income in emerging markets and the trend towards better nutrition is driving demand for animal protein. These factors are expected to drive the demand for animal medication for farm animals. On the other hand, growing pet ownership and increasing awareness of animal health is driving demand for medications in the pet animal market. The ongoing trend for humanization of pets has significantly boosted overall sales of specialty therapeutics intended to treat chronic and acute conditions in companion animals, including diabetes, allergies, osteoarthritis and cardiovascular disease. The trend is also propelling the demand for sophisticated combinations, formulations and anti-parasitic therapies for ensuring good health for pets. The animal health market also benefits from increasing spending by the millennial generation on pet health & wellness coupled with decent performance of the companion animal drugs market and the notable base of pet population in various countries such as the US and UK. Higher insurance coverage and new product development are the other growth propellers.

Parasiticides represent the largest segment in the global animal medication market. Of the various product categories available, such as ectoparasiticides, endectocides and endoparasiticides, ectoparasiticides lead the market driven in part by their use in both livestock as well as companion animals. The market is driven largely by the same factors driving the overall animal medication market, such as increasing adoption of pets, growing animal health awareness, increasing demand for animal protein and other foods derived from animals, concerns related to prevention of zoonotic diseases and rising spending on animal health. Veterinary vaccines market is on a growth path, driven by growing awareness of vaccination programs. Besides, rising investments by private players and governments are aiding market growth.

As stated by the new market research report on Animal Medication, developed regions, such as the US and Europe, are the largest markets for animal medication, while Asia-Pacific is forecast to witness the fastest growth of 8.5% during the analysis period. During the past few years, animal health and management of livestock has gained significant prominence among the livestock breeders, backed by soaring demand for protein rich food in various budding regions, such as Asia, Latin America, and Eastern Europe. Emerging economies thus present abounding prospects for growth in the animal medication market

Major players in the market include Bayer AG, Boehringer Ingelheim International GmbH, Ceva Santé Animale S.A., Dechra Pharmaceuticals Plc., Eli Lilly and Company, Merck Animal Health, Vetericyn Inc., Vétoquinol SA, Virbac SA, and Zoetis Inc. among others.

The research report titled “Animal Medication - Market Analysis, Trends, and Forecasts” 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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