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The global animal pharmaceuticals market reached $12,614.3 million in 2015 and is expected to register a CAGR of 7.7% during 2016–2022. The growing consumption of milk and meat, surging trend of pet adoption, and increasing incidence of foodborne and zoonotic diseases are driving the demand for animal pharmaceuticals market.
Animal pharmaceuticals are used to diagnose, treat, and cure veterinary disease and disorders. People nurture production animals to get meat, milk, and other products. For companionship or as house or office guards, companion animals are adopted. In this era, animals are a major part of human life, which makes it necessary to look after their wellbeing and health. Hence, the growing demand for higher livestock production, deepening connection between humans and animals as well as the surging demand for pets are fueling the growth of the animal pharmaceuticals market.
Emerging economies as well as gradual understanding on new diseases are offering substantial opportunities for the development of the animal pharmaceuticals market. Pharma companies are investing in the research and development of new drugs to counter the ever-evolving diseases in animals. A number of different companies are investing in different kinds of drugs to exploit the market potential. But, the increasing cost and government regulations on animal testing are hampering the growth of the market.
On the basis of product, the animal pharmaceuticals market is categorized into endoparasiticides, ectoparasiticides, bronchodilators, anti-inflammatories, and others. Of these ectoparasiticides held the largest revenue share in 2015. Further, when segmented by animal type, the market is bifurcated into companion animals and production animals, of which companion animals witnessed the larger revenue share in 2015, as governments are encouraging pet owners to take precautions to ensure the safety of their pets. However, the production animals category is expected to witness the higher CAGR during forecast period due to the rising awareness about new diseases affecting the livestock.
Based on geography, North America held the largest revenue share in 2015 and is projected to register a substantial growth rate during the forecast period. The high standard of living, rapid urbanization, and growing consumption of meat and milk products are some of the driving factors for the animal pharmaceuticals market in this region. Following North America, Europe stood at the second position in the market in terms of revenue. The European market is primarily driven by the growing concern toward the health of companion and livestock animals.
The animal pharmaceuticals market in Asia-Pacific (APAC) is expected to witness the highest CAGR during the forecast period. The region is witnessing an increase in the export of animal products, which is pushing farm owners and workers to maintain the health of farm animals due to the rigorous testing of animal products during the export process. Additionally, the growing standard of living in countries such as India, China and Indonesia is leading to an advance in the number of companion animals.
Some of the top players in the global animal pharmaceuticals market are Vetoquinol S.A., Merck & Co. Inc., Zoetis Inc., Boehringer Ingelheim GmbH, Virbac SA, Eli Lilly and Company, Perrigo Company plc, Sanofi, and Bayer AG.
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