Animal pharmaceutical refers to drugs to diagnose, cure and treat veterinary disease and disorders of a particular type. The production animals are nurtured by consumers for milk and meat related products; whereas, the companion animals are adopted for office or house guards and companionship. Animals have been a major part of human life, and awareness for their health and wellbeing has never been more important. Increasing demand for higher efficiency of livestock production and growing human and animal bond and pet ownership is supporting the growth of animal pharmaceuticals market.
The global animal pharmaceuticals market was valued at $12,614.3 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 - 2022. The increasing consumption of meat and milk, increasing zoonotic and food borne diseases, and increasing trend of pet adoption are the key factors driving the growth of the global market.
The evolution of new diseases in animals and emerging economies offer ample opportunities for the growth of animal pharmaceuticals market. To find enhanced solutions for prevailing and new diseases, the companies in the animal pharmaceuticals market are active in research and development activities. Evolution of new diseases in animals drives the research and development of new pharmaceuticals for the treatment of these diseases. Different companies are targeting research for the development of new drugs and to exploit market potential. However, increasing cost and regulation in animal testing and restrictions imposed by regulatory authorities affecting antibiotic sales are expected to hamper the growth of the global market to some extent.
Animal owners are being encouraged by government to take appropriate protective measures for their animals. The animal pharmaceutical products include ectoparasiticides, endoparasiticides, anti-inflammatories, bronchodilators, and others. Among the different types of animal pharmaceutical products, the ectoparasiticides generated largest revenue in the global animal pharmaceuticals market in 2015. Among the two types of animals, the largest revenue was generated from the sales of animal pharmaceuticals for companion animals in 2015. The animal pharmaceuticals market for production animals would witness faster growth during the forecast period, owing to the increasing awareness about the livestock related diseases.
North America accounted for the largest share in the global market in 2015 and it is expected to grow at the considerable rate during the forecast period. The factors driving the animal pharmaceuticals market in the region are high level of urbanization, high standard of living, and high consumption of meat and milk products. Europe was the second largest market for animal pharmaceuticals devices in 2015. The European market is primarily driven by increasing awareness about the diseases associated with livestock and companion animals.
The animal pharmaceuticals market in Asia-Pacific would witness highest growth during the forecast period. The highest growth in the region is attributed to the surging export of animal products in the region, which is impelling the animal farm owners to keep their animals in good health, as animal products for export have to pass through several scrutiny processes. The improving standard of living of people in countries such as China, India and Indonesia is also escalating the number of companion animals.
Some of the major players operating in the global market include Merck & Co. Inc., Vetoquinol S.A., Zoetis Inc., Virbac SA, Boehringer Ingelheim GmbH , Perrigo Company plc, Eli Lilly and Company, Sanofi and Bayer AG.