Animal Pharmaceuticals Market to Cross $72.74 Billion Valuation by 2030

The global animal pharmaceuticals market size was $40.07 billion in 2021, and it is projected to reach $72.74 billion by 2030, witnessing a CAGR of 6.8% between 2021 and 2030. This is ascribed to the rising milk & meat consumption, booming trend of pet adoption, and growing count of cases of zoonotic and chronic diseases.

Anti-Infectives Contribute Highest Revenue

Based on product, the anti-infectives category had a market share of around 35% in 2021, due to the rising number of production and companion animals suffering from bacterial infections. Furthermore, animal owners are under intense pressure to abide by the prevalent veterinary health standards, in part, due to the rising demand for dairy products, meat, and nutritional supplements derived from animals, which will drive the usage of anti-infectives on animals.

Moreover, several essential anti-bacterial drugs for animals are now available, such as cephalosporins, tetracyclines, penicillin, macrolides, quinolones, sulphonamides, and polymyxins. The World Health Organization is participating in a number of projects that try to address the health risks for humans from animals, such as antibiotic resistance and food-borne zoonoses. In addition, the growing concerns about pet health and the surging frequency of bacterial infections, particularly in dogs, are projected to boost the market expansion over the forecast period.

Veterinary Hospitals & Clinics Are Highest Revenue Contributor

In 2021, veterinary hospitals & clinics accounted for more than 70% of the market revenue. This can be ascribed to the progress in diagnostic imaging, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries that are offered by veterinary hospitals & clinics. Such organizations serve cattle, pets, birds, and small animals with day-to-day care, immunization, therapeutic vaccination, artificial insemination, surgical intervention, and other services.

The increasing use of animal parasiticides, antibacterials, antifungals, and antivirals on account of the surge in the incidence of infectious diseases, widening network of veterinary hospitals, rising ownership of companion animals, ballooning cost of veterinary care, and surging awareness of animal health in developing nations are propelling the demand for such medication.

North America Holds Largest Market Share

North America led the market with a revenue share of more than 30.0% in 2021. This growth will be due to the rising demand for pets and the high living standards of the population in the region. Furthermore, the increasing zoonotic illness awareness, combined with the growing number of production and companion animal, as well as the presence of major industry players across the region, will drive the growth of the animal pharmaceuticals market during the forecast period.

Asia-Pacific is expected to develop at a substantial CAGR, of roughly 8.2%, over the forecast period due to the increasing expenses on animal health and rising cattle population in this region.

Furthermore, the changing lifestyles in emerging economies, such as China and India, have boosted the adoption of production animals, which would assist in the growth of the animal pharmaceuticals market throughout the forecast period. Additionally, the improving living standards in these countries are contributing to an increase in the number of companion animals, which further drives the market growth.

Major players operating in the animal pharmaceuticals market include Merck & Co. Inc., Ceva, Vetoquinol, Zoetis, Boehringer Ingelheim International GmbH, Elanco, Virbac, Laboratorios Calier S.A., Bimeda Inc., and Prodivet Pharmaceuticals sa/nv.