The global animal pharmaceuticals market generated revenue of $12,614.3 million in 2015 and is expected to exhibit a CAGR of 7.7% during the forecast period (2016–2022). The several factors driving the market include the surging consumption of milk and meat and growing prevalence of foodborne and zoonotic diseases.
The number of companion and production animals and incidence of related health concerns are increasing globally. The rising consumption of protein-rich foods, such eggs, meat, and milk, is driving the growth in the number of animal farms. Moreover, trends such as pet adoption are spreading, which is also driving the growth of the market. The rising use of generic and over-the-counter (OTC) drugs and declining research and development for animal healthcare are some of the trends being witnessed in the market. Pharmaceutical companies are witnessing restrictions in gaining the approval for new chemical entities, which is hampering the growth of the market. Further, the research and development in animal healthcare-related drugs are witnessing low productivity, which is increasing the competition in the animal pharmaceuticals market.
In the animal pharmaceuticals market, among the animal types, companion animals held the larger share in 2015. However, the production animals category is expected to register the higher CAGR during the forecast period owing to the rising awareness on livestock-related diseases.
Based on type, in the animal pharmaceuticals market, ectoparasiticides held the largest revenue share in 2015. The growing prevalence of ectoparasite-ridden animals is the major factor driving the growth of the ectoparasiticides category. However, the bronchodilators category is expected to register the fastest growth in the forecast period.
Among all regions, North America held the largest revenue share in 2015. North America is one of the largest meat-consuming regions, which is why the animal pharmaceuticals market here continues to grow. Further, the surging urbanization, coupled with the high standards of living, is propelling the number of production animals as well as companion animals. In the global market, the U.S. witnessed the largest revenue share.
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.
GLOBAL ANIMAL PHARMACEUTICALS MARKET SEGMENTATION
By Animal Type