Report Overview

The global veterinary drugs market was pegged at US$ 28.6 billion in 2021 and is expected to register a revenue CAGR of 7.0% during the forecast period.

Market Fundamentals

Veterinary drugs focus on preventing, controlling, diagnosing, and treating animal diseases. It is applied in animal husbandry, breeding, veterinary nutrition research, and product development. The use of antibiotics, antimicrobials, antihistamines, antiprotozoals, and hormones in modern animal husbandry is essential for prophylaxis and therapy. 

Four distribution categories for veterinary drugs are veterinarian-prescribed only medicine (POM-V), veterinarian-prescribed only medicine with a pharmacist and a suitably qualified person (POM-VPS), and veterinarian-prescribed only medication for non-food animals with a pharmacist and a suitably qualified person (NFA-VPS), AVM-GSL, or authorized veterinary medicine.

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Market Dynamics

The phenomenal surge in cattle and pet ownership drives the revenue growth of the global veterinary drug market. The rise in demand for livestock products and the prevailing medical disorders in animals are fueling the revenue growth of the veterinary drugs market. As the expenditure on animal health care is rising, the market revenue is rising to a higher extent. Additionally, intensifying regulations have mandated increased demand for animal vaccinations, accelerating the revenue growth of the veterinary drugs market globally. The growing risk of zoonotic diseases is also a key factor urging the heavy use of anti-infectives in companion and production animals. However, the high cost of veterinary care and the lack of veterinary infrastructure in underdeveloped countries may restrain global market revenue growth to some extent.

Market Ecosystem 

The global veterinary drugs market is analyzed from four perspectives: products, animals, route of administration, and region. 

Veterinary Drugs Market by Products

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Based on the product type, the market for veterinary drugs is segmented into anti-infectives, parasiticides, anti-inflammatories, and others. 

The parasiticides segment dominates the market in terms of revenue share in the global veterinary drugs market. In small animals, parasiticide products are frequently used to prevent and cure infestation from various parasites, including fleas, ticks, and worms. Endo-parasiticides, ectoparasiticides, and endectocides are the three primary categories of veterinary parasiticides. To treat a variety of canine and feline endo- and ectoparasites, several broad-spectrum parasiticides are commercially available. 

Other segments, such as anti-infective and anti-inflammatory are also expected to register significant revenue growth during the forecast period due to a high number of infections caused in animals and increased adoption of anti-infective drugs such as cefovecin which is used to treat wounds and inflammations caused by skin infections in cats and dogs.

Veterinary Drugs Market by Animals

Based on animals, the veterinary medication market is segmented into production and companion animal. 

Due to the expanding adoption of pets and the rising frequency of chronic diseases, the companion animals category is expected to register the fastest revenue growth during the forecast period. Due to the increased demand for animal-based proteins and rising expenditures for animal health, it is expected that the product segment will continue to develop steadily during the forecast period. 

Veterinary Drugs Market by Route of Administration

Based on the route of administration, the global market for veterinary drugs is segmented into parenteral, oral, and topical segments. 

The parenteral drugs segment dominates the market globally in terms of revenue share. The contributing factors rendering the dominant position of parenteral drugs are fast action of the parenteral drug, convenience in use and administration, and market players offering most of the medicines in parenteral form. 

Veterinary Drugs Market by Region 

Based on region, the global veterinary drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

Europe accounts for the largest revenue share in the global veterinary drugs market. Favorable government regulations and policies, increased adoption of pets, and consequent increasing adoption of veterinary drugs are the major factors driving the market revenue growth in this region. 

North America is expected to register a significant revenue growth during the forecast period. The market revenue growth in this region is supported by the high rate of animal adoption, approvals of novel veterinary drugs, and increased R&D activities on veterinary medications. 

The Asia Pacific, on the other hand, is expected to experience phenomenal revenue growth during the forecast period due to the strict regulations that the government has placed on animal healthcare and the use of animals in agricultural activities. These events have increased the focus of market players to introduce a wide range of effective drugs in the Asia Pacific market. Key players in this region are engaging in strategic partnerships, mergers and acquisitions, and new product releases to expand their market presence and commercial operations.

Competitive Landscape

The prominent players operating in the global veterinary drugs market are:

• Merck Animal Health 
• Zoetis Inc. 
• Boehringer Ingelheim GmbH
• Nutreco N.V.
• Virbac Animal Health India Pvt. Ltd 
• Elanco Animal Health Incorporated 
• Biogenesis Bago S.A.
• Neogen Corporation 
• Phibro Animal Health Corporation
• Dechra Pharmaceuticals Plc. 
• Kindred Biosciences, Inc. 

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