Global Veterinary Pharmaceuticals Market Analysis and Outlook, 2015-2030 - Zoetis Led the Market in 2018, Commanding 16.6% of the Market, Followed by Boehringer Ingelheim (14.9%) and Merck & Co (14%)
DUBLIN, Jan. 13, 2020 /PRNewswire/ -- The "Veterinary Pharmaceuticals Global Market Opportunities And Strategies To 2030" report has been added to ResearchAndMarkets.com's offering.
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The report values the veterinary pharmaceuticals market at $33,762.4 million in 2019, having grown at a compound annual growth rate (CAGR) of 11.9% from $21,565 million in 2015. This steady growth is forecast to continue with a CAGR of 12.7% forecast for the next five years taking the market to a value of $54,471.5 million in 2023.
This global veterinary pharmaceuticals report describes and analyses the market, considering performance by county and segmentation. The report also covers qualitative analysis, assessing market conditions from an economic and trend perspective. It covers two five-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.
The veterinary pharmaceuticals market is complex by its very nature, with vast cultural and regulatory differences by country. It is however also a potentially very lucrative market, with many companies within it posting healthy profits.
The US market dominates the veterinary pharmaceuticals market, however developing countries are presenting the fastest forecast growth. The majority of the veterinary pharmaceuticals market can be found in the US, with 43% of the market by value housed there.
Historically (2015-2019, CAGR), market growth in the US was 11.13%, which is not surprisingly similar to the global rate. However, moving forward, this growth is expected to slow somewhat with the forecast CAGR to 2023 at 10.86%. The higher global growth is being influenced by much faster growth in developing nations, where the veterinary pharmaceuticals market is quickly developing.
In China for instance, the forecast CAGR to 2023 is 24.65%, and the same in Japan is 9.32%. These growth rates are highlighting strong and rapidly moving opportunities in these countries, and an opening for players in the market to establish themselves and their business at a crucial point as the market seeks to establish itself.
This does not however mean the US market is without opportunities for success. The US market is the largest in the world and by a huge majority. The size of the market is somewhat owing to the size of the economy, however there is also a strong culture of pet ownership in the US, and a high livestock population.
With a long-established pet-community comes good quality veterinary care which will offer pet owners access to the veterinary pharmaceuticals required for the wellbeing of their animals. Likewise, with well-developed livestock practices comes many opportunities for the market to maintain a strong, healthy and profitable livestock.
Future targeting opportunities, for instance those in Parasiticides, can be identified with detailed segmentation.
This report extensively segments the veterinary pharmaceuticals market in order to offer a detailed view of the market, as well as effectively highlighting current and future business opportunities. The pie charts below introduce the segmentations offered, as well as their share of the market.
The veterinary pharmaceuticals market is segmented by type of pharmaceutical into veterinary parasiticides, veterinary vaccines, veterinary antibiotics and others - veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of veterinary pharmaceuticals market, accounting for $9,912.8 million or 29.4% of the total market in 2019. The veterinary vaccines segment is expected to be the fastest-growing segment going forward at a CAGR of 13.7%.
The veterinary pharmaceuticals market is segmented by animal type into livestock and companion animal. The livestock was the largest segment of the veterinary pharmaceuticals market by animal type, accounting for $18,292.2 million or 54.2% of the total market in 2019. The companion animal segment is expected to be the fastest-growing segment going forward at a CAGR of 16.3%.
The veterinary pharmaceuticals market is segmented by route of administration into oral and others. The oral was the largest segment of the veterinary pharmaceuticals market by route of administration, accounting for $18,671.9 million or 55.3% of the total market in 2019.
The veterinary pharmaceuticals market is segmented by end use channel into veterinary hospitals, pharmacies and drug stores and veterinary clinics. The veterinary hospitals was the largest segment of the veterinary pharmaceuticals market by end use channel, accounting for $22,512.8 million or 66.7% of the total market in 2019. The veterinary clinics channel is expected to be the fastest-growing segment going forward at a CAGR of 15.2%.
Being technical and highly regulated, the veterinary pharmaceuticals market has high barriers to entry, allowing opportunities for those already operating in the market to grow their share.
The veterinary pharmaceuticals market is concentrated with the top ten competitors in the market making up 68.5% of the total market in 2018. This means that the market is dominated by a few large players. This landscape is very likely to continue in the market owing to the major barriers to entry in such a market. Across all economies, the capital and expertise required to take a veterinary pharmaceuticals concept from development to market is vast, with many regulatory hurdles along the way.
Zoetis Inc. was the largest competitor with 16.6% of the market, followed by Boehringer Ingelheim International GmbH with 14.9%, Merck & Co., Inc. with 14%, Elanco Animal Health Inc. with 6.3%, Bayer AG with 5.6%, Ceva Sant Animale with 4.1%, Virbac Group with 3.1%, Phibro Animal Health Corporation with 1.4%, Vetoquinol S.A. with 1.1% and Kyoritsu Seiyaku Corporation with 1.1%.
Emerging economies and the overall rise in the popularity of the pet industry is driving the veterinary pharmaceuticals market.
There are a number of factors driving the veterinary pharmaceuticals market forward including global economic developments and drivers linked with pet ownership. Growth in the emerging markets has been a key driver of historic growth as pet culture from the West spreads and results in rapidly growing markets for all related industries. Similarly, the demand for livestock grows along with an emerging country's rapidly growing demands.
The growth of the pet industry, spanning increased pet ownership and the notion of a pet being an additional family member also drives this market. More people are forming strong emotional attachments to their pets, with the result being a willingness to spend on care that maintains or improves their health, including of course veterinary pharmaceuticals. Linked closely with this is the rising prevalence of pet insurance which will drive demand for veterinary pharmaceuticals as vets can offer them under the cover of the insurance plan. There is also evidence of rising prevalence of some animal diseases which will again drive demand for the appropriate pharmaceuticals.
The veterinary pharmaceuticals market is likely to be retrained somewhat by existing barriers to entry and a shortage of qualified veterinarians.
Veterinary pharmaceuticals is a technical and complex market, meaning that there are key inhibitors to growth, as well as challenges to overcome. As well as strong barriers to entry for the market, including competition from large global players and a regulatory minefield, there is also a shortage of veterinarians. Lack of availability of trained veterinarians means fewer potential customers the pharmaceuticals have access to the trained person who could recommend the appropriate treatment.
Companies Mentioned
-- Agrovet Market Animal Health
-- AniCura
-- Animalcare Group
-- Antelliq Corporation
-- BASF India Ltd.
-- Bayer AG
-- Bayer Animal Health Cadila Pharmaceuticals Ltd.
-- Belfarmacom
-- Bimeda
-- Biotex Plus Ltd.
-- Boehringer Ingelheim
-- Brouwer
-- Cadila Pharmaceuticals Ltd.
-- Cargill India Pvt. Ltd.
-- Century Pharmaceuticals Limited
-- Ceva
-- Chemo Argentina
-- China Animal Healthcare Ltd.
-- DBK Pharma S.A.E
-- Dechra Holdings US
-- DS Pharma Animal Health Co. Ltd.
-- Ecuphar
-- Elanco Animal Health
-- Eli Lilly & Company
-- Fujita Pharmaceutical
-- Henry Schein Animal Health
-- IDT Biologika
-- Interfeed
-- Intervet Australia Pty. Ltd.
-- Jurox Pty Ltd.
-- Kyoritsu Seiyaku Corporation
-- Lemavet
-- Mars Petcare
-- Merck & Co Inc.
-- Merck/MSD Animal Health
-- Merial Swine & Cattle Vaccines
-- Nimrod Veterinary Products Ltd.
-- Novartis Animal Health
-- PHARMAQ
-- Phibro Animal Health Corporation
-- Putney Inc.
-- Saudi Pharmaceutical Industries (SPI)
-- Sauvet
-- Syntec
-- UCBVET
-- Vallee S.A.
-- Vetanco
-- Vetmedica
-- Vetoquinol S.A.
-- Vets First Choice
-- Vinh Hoan
-- Vinovo
-- Virbac Group
-- Wageningen Bioveterinary Research
-- ZENOAQ
-- Zoetis
-- Zydus Cadila
For more information about this report visit https://www.researchandmarkets.com/r/fsh2tm
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