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The veterinary pharmaceuticals market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 5%, as per The Business Research Company’s market report!

Read More On The Veterinary Pharmaceuticals Market Report 2022 – https://www.thebusinessresearchcompany.com/report/veterinary-pharmaceuticals-global-market-report

The Veterinary Pharmaceuticals Market Size In 2022 And Forecast

The global veterinary pharmaceuticals market is expected to grow from $21.98 billion in 2021 to $23.99 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The global veterinary pharmaceuticals market size is expected to grow to $29.49 billion in 2026 at a CAGR of 5.3%.

The veterinary pharmaceuticals market consists of sales of veterinary pharmaceuticals and related services.

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Increase In The Prevalence Rate Of Diseases Among Animals Is Driving The Growth Of The Veterinary Pharmaceuticals Market

For instance, according to the Banfield State of Pet Health Report, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 to 23.6 cases whereas the prevalence rate increased by 18% in cats. The increase in the prevalence rate of diseases among animals results in an increased demand for veterinary pharmaceuticals.

Competitive Landscape And The Regional Analysis Of The Veterinary Pharmaceuticals Market

Major players in the veterinary pharmaceuticals market are Merck & Co. Inc., Zoetis Inc., Eli Lilly and Company, Bayer AG, Boehringer Ingelheim GmbH, Perrigo Company plc, Virbac SA, Dechra Pharmaceuticals plc, Ceva Sante Animale, and Aratana Therapeutics.

Additionally, as per TBRC’s research – North America was the largest region in the veterinary pharmaceuticals market in 2021 holding the largest market share.

The Veterinary Pharmaceuticals Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the veterinary pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the veterinary pharmaceuticals market.

Rise Of Generic Drugs For Animal Care – A Key Trend In The Veterinary Pharmaceuticals Market

The economical nature of generic drugs enables pet lovers to take care of their pets efficiently. The FDA has approved 22 generic animal drugs for cats and dogs, which has increased the adoption of generic drugs by veterinarians.

Veterinary Pharmaceuticals Market Segmentation By The Business Research Company

1) By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Other Types

2) By End User: Veterinary Hospitals, Veterinary Clinics, Pharmacies And Drug Stores

3) By Route of Administration: Oral, Other Routes Of Administration

4) By Animal Type: Companion Animals, Livestock Animals

5) By Vaccines: Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines

Here Are Some Reports Related To The Veterinary Pharmaceuticals Market –

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Veterinary Patient Monitoring Equipment Global Market Report 2022

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