The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s veterinary pharmaceuticals market report forecasts the veterinary pharmaceuticals market size to grow to $37.12 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.

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Veterinary Pharmaceuticals Market Size Forecast
The global veterinary pharmaceuticals market is expected to grow from $28.43 billion in 2022 to $30.2 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global veterinary pharmaceuticals market size is expected to grow from $37.12 billion in 2027 at a CAGR of 5.3%.

North America held the largest veterinary pharmaceuticals market share.

Key Veterinary Pharmaceuticals Market Driver ­– Increase In The Prevalence Rate Of Diseases Among Animals
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.

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Key Veterinary Pharmaceuticals Market Trend – Rising Generic Drugs For Animal Care
The rise of generic drugs for animal care is being seen as the latest 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. According to a survey conducted on 520 veterinarians by Brakke and Trone Brand Energy Inc., around 80% of the veterinarians confirmed that they are using generic drugs to save the pet owners’ money. However, the lower margin of profit given by generic drug manufacturers compared with the heavy margins of branded drugs needs to be looked into by veterinarians.

Veterinary Pharmaceuticals Market Segment
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

Veterinary Pharmaceuticals Market Major Players and Strategies
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., CevaSanteAnimale, and Aratana Therapeutics.

The Veterinary Pharmaceuticals Global Market Report 2023 covers regional data on veterinary pharmaceuticals market size, veterinary pharmaceuticals market trends and drivers, opportunities, strategies, and veterinary pharmaceuticals market competitor analysis. 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, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Veterinary pharmaceuticals are a class of drugs that are pharmacologically active and used to control, prevent, and treat diseases in animals. They have an effect when administered to animals and are rapidly broken down into active ingredients due to small intestine metabolism.

View More Reports Related To The Veterinary Pharmaceuticals Market –
Veterinary Diagnostic Equipment Global Market Report 2023
Veterinary Disposables Global Market Report 2023
Veterinary Laboratory Testing Services Global Market Report 2023

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