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Veterinary Drugs Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
Veterinary Drugs Market Size & CAGR in 2021
The global veterinary drugs market is projected to have a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2026. As a result, the market is expected to reach a value of USD 28.7 billion by the end of 2021.
COVID-19 Impact on the Veterinary Drugs Market
The COVID-19 pandemic has had a significant impact on the veterinary drugs market. With lockdowns and restrictions in place, the demand for veterinary drugs saw a temporary decline. However, as restrictions eased and pet ownership increased, the market witnessed a resurgence in demand. Moreover, the focus on animal health and the prevention of zoonotic diseases has further boosted the market growth.
Veterinary Drugs Dynamics
The veterinary drugs market is driven by factors such as the increasing prevalence of animal diseases, the rise in pet ownership, and the growing need for preventive healthcare measures for animals. Additionally, advancements in veterinary medicine and the development of novel drug formulations are contributing to the market's growth.
Segments and Related Analysis
The veterinary drugs market can be segmented based on drug type, animal type, and region. Key segments include antibiotics, vaccines, and parasiticides, among others. By animal type, segments include companion animals, livestock, and poultry, while region-wise segmentation covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
By Region Analysis
In 2021, North America held the largest market share in the veterinary drugs market, driven by the presence of established veterinary pharmaceutical companies and a high pet ownership rate. Europe and Asia Pacific followed closely behind, with increasing investments in animal healthcare and rising awareness about the importance of animal welfare.
Key Market Players and Competitive Landscape
Leading players in the veterinary drugs market include Zoetis, Merck Animal Healthcare, Elanco, Boehringer Ingelheim Animal Health, and Virbac. These companies are actively engaged in product development, strategic partnerships, and mergers to strengthen their market position and expand their product offerings.
Recent Happenings in the Veterinary Drugs Market
In recent developments, companies like Zoetis have introduced innovative solutions for animal health, while Merck Animal Healthcare has launched new vaccination programs for livestock. Additionally, partnerships between major players in the industry have led to the development of advanced veterinary medicines and treatment options.
