Market Size of Global Veterinary Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Drugs Market Analysis
The Veterinary Drugs Market is expected to witness a CAGR of 5.8% during the forecast period.
The impact of COVID-19 in its initial phase was adverse owing to disruption in veterinary services worldwide. For instance, the survey conducted by the Office for the Coordination of Humanitarian Affairs (OCHA), titled "Impact of COVID-19 on the delivery of veterinary services and animal disease reporting: (May-June 2020/June-August 2020)" was published in July 2021 stated that 93% participants reported that COVID-19 negatively impacted veterinary services and 70% participants stated the difficulty for field agents in conducting surveillance activities and field investigations. The participants included national animal disease reporting officers from the field, central veterinary services officers, and laboratory officers involved in disease reporting. However, the market gained traction as treatment, elective procedures, and pet and animal adoption increased in the latter phase of the pandemic. For instance, an article titled "Did the COVID-19 Pandemic Spark a Public Interest in Pet Adoption?" was published in Frontiers in Veterinary Sciences Journal in May 2021, stated that the global relative search volume (RSV) for pet, dog, and cat adoption peaked in April and May 2020. The RSV ratio (2020/2019) for both dog and cat adoption increased by up to 250% when compared with the preceding global average RSV for the same time period. This is likely to result in rising veterinary healthcare expenditure and ultimately cause a positive impact on the veterinary drug market.
In addition, the rise in the prevalence of infectious diseases in pets and farm animals, the increasing incidence and emergence of new technologies, especially in biologics, and increased demand for meat and animal-based products in agriculture and human healthcare are actively affecting the growth of the studied market.
The outbreak of Lumpy Skin Disease (LSD), a viral disease in certain regions of the world is expected to expedite the research and development of vaccines and drugs by various companies and ultimately boost market growth during the forecast period. For instance, according to the World Organization for Animal Health's July 2022 update, outbreaks of lumpy skin disease were confirmed across continental Asia and many countries in South East Asia in 2020. Also, vaccination for LSD in cattle is currently being developed by Hester Biosciences Limited, India. The company is expected to commercially market the vaccine in FY 2021-2022 and has already secured the test permit for evaluating the safety and efficacy of the vaccine. Such outbreaks and research and development initiatives by the key market players are expected to boost the market growth.
Additionally, the innovation in veterinary drugs, increasing product approvals, along with partnerships and collaborations by key players are helping in the market growth. For instance, in August 2021, Elanco acquired Bayer Animal Health to extend its pet health product category, enhance portfolio mix transformation, and improve the balance between the farm animal and pet health product categories.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the lack of veterinarians and the use of counterfeit medicines are likely to impede the market growth.
