Market Trends of Global Veterinary Drugs Industry
This section covers the major market trends shaping the Veterinary Drugs Market according to our research experts:
Parasiticides Segment is Expected to Witness Growth Over The Forecast Period.
Parasites have a detrimental effect on pets and animals as they survive by attacking them for nourishment and living in or on the body, benefiting from food and protection. Common parasites such as ticks, mosquitos, and fleas live outside the body on the skin or hidden in an animal's fur which harms the animal and can cause a disease outbreak.
The surge in the pet population and increasing incidences of parasites causing disease in cats, dogs, and other animals are likely to increase the utility of parasiticides by the caretakers for disease prevention and management. For instance, as per the Pet Food Manufacturers Association (PFMA), the United Kingdom 2021 report mentioned that 17 million (59%) households had pets in 2021 and PFMA 2022 report stated that an estimated 17.4 million (62%) households have pets in 2022. The results are based on a survey that included 5,093 participants in 2021 and 8,983 respondents in 2022. Also, an article titled "Toxocara canis and Toxocara cati in Stray Dogs and Cats in Bangkok, Thailand: Molecular Prevalence and Risk Factors" was published in Parasitologia Journal in April 2022, which stated that Toxocara canis and Toxocara cati are two of the most common parasitic roundworms that cause functional intestinal disorders in dogs and cats worldwide. The study reported the prevalence of Toxocara canis in stray dogs in European countries which was 5.4%, the global prevalence was 10.6% - 11.7%, and the estimated prevalence in South-East Asia was 6.8% - 18.2% in 2020. Thus, the high pet population and prevalence of parasitic diseases in cats, dogs, and other animals are projected to propel the use of parasiticides which is anticipated to boost the segment growth.
In addition, the surge in research and development activities for identifying new treatments, product launches, and approvals by the key market players is expected to boost the segment's growth. For instance, in July 2020, Boehringer Ingelheim launched two new products to their line of animal healthcare products: NexGard and Broadline in India. The two products offer thorough parasite removal for dogs and felines, respectively. Also, in July 2021 Vetoquinol launched Imoxi Parasiticide which is a topical, broad-spectrum ready-to-use preparation that protects against intestinal parasites, heartworms, and fleas in pets. Such launches are anticipated to augment the segment growth during the forecast period.
North America is Expected to Dominate the Veterinary Drugs Market Over The Forecast Period.
North America is expected to hold a significant market share in the global veterinary drugs market due to a rise in the prevalence of diseases in pets and animals, and the emergence of new technologies in this region.
According to the North American Pet Health Insurance Association (NAPHIA) 2022 report, the total number of pets insured in the United States in 2021 was 3.9 million, a 28% increase from 2020. The average accident and illness premium for dogs was USD 583 per year and USD 343 per year for cats in 2021. The largest share of insured pets resides in California, New York, and Florida. The most significant number of pets insured were dogs at 82% versus cats at 18% in 2021. It also stated that 432,533 pets were insured in 2021, a 22.7% increase since 2020 in Canada. The increasing care decisions of pet owners are making more veterinary visits, contributing to the growth of the veterinary drugs market in the region.
Additionally, the increasing prevalence of diseases in pets and animals, and birds are likely to propel the veterinary drug market in the region. For instance, in May 2022 the United States Department of Agriculture's (USDA) Animal and Plant Health Inspection Service (APHIS) confirmed the presence of highly pathogenic avian influenza (HPAI) in a domestic flock of non-commercial poultry in Monmouth County, New Jersey. The same source reported that approximately 37.96 million birds had been infected as of May 2022. Thus, the surge in infectious diseases in birds is likely to expedite the research and development activities to develop new treatment which is likely to boost the veterinary drugs market in the region.
Moreover, increasing product launches and rising adoption of animals are fueling the growth of the overall regional market to a large extent. For instance, in April 2022, Pharmgate Inc. received Food and Drug Administration (FDA) approval for Pennitracin MD for the prevention of mortality caused by necrotic enteritis associated with Clostridium perfringens in broiler and replacement chickens. The surge in veterinary drugs launches to address various diseases in farm animals and pets are projected to augment the market growth in the region.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.
