Market Trends of Veterinary Medicine Industry
This section covers the major market trends shaping the Veterinary Medicine Market according to our research experts:
Dogs Segment is Expected to Hold A Significant Market Share Over the Forecast Period
- A significant rise in the adoption of pet animals, like dogs, the growing prevalence of various diseases in dogs, and the demand for dog vaccines are the major factors driving the growth of the veterinary medicine market. According to the annual report of the European Pet Food Industry Association (FEDIAF) 2022, dogs and cats are the major pets adopted in Europe, and in 2021, there were approximately 72,708,732 dogs in Europe. This trend is expected to rise further during the forecast period. Increasing initiatives by various governments in different regions improved animal healthcare and led to the increasing demand for dog medicine.
- Moreover, the prevalence of several diseases among dogs is a major contributor to the adoption of dog medicines. Cancer strikes dogs at a rate that is nearly identical to that of humans. According to an article published by ELIAS Animal Health in January 2022, cancer is one of the leading causes of death in dogs, and sometimes, the number is even higher than that in humans.
- Recent developments by the key market players are another factor in market growth. For instance, in July 2021, Elanco Animal Health Incorporated announced that the FDA granted full approval of tanovea for the treatment of lymphoma in dogs . Similarly, in August 2021, Virbac reported a breakthrough drug, STELFONTA (tigilanol tiglate injection), that was approved by the FDA as a non-surgical alternative for treating canine mast cell tumors in dogs. Thus, all the aforementioned factors are expected to boost segment growth over the forecast period of the study.
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North America is Anticipated to Hold a Significant Market Share in the Veterinary Medicine Market Over the Forecast Period
- North America is expected to have a significant share of the veterinary medicine market during the forecast period of the study. Key contributing factors attributing to the growth are the increasing prevalence of zoonotic diseases, favorable reimbursement programs, and the rising expenditure on companion animals. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of households in the United States own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reported that annual expenditure on routine visits for dogs accounted USD 242 for 2021, whereas it was USD 178 for cats.
- With the growing ownership of pets and livestock, US citizens have become more considerate of the health of these animals. According to the APPA, the expenditure on pets was USD 123.6 billion in the United States, and it is expected to rise, which may propel market growth. Thus, with increased awareness and expenditure on animal health, the market is expected to show significant growth over the forecast period. Furthermore, according to the data by the Canadian Animal Health Institute (CAHI) in September 2022, around 60% of Canadian households own at least one dog or cat. It also stated that the dog population increased to 7.9 million, and the cat population increased to 8.5 million in 2022.
- In addition, very few pet owners were aware of the causes of pet obesity, despite the fact that roughly 75% of pet owners were concerned about the health effects of obese pets. In addition, there is a huge presence of the key market players focused on the market developmental strategies in this region. For instance, in April 2022, Pharmgate Inc. received FDA approval for Pennitracin MD 50G for the prevention of mortality caused by necrotic enteritis associated with Clostridium perfringens in broiler and replacement chickens. In March 2022, Vetcare Oy received the FDA approval for Zenalpha, for use as a sedative and analgesic in dogs to facilitate clinical examination, clinical procedures, and minor surgical procedures. Thus, market propelling factors in the region are anticipated to offer exponential growth in the market studied. All these developments are further expected to fuel the market growth.
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