Animals, like humans, are prone to disease or illness and need medicine to treat & prevent disease. Better animal health is an essential part of animal welfare. These medicines are categorized into three types: pesticides, biologics and pharmaceuticals. Pesticides are tick and flea products. Biologics are generally known as vaccines. In addition, pharmaceuticals cover several medicines for instance pain medications, heartworm preventatives, anesthetics, antibiotics, and chemotherapy drugs.
Animal medicines require approval from the Food and Drug Administration (FDA). The development of a new animal medicine or drug can take up to 10 years & cost up to $100 million prior to approval.
According to study, “Animal Medicine Global Market Report 2019” key companies operating in the animal medicine global market are Zoetis Inc., Ceva Sante Animale, Bayer HealthCare Animal Health, Boehringer Ingelheim GmbH, Elanco Animal Health (Eli Lilly and Company), Merck Animal Health Ltd., Virbac S.A. Vetoquinol, Merial Animal Health, Novartis Global Animal Health, Vtoquinol S.A.
Based on product type, the animal medicine global market is segmented into vaccines, drugs and medicated feed additives. Vaccines include attenuated vaccines, inactivated vaccines and recombinant vaccines. Drugs include anti-inflammatory, anti-incentives and parasiticides (endoparasiticides, ectoparasiticides, and endectocides). Medicated feed additives include antibiotics and amino acids. Based on dosage form, the market is segmented into parenteral, oral and topical. Based on animal type, market is segmented into livestock animals and companion animals. Livestock animals include ruminants, swine, poultry, and fish, ruminants. Companion animals are further segmented into feline, canine, and equine. Rise in adoption of companion animals due to various advantages for instance greater psychological stability, lowered blood pressure, and reduced anxiety attacks are expected to create growth opportunities for the market over the forecast period. Based on distribution channel, market is bifurcated into e-commerce and retail. In addition, based on end-users, the market is segmented into veterinary clinics, point-of-care testing or in-house testing, veterinary hospitals, reference laboratories and pharmacies & drug stores.
The animal medicine global market is majorly driven by rise in demand for animal-based products, followed by increase in spending on animal healthcare by farm animal owners, increase in number of retail pharmacies, high convenience associated with online pharmacies, and growing trend of pet humanization in the region. However, lack of awareness towards animal health in emerging nations and high cost of animal health care restrain the market growth. Moreover, technological advancement for instance rises in therapeutically applications & balanced quality products provide various opportunities for market growth.
Recently producers have started using Stem Cell Therapy as an animal medicine owing to its excellent capabilities of healing arthritis & animal injury. Stem Cell Therapy is a procedure of injecting stem cell into the body of the animal to replace injured cells of the body. It enables to treat the bone & ligament injury, kidney & liver disease and some kinds of skin diseases.
The North-American region holds major market share of global animal medicine market due to consistently striving for extensive commercialization of products, followed by presence of established pharmaceutical companies. The Asia-Pacific region is anticipated to register higher growth rate owing to high prevalence of zoonotic diseases & efforts towards management of disease outbreaks, for instance swine influenza and Ebola.
For more information on the research report, refer to below link:-
Animal Medicine Global Market Report 2018Including: Veterinary Pharmaceuticals; Feed Additives Covering: Zoetis Inc., Boehringer Ingelheim GmbH, Bayer AG., Elanco Animal Health (Eli Lilly and Company), Ceva Sante Animale
Ankur Gupta, Head Marketing & Communications