Global Market Research Company US Animal Pharmaceuticals Market Size, Share & Foreca | Page 19

INDUSTRY BRIEF
According to TechSci Research report, “Global Animal Pharmaceuticals Market By Product Type, By Product, By Animal Type, By Registration, By Region, Forecast & Opportunities, 2025”, global
animal pharmaceuticals market is expected to grow at a steady CAGR during the forecast period on account of the prevailing trend of pet adoption, which brings along the responsibility of taking care
of the pet’s health. Another major factor is increasing diseases in animals, whose products like, milk and meat are consumed by the human population. If these animals are not taken care of,
diseases like swine flu are likely to enter the food chain and spread all over world. The indispensability of animal pharmaceuticals is crystal clear as they find their applications in diagnosis, treatment
and curing veterinary diseases. Additionally, rising awareness about various veterinary disorders, besides increasing investments made by the governments and pharma companies in animal
pharmaceuticals are driving the animal pharmaceuticals market, globally. However, certain rules made by government regarding issues like animal testing and approval of new drugs & chemicals
limit the potential growth of the market. Increasing number e-commerce platforms have led to the trend of online business which bring along the risks of the transfer of counterfeit medicines via illegal
distribution channels, thus hampering growth of the market.
The animal pharmaceuticals market is segmented by product type, product, animal type, registration and region. In terms of product type, market can be segmented into vaccine, veterinary and
others, out of which vaccines are likely to have a good growth due to the demand for long-term planning for pet’s health. In terms of product, market can be segmented into ectoparasiticides,
endoparasiticides, anti-inflammatories and bronchodilators out of which, ectoparasiticides held the largest market share in 2019 due to the increase in the ectoparasite-ridden animals. The animal
type segment is further bifurcated into companion and production animals, where companion animals hold the larger share as the governments have now started encouraging pet owners to take care
of their pets, thus, in turn propelling the market for companion animals’ pharmaceuticals.
Major players in global animal pharmaceuticals market include Zoetis Inc, Merck Animal Health, Vetoquinol SA, Zoetis Inc, Virbac SA, Boehringer Ingelheim International GmbH, Eli Lilly & Co, Perrigo
Co PLC, Sanofi SA, Bayer AG, Elanco Animal Health Inc, Ceva Sante Animale S.A., Covetrus Inc., Idexx Laboratories Inc., Vetoquinol USA, Inc., Norbrook Laboratories, Ltd., Huvepharma EOOD,
Adivo GmbH, Ceva Sant Animale, Phibro Animal Health Corp, etc. In order to expand their market share, the companies adopt various strategies like new service launches, collaborations,
introduction of more schemes and many more. As of April 2019, Bayer AG, a German pharmaceutical and life sciences company, joined hands with a biotech company, Adiv GmbH, for the
development of anti-bodies for animal pharmaceuticals. Also, in June 2018, Merck & Co.’s subsidiary of animal health merged with a division of Viscon Hatchery Automation, Vinovo B.V., for the
provision of more efficient ovo vaccination for birds and poultry.
“Asia-Pacific is expected to have the highest growth rate in the upcoming years due to the increasing diseases from animals like swine flu and Ebola, which have also escalated the human death rate
across the globe. Additionally, increasing consumption of dairy products and growing exports of animals to other countries are stressing on the need of maintaining the health of the animals, which is
anticipated to drive animal pharmaceuticals market through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
19