Global Pet Veterinary Drug Market Size By Product Type (Anti-Infectives, Anti-Inflammatory), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics), By Geographic Scope And Forecast

Pet Veterinary Drug Market Size And Forecast

Pet Veterinary Drug Market size was valued at USD 17.13 Billion in 2024 and is projected to reach USD 23.43 Billion by 2031, growing at a CAGR of 3.99% from 2024 to 2031.

Pet veterinary drugs are pharmaceutical preparations for pets that are administrated via a drug delivery system in solid, semi-solid, or liquid form. The Pet Veterinary Drug Industry is increasing as people are becoming more aware of the significance of . The Global Pet Veterinary Drug Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Pet Veterinary Drug Market Definition

Pet veterinary drugs are a type of medicine that deals with preventative measures, disease, and injury of animals, as well as the testing and treatment of disease. Some pet veterinary drugs are similar to human drugs; even so, advances in the development have resulted in numerous specialties within the field, such as areas of expertise including internal medicine, ophthalmology, surgical intervention, radiology, dermatology, cardiology, neurology, and neurosurgery, as well as emergency treatment.

Pet veterinary drugs are pharmaceutical preparations for pets in solid, semi-solid, or liquid forms and are administered through a drug delivery system. These drugs are only administrated to pets via injections, tablets, ointments, and other processes, making them differ from livestock animals. Pet Veterinary Drugs are classified as Topical Antiseptic, bactericides, , and ionophores. Ionophores are a type of antibiotic that is used in cattle production to change the patterns of ruminal fermentation. They are not bactericidal, they inhibit their functionality as well as ability to reproduce. The main aims of Pet Veterinary Drugs for animals are to protect animal care, enhance animal production, and improve human health.

Global Pet Veterinary Drug Market Overview

The growing number of millennial pet parents, as well as the fitness & wellbeing trend, are transforming the Pet Veterinary Drug Market. Recent inventions in the pet care world, such as health-related pet technology, nutrition apps, veterinary telemedicine, and fitness trackers, have an impact on growth. Moreover, pet health care has demonstrated a high level of similarity to human health care. The Pet Veterinary Drug Industry is increasing as people are becoming more aware of the significance of pet care.

Moreover, The rising prevalence of chronic diseases among animals, animal production adoption, and a rise in drug preferences among pet and poultry farm owners, combined with sustained human population growth, leading to higher demand for meat and animal-based products, are the factors driving the growth of the Pet Veterinary Drug Market. Furthermore, rising meat consumption is one of the driving factors of market expansion. As meat consumption rises, so does the demand for , as more medicines are being used to maintain this livestock animal disease-free.

There is a limited supply of drugs in the Pet Veterinary Drug Market, as well as importing problems due to the lack of a streamlined system. Additionally, pet parents are more open to alternative therapies including , reflexology, and naturopathy, which are restricting overall growth. Moreover, The high cost of veterinary drugs and therapies Moreover, rising occurrences of diseases in pets including diabetes, obesity, heart disease, arthritis, and premature death necessarily require innovative veterinary treatment options and care from pet owners leading to limiting the overall growth of the market.

Global Pet Veterinary Drug Market Segmentation Analysis

The Global Pet Veterinary Drug Market is Segmented on the basis of Product Type, Distribution Channel, And Geography.

Pet Veterinary Drug Market, By Product Type

• Anti-Infectives• Anti-Inflammatory• Parasiticides• Analgesics• Sedatives• Others

Based on Product Type, The market is segmented into Anti-Infectives, Anti-Inflammatory, Parasiticides, , Sedatives, and Others. Parasiticides have the largest growing segment of the Global Pet Veterinary Drug Market due to the growing demand for animal-derived food products, a rise in companion animal population, and a rise in zoonotic disease incidence, as well as key initiatives by government entities and animal associations to ensure animal health.

Pet Veterinary Drug Market, By Distribution Channel

• Veterinary Hospitals• Veterinary Clinics• Drug Stores

Based on Distribution Channel, The market is segmented into Veterinary Hospitals, Veterinary Clinics, and Drug Stores. The Veterinary Hospital has the largest segment of the Global Pet Veterinary Drug Market. The availability of advanced diagnostic testing, novel therapies, nuclear & regenerative medicines, laser diagnostics, and highly specialized surgeries in veterinary hospitals has led to the expansion of the market.

Pet Veterinary Drug Market, By Geography

• North America• Europe• Asia Pacific• Rest of the World

On the basis of Geography, The Global Pet Veterinary Drug Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is projected to be the highest growing market segment. Increased adoption of pet health insurance in the United States is also anticipated to fuel the growth. The increased concentration of major veterinary hospitals in this region providing excellent reimbursement rates is fueling the market growth. Consolidation of large healthcare professionals also drives market growth and increases the buying power of healthcare professionals, culminating in scale economies.

Key Players

The “Global Pet Veterinary Drug Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Vetoquinol, Boehringer Ingelheim International GmbH, Merck Animal Health, Zoetis Animal Healthcare, Elanco Animal Health Inc., Ceva, Virbac Group, Dechra Pharmaceuticals Plc, Bayer AG, and Orion Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In 2019, Zoetis, a US-based company, joined a partnership deal with Caritas to boost the efficiency and sustainability of the country’s tilapia value chain.

• In August 2020, Merck acquired IdentiGEN, a company that provides DNA-based animal traceability solutions for aquaculture as well as livestock, from MML Growth Capital Partners in Ireland.

• In October 2021, Zoetis invested in a new manufacturing and development facility in Ireland to grow its Monoclonal Antibodies (mAbs) manufacturing capabilities. This is projected to accelerate its portfolio of veterinary therapeutic biopharmaceuticals.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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