Veterinary Therapeutics Market By Type(Therapeutics drugs, Therapeutics vaccines, Feed additives therapeutics) By End User(Hospitals, Veterinary Clinics, Drugs Stores) and Region - Global Forecast to 2026

The global veterinary therapeutics market is projected to reach a value of over US$ 900 Mn in 2026 at a CAGR of 23.2% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global veterinary therapeutics market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global veterinary therapeutics market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global veterinary therapeutics market report has been segmented on the basis of type, end user, and region.

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Veterinary therapeutics is a type of medical science that deals with protection of health, alleviation, prevention, and remedy of disease and injury in both companion animals as well as wild animals. As trend of companion animals is increasing across the globe and there is significant increase in animals that are bread for meat and other products, demand for veterinary therapeutics is also on the rise. The global veterinary therapeutics market has witnessed significant revenue growth in the past few years owing mainly to rising awareness regarding health and well-being of livestock as well as companion animals.

Global Veterinary Therapeutics Market Dynamics:

Increasing ownership of companion animals and increasing livestock, being specifically bread for meat and other products across the globe are major factors driving growth of the global veterinary therapeutics market. In addition, growing awareness about animal well-being and developments in veterinary drugs and vaccines are other major factors expected to fuel growth of the global market over the forecast period.

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Moreover, increasing clinical pet research programs by private and government organizations and launch of a variety of innovative medications in the market by vendors are other factors anticipated to boost growth of the target market to a significant extent.

However, availability of substitutes in the form of natural and herbal medicines and high rate of acceptance of these especially in developing economies are major factors restraining growth of the global market. Additionally, limited awareness among the rural population in developing economies coupled with high costs of veterinary vaccines and therapeutics are other factors expected to hamper growth of the global market over the forecast period.

Development of cost-effective products is expected to create significant opportunities for players in the global veterinary therapeutics market.

Global Veterinary Therapeutics Market Segment Analysis:

Analysis by Type:

On the basis of type segmentation, therapeutic drugs segment is estimated to account for major revenue share in the global market and is projected to register highest CAGR of around 6.0% over the forecast period. This can be attributed to growing awareness about animal health and increasing use of therapeutic drugs for pets. Also, the therapeutic drugs segment in the global veterinary therapeutics market is projected to maintain its dominant revenue contribution in the global market over the forecast period.

Moreover, the therapeutic vaccines segment is anticipated to register a CAGR of around 6.0%, as compared to the other type segments in the global veterinary therapeutics market. This can be attributed to vaccines being primarily used to increase livestock production cost-effectively.

Revenue from the feed additive therapeutics segment is anticipated to grow moderately over the forecast period, and the segment is projected to register a CAGR of around 6.0% over the forecast period.

Analysis by End User:

Among the end user segments, the hospitals segment accounted for highest revenue share in the global veterinary therapeutics market, and is expected to register highest CAGR of around 6.0% during the forecast period 2017 & 2026. It is further projected to maintain its dominant revenue contribution over the forecast period, owing to veterinary hospitals being the first-line solutions for diagnosis and treatment of pets and other livestock.

The veterinary clinics segment is projected to account for second-highest revenue share contribution in the global market, and register a CAGR of around 6.0% over the forecast period. This can be attributed to increasing number of veterinary clinics across the globe especially in developing economies coupled with veterinary clinics providing cost-effective treatments for livestock and pets at much cheaper rates as compared to hospitals.

Revenue from the drug stores segment is anticipated to grow moderately over the forecast period, and the segment is projected to register a CAGR of around 5.5% over the forecast period.

Analysis by Region:

The market in North America dominated the global veterinary therapeutics market in revenue terms, and is estimated to account for largest market revenue contribution of US$ 585.6 million in 2017 as compared to that of markets in other regions. It is further expected to maintain its dominant revenue contribution in the global veterinary therapeutics market over the forecast period. This can be attributed to increasing number of companion pets, favorable government regulations, and continuous developments in veterinary therapeutics in countries in the region.

Moreover, according to the “2017–2018 national pet owners survey” conducted by American Pet Products Association (APPA), it is estimated that approximately 68% or more than 85 million of the US population owns a pet, which is a trend expected to increase over the forecast period.

Furthermore, presence of prominent companies in the US such as Zoetis Inc., Merck Co. Inc., and Eli Lilly and Company and high disposable income in countries in the North America region are key factors expected to fuel growth to the North America veterinary therapeutics market over the forecast period.

The market in Europe is expected to account for second-highest revenue share in the global market, with an estimated value of around US$ 8,000.1 million in 2017. This is attributed to presence of prominent companies with strong domestic presence in countries in the region and increasing expenditure on wellbeing of pets. For instance, Vetoquinol SA, Virbac SA, and CEVA, Inc. have headquarters in France, while Bayer AG, Boehringer Ingelheim GmbH are headquartered in Germany, and Dechra Pharmaceuticals PLC is headquartered in the UK.

The market in Asia Pacific is projected to register highest CAGR of around 6.0% over the forecast period, and is expected to be valued around US$ 11,500 Mn in 2026. This can be attributed to development of cost-effective drugs and vaccines for pets and increasing adoption of feed additives among rural farmers in countries in the region. Also, increasing number of pets in China is another factor expected to fuel growth of the Asia Pacific veterinary therapeutics market over the forecast period.

Moreover, markets in Latin America and Middle East & Africa are also projected to witness moderate growth over the forecast period due to increasing number of exotic pets and rising demand for specialty drugs and vaccines for their wellbeing in the region.

Global Veterinary Therapeutics Market Segmentation:

Global veterinary therapeutics segmentation, by type:

• Therapeutics drugs
• Therapeutics vaccines
• Feed additives therapeutics

Global veterinary therapeutics segmentation, by end user:

• Hospitals
• Veterinary Clinics
• Drugs Stores

Global veterinary therapeutics segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa