Research & Development Activities and Commercialization of New Products to Propel Market Growth
For several decades, veterinary vaccines have played a key role in improving food security and as a result, human health. The medicine sphere wherein veterinary medicines constitute a significant share continues to evolve at a consistent pace. At present, innovations in the veterinary therapeutics market are largely made possible through advancements in technology and research & development activities. Over the past decade, a considerable amount of promising breakthroughs in the veterinary therapeutic field have paved the way for a host of specialty medicine. The significant rise in the number of pet animals worldwide, progress in surgical and medical capabilities pertaining to the treatment of animals, growing focus on improving the overall wellness of animals, significant progress in the development of new vaccines for an array of diseases, and discovery of new medication to curb the occurrence of new diseases are some of the key factors expected to influence the expansion of the veterinary therapeutics market during the forecast period.
Companies involved in the current veterinary therapeutics market landscape are actively engaged in research and development activities that have offered considerable promise. However, one of the glaring challenges that market participants are required to negotiate their way through is the evolving regulatory framework. Product development is likely to remain the cornerstone of the growth of the global veterinary therapeutics market, which is expected to reach US$ 58.5 Bn mark by the end of 2027.
Breakthrough in Delivery of DNA Vaccines to Combat Avian Pathogens to Augment Market
Veterinary therapeutics have evolved at a considerable pace over the past decade, as drug developers continue to improve the overall efficacy of their products. Moreover, cost-efficiency, ease of administration, and suitability for mass vaccination are some of the other areas that have gained a great amount of consideration during the drug development phase. In recent times, DNA vaccines have offered significant promise as an ideal solution for different poultry diseases, as they have exhibited no reversion to virulence and infection. At present, DNA vaccines have started to gain a great amount of traction, as they can be deployed against an array of pathogens and are comparatively easier to develop, manufacture, and store. However, despite offering these advantages, the adoption of DNA vaccines could slow down, owing to lack of capacity to induce high immunity and lack of availability for large-scale vaccination in the current scenario.
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Vaccines and the development of new drugs will continue to progress at a consistent pace during the forecast period. Presently, in terms of product type, drugs are set to retain the majority of the share of the veterinary therapeutics market– a trend that is expected to continue during the forecast period. Although drugs will remain popular, the development of new vaccines will gain considerable momentum. DNA vaccines to address diseases in poultry are predominantly for combating bacterial, viral, and protozoan diseases. Although DNA vaccines to tackle poultry diseases have gained momentum since 1993, FDA approval for these vaccines has gathered pace only in the past decade. Clinical trials and added research and development activities will continue to boost the adoption of vaccines within the global veterinary therapeutics market in the coming years.
Companies to Rely on Inorganic Growth Strategies to Gain Ground
Companies operating in the current veterinary therapeutics market are expected to increase their market share by relying on inorganic growth strategies such as mergers & acquisitions. While expanding the product portfolio will continue to be an integral part of growth strategies for participants operating in the current market landscape, commercialization and development of new veterinary therapeutics are expected to gain momentum. For instance, in July 2019, Elanco Animal Health Incorporated announced that the company has completed the acquisition of Aratana Therapeutics. With the acquisition, Elanco could expand its product portfolio and gain the exclusive rights to manufacture, develop, and commercialize the ‘cash cow’ Galliprant. While drug development will continue to revolve around companion animals as well as livestock animals, market participants are anticipated to continue to improve the efficacy of their veterinary therapeutics during the forecast period.
Analysts’ Viewpoint
The global veterinary therapeutics market is expected to grow at a CAGR of ~6% during the forecast period. Some of the major factors that are likely to propel the market growth include growing demand for improved drugs, rise in the number of companion animals worldwide, improvements in surgical and medical capabilities of treatments for companion animals, development of products to combat new diseases, and growing emphasis on wellness and prevention of diseases in animals. Companies operating in the current market landscape should focus on expanding their product portfolio, investing in the development of DNA vaccines, and adopting inorganic growth strategies, including mergers & acquisitions to gain steady ground in the veterinary therapeutics market.
Veterinary Therapeutics Market: Overview
Veterinary therapeutics is a branch of animal healthcare that deals with prevention, treatment, and alleviation of several diseases. The veterinary therapeutics market consists of drugs for the treatment of animal diseases, vaccines for the prevention of various pathological conditions, and feed additives to maintain the overall well-being of animals by providing all the necessary nutrients required to lead a long, healthy life.
The drugs segment includes anti-infective, anti-inflammatory, parasiticides, and others. Different types of vaccines such as inactivated vaccine, live attenuated vaccine, recombinant vaccine, and others are used in the treatment of veterinary disorders.
Global demand for veterinary drugs, vaccines, and medicated feed additives to prevent, treat, and manage different animal diseases has reached an all-time high. Rapid increase in number of animal diseases, rise in companion animal ownership, and high prevalence of zoonotic diseases have fueled the demand for high quality veterinary therapeutics. According to the National Pet Owners Survey, conducted by American Pet Products Association (APPA), in 2017, around 68% of households in the U.S. owned a companion animal or pet.
Moreover, increase in investments in research & development of novel drugs and vaccines by private and government bodies is also expected to propel the market in the near future
However, low research and development (R&D) returns resulting in aging product portfolio, stringent regulatory framework, and rising concern about the use of antibiotics and growth promoters in food animals are some of the restraints of the veterinary therapeutics market
Market Segmentation: Veterinary Therapeutics Market
Based on product type, the global veterinary therapeutics market has been divided into drugs (anti-infective, anti-inflammatory, parasiticides, and others), vaccines (inactivated vaccines, live attenuated vaccines, recombinant vaccines, and others), and medicated feed additives (amino acids, antibiotics, and others)
In terms of animal, the global veterinary therapeutics market has been classified into companion animal and livestock animal
Based on route of administration, the global veterinary therapeutics market has been divided into oral, parenteral, and topical
In terms of distribution channel, the global veterinary therapeutics market has been categorized into veterinary hospitals, veterinary clinic, pharmacies & drug stores, and others
Each of the segments has been analyzed in detail for market trends, recent trends and developments, drivers, restraints, opportunities, and useful insights. The report provides current and future revenue (US$ Mn) for each of these segments from 2017 to 2027, considering 2018 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2019 to 2027 along with market size estimations.
Regional Overview: Veterinary Therapeutics Market
In terms of region, the global veterinary therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
The current and future market value in terms of revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2017 to 2027, with their CAGRs from 2019 to 2027
The study also offers a list of recommendations, highlights, and useful insights of the market which would help new companies willing to enter the market and existing companies to increase market shares and decision-making process
Major Players
The report concludes with the company profiles section that includes key information about major players in the market
Leading players analyzed in the report include
Key Questions Answered in Veterinary Therapeutics Market Report
Veterinary Therapeutics Market - Segmentation
Product Type
Animal
Route of Administration
Distribution Channel
Region
1. Preface
1.1. Report Scope and Market Segmentation
1.2. Research Highlights
2. Assumptions and Research Methodology
2.1. Assumptions
2.2. Research Methodology
3. Executive Summary
3.1. Global Veterinary Therapeutics Market Snapshot
4. Market Overview
4.1. Product Overview
4.2. Key Industry Events
4.3. Market Dynamics
4.3.1. Drivers and Restraints Snapshot Analysis
4.3.2. Drivers
4.3.3. Restraints
4.3.4. Opportunities
4.4. Porter’s Five Forces Analysis
4.5. Value Chain Analysis
4.6. Global Veterinary Therapeutics Market Outlook
5. Market Outlook
5.1. U.S. Pet Ownership Statistics, 2017
5.2. Cat and Dog Annual Expenditures, 2017
5.3. United States Pet Expenditures
6. Global Veterinary Therapeutics Market Analysis, by Product Type
6.1. Key Findings
6.2. Introduction
6.3. Global Veterinary Therapeutics Market Value Share Analysis, by Product Type
6.4. Global Veterinary Therapeutics Market Forecast, by Product Type
6.4.1. Drugs
6.4.2. Vaccines
6.4.3. Medicated Feed Additives
6.5. Global Veterinary Therapeutics Market Analysis, by Product Type
6.6. Global Veterinary Therapeutics Market Value (US$ Mn) Forecast, by Drugs, 2017–2030
6.6.1. Anti-infective
6.6.2. Anti-inflammatory
6.6.3. Parasiticides
6.6.4. Others
6.7. Global Veterinary Therapeutics Market Analysis, by Drugs
6.8. Global Veterinary Therapeutics Market Forecast, by Vaccines, 2017–2030
6.8.1. Inactivated Vaccines
6.8.2. Live Attenuated Vaccines
6.8.3. Recombinant Vaccines
6.8.4. Others
6.9. Global Veterinary Therapeutics Market Analysis, by Vaccines
6.10. Global Veterinary Medicated Feed Additives Market Forecast, by Medicated Feed Additives
6.10.1. Antibiotics
6.10.2. Amino Acids
6.10.3. Others
6.11. Global Veterinary Medicated Feed Additives Market Analysis, by Medicated Feed Additives
6.12. Global Veterinary Therapeutics Market Attractiveness Analysis, by Product Type
6.13. Key Trends
7. Global Veterinary Therapeutics Market Analysis, by Animal
7.1. Key Findings
7.2. Introduction
7.3. Global Veterinary Therapeutics Market Value Share Analysis, by Animal
7.4. Global Veterinary Therapeutics Market Forecast, by Animal
7.4.1. Companion Animal
7.4.2. Livestock Animal
7.5. Veterinary Therapeutics Market Forecast, by Animal
7.6. Veterinary Therapeutics Market Attractiveness Analysis, by Animal
7.7. Key Trends
8. Veterinary Therapeutics Market Analysis, by Route of Administration
8.1. Key Findings
8.2. Introduction
8.3. Global Veterinary Therapeutics Market Value Share Analysis, by Route of Administration, 2018 and 2030
8.4. Global Veterinary Therapeutics Market Value (US$ Mn) Forecast, by Route of Administration, 2017–2030
8.4.1. Oral
8.4.2. Parenteral
8.4.3. Topical
8.5. Veterinary Therapeutics Market Forecast, by Route of Administration
8.6. Veterinary Therapeutics Market Attractiveness Analysis, by Route of Administration, 2019-2030
8.7. Key Trends
9. Global Veterinary Therapeutics Market Analysis, by Distribution Channel
9.1. Key Findings
9.2. Introduction
9.3. Global Veterinary Therapeutics Market Value Share Analysis, by Distribution Channel
9.4. Global Veterinary Therapeutics Market Forecast, by Distribution Channel
9.4.1. Veterinary Hospitals
9.4.2. Veterinary Clinics
9.4.3. Pharmacies & Drug stores
9.4.4. Others
9.5. Global Veterinary Therapeutics Market Forecast, by Distribution Channel
9.6. Global Veterinary Therapeutics Market Attractiveness Analysis, by Distribution Channel
9.7. Key Trends
10. Global Veterinary Therapeutics Market Analysis, by Region
10.1. Global Veterinary Therapeutics Market Snapshot, by Country
10.2. Global Veterinary Therapeutics Market Value Share Analysis, by Region
10.3. Global Veterinary Therapeutics Market Forecast, by Region
10.3.1. North America
10.3.2. Europe
10.3.3. Asia Pacific
10.3.4. Latin America
10.3.5. Middle East & Africa
10.4. Global Veterinary Therapeutics Market Attractiveness Analysis, by Region
11. North America Veterinary Therapeutics Market Analysis
11.1. Key Findings
11.2. North America Veterinary Therapeutics Market Overview
11.3. North America Veterinary Therapeutics Market Value Share Analysis, by Product Type
11.4. North America Veterinary Therapeutics Market Forecast, by Product Type
11.4.1. Drugs
11.4.1.1. Anti-infective
11.4.1.2. Anti-inflammatory
11.4.1.3. Parasiticides
11.4.1.4. Others
11.4.2. Vaccines
11.4.2.1. Inactivated Vaccines
11.4.2.2. Live Attenuated Vaccines
11.4.2.3. Recombinant Vaccines
11.4.2.4. Others
11.4.3. Medicated Feed Additives
11.4.3.1. Antibiotics
11.4.3.2. Amino Acids
11.4.3.3. Others
11.5. North America Veterinary Therapeutics Market Value Share Analysis, by Animal
11.6. North America Veterinary Therapeutics Market Forecast, by Animal
11.6.1. Companion Animal
11.6.2. Livestock Animal
11.7. North America Veterinary Therapeutics Market Value Share Analysis, by Route of Administration
11.8. North America Veterinary Therapeutics Market Forecast, by Route of Administration
11.8.1. Oral
11.8.2. Parenteral
11.8.3. Topical
11.9. North America Veterinary Therapeutics Market Value Share Analysis, by Distribution Channel
11.10. North America Veterinary Therapeutics Market Forecast, by Distribution Channel
11.10.1. Veterinary Hospitals
11.10.2. Veterinary Clinics
11.10.3. Pharmacies & Drug Stores
11.10.4. Others
11.11. North America Veterinary Therapeutics Market Value Share Analysis, by Country
11.11.1. U.S.
11.11.2. Canada
11.12. North America Veterinary Therapeutics Market Attractiveness Analysis
11.13. Market Trends
12. Europe Veterinary Therapeutics Market Analysis
12.1. Key Findings
12.2. Europe Veterinary Therapeutics Market Overview
12.3. Europe Veterinary Therapeutics Market Value Share Analysis, by Product Type
12.4. Europe Veterinary Therapeutics Market Forecast, by Product Type
12.4.1. Drugs
12.4.1.1. Anti-infective
12.4.1.2. Anti-inflammatory
12.4.1.3. Parasiticides
12.4.1.4. Others
12.4.2. Vaccines
12.4.2.1. Inactivated Vaccines
12.4.2.2. Live Attenuated Vaccines
12.4.2.3. Recombinant Vaccines
12.4.2.4. Others
12.4.3. Medicated Feed Additives
12.4.3.1. Antibiotics
12.4.3.2. Amino Acids
12.4.3.3. Others
12.5. Europe Veterinary Therapeutics Market Value Share Analysis, by Animal
12.6. Europe Veterinary Therapeutics Market Forecast, by Animal
12.6.1. Companion Animal
12.6.2. Livestock Animal
12.7. Europe Veterinary Therapeutics Market Value Share Analysis, by Route of Administration
12.8. Europe Veterinary Therapeutics Market Forecast, by Route of Administration
12.8.1. Oral
12.8.2. Parenteral
12.8.3. Topical
12.9. Europe Veterinary Therapeutics Market Value Share Analysis, by Distribution Channel
12.10. Europe Veterinary Therapeutics Market Forecast, by Distribution Channel
12.10.1. Veterinary Hospitals
12.10.2. Veterinary Clinics
12.10.3. Pharmacies & Drug Stores
12.10.4. Others
12.11. Europe Veterinary Therapeutics Market Value Share Analysis, by Country/Sub-region
12.11.1. U.K.
12.11.2. Germany
12.11.3. Italy
12.11.4. France
12.11.5. Spain
12.11.6. Rest of Europe
12.12. Europe Veterinary Therapeutics Market Attractiveness Analysis
12.13. Market Trends
13. Asia Pacific Veterinary Therapeutics Market Analysis
13.1. Key Findings
13.2. Asia Pacific Veterinary Therapeutics Market Overview
13.3. Asia Pacific Veterinary Therapeutics Market Value Share Analysis, by Product Type
13.4. Asia Pacific Veterinary Therapeutics Market Forecast, by Product Type
13.4.1. Drugs
13.4.1.1. Anti-infective
13.4.1.2. Anti-inflammatory
13.4.1.3. Parasiticides
13.4.1.4. Others
13.4.2. Vaccines
13.4.2.1. Inactivated Vaccines
13.4.2.2. Live Attenuated Vaccines
13.4.2.3. Recombinant Vaccines
13.4.2.4. Others
13.4.3. Medicated Feed Additives
13.4.3.1. Antibiotics
13.4.3.2. Amino Acids
13.4.3.3. Others
13.5. Asia Pacific Veterinary Therapeutics Market Value Share Analysis, by Animal
13.6. Asia Pacific Veterinary Therapeutics Market Forecast, by Animal
13.6.1. Companion Animal
13.6.2. Livestock Animal
13.7. Asia Pacific Veterinary Therapeutics Market Value Share Analysis, by Route of Administration
13.8. Asia Pacific Veterinary Therapeutics Market Forecast, by Route of Administration
13.8.1. Oral
13.8.2. Parenteral
13.8.3. Topical
13.9. Asia Pacific Veterinary Therapeutics Market Value Share Analysis, by Distribution Channel
13.10. Asia Pacific Veterinary Therapeutics Market Forecast, by Distribution Channel
13.10.1. Veterinary Hospitals
13.10.2. Veterinary Clinics
13.10.3. Pharmacies & Drug Stores
13.10.4. Others
13.11. Asia Pacific Veterinary Therapeutics Market Value Share Analysis, by Country/Sub-region
13.11.1. China
13.11.2. Japan
13.11.3. India
13.11.4. Australia & New Zealand
13.11.5. Rest of Asia Pacific
13.12. Asia Pacific Veterinary Therapeutics Market Attractiveness Analysis
13.13. Market Trends
14. Latin America Veterinary Therapeutics Market Analysis
14.1. Key Findings
14.2. Latin America Veterinary Therapeutics Market Overview
14.3. Latin America Veterinary Therapeutics Market Value Share Analysis, by Product Type
14.4. Latin America Veterinary Therapeutics Market Forecast, by Product Type
14.4.1. Drugs
14.4.1.1. Anti-infective
14.4.1.2. Anti-inflammatory
14.4.1.3. Parasiticides
14.4.1.4. Others
14.4.2. Vaccines
14.4.2.1. Inactivated Vaccines
14.4.2.2. Live Attenuated Vaccines
14.4.2.3. Recombinant Vaccines
14.4.2.4. Others
14.4.3. Medicated Feed Additives
14.4.3.1. Antibiotics
14.4.3.2. Amino Acids
14.4.3.3. Others
14.5. Latin America Veterinary Therapeutics Market Value Share Analysis, by Animal
14.6. Latin America Veterinary Therapeutics Market Forecast, by Animal
14.6.1. Companion Animal
14.6.2. Livestock Animal
14.7. Latin America Veterinary Therapeutics Market Value Share Analysis, by Route of Administration
14.8. Latin America Veterinary Therapeutics Market Forecast, by Route of Administration
14.8.1. Oral
14.8.2. Parenteral
14.8.3. Topical
14.9. Latin America Veterinary Therapeutics Market Value Share Analysis, by Distribution Channel
14.10. Latin America Veterinary Therapeutics Market Forecast, by Distribution Channel
14.10.1. Veterinary Hospitals
14.10.2. Veterinary Clinics
14.10.3. Pharmacies & Drug Stores
14.10.4. Others
14.11. Latin America Veterinary Therapeutics Market Value Share Analysis, by Country/Sub-region
14.11.1. Brazil
14.11.2. Mexico
14.11.3. Rest of Latin America
14.12. Latin America Veterinary Therapeutics Market Attractiveness Analysis
14.13. Market Trends
15. Middle East & Africa Veterinary Therapeutics Market Analysis
15.1. Key Findings
15.2. Middle East & Africa Veterinary Therapeutics Market Overview
15.3. Middle East & Africa Veterinary Therapeutics Market Value Share Analysis, by Product Type
15.4. Middle East & Africa Veterinary Therapeutics Market Forecast, by Product Type
15.4.1. Drugs
15.4.1.1. Anti-infective
15.4.1.2. Anti-inflammatory
15.4.1.3. Parasiticides
15.4.1.4. Others
15.4.2. Vaccines
15.4.2.1. Inactivated Vaccines
15.4.2.2. Live Attenuated Vaccines
15.4.2.3. Recombinant Vaccines
15.4.2.4. Others
15.4.3. Medicated Feed Additives
15.4.3.1. Antibiotics
15.4.3.2. Amino Acids
15.4.3.3. Others
15.5. Middle East & Africa Veterinary Therapeutics Market Value Share Analysis, by Animal
15.6. Middle East & Africa Veterinary Therapeutics Market Forecast, by Animal
15.6.1. Companion Animal
15.6.2. Livestock Animal
15.7. Middle East & Africa Veterinary Therapeutics Market Value Share Analysis, by Route of Administration
15.8. Middle East & Africa Veterinary Therapeutics Market Forecast, by Route of Administration
15.8.1. Oral
15.8.2. Parenteral
15.8.3. Topical
15.9. Middle East & Africa Veterinary Therapeutics Market Value Share Analysis, by Distribution Channel
15.10. Middle East & Africa Veterinary Therapeutics Market Forecast, by Distribution Channel
15.10.1. Veterinary Hospitals
15.10.2. Veterinary Clinics
15.10.3. Pharmacies & Drug Stores
15.10.4. Others
15.11. Middle East & Africa Veterinary Therapeutics Market Value Share Analysis, by Country/Sub-region
15.11.1. Brazil
15.11.2. Mexico
15.11.3. Rest of Middle East & Africa
15.12. Middle East & Africa Veterinary Therapeutics Market Attractiveness Analysis
15.13. Market Trends
16. Competition Analysis
16.1. Global Veterinary Therapeutics Market Share Analysis, by Company
16.2. Competition Matrix
16.3. Company Profile
16.3.1. Boehringer Ingelheim GmbH
16.3.1.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.1.2. Financial Overview
16.3.1.3. Product Portfolio
16.3.1.4. SWOT Analysis
16.3.1.5. Strategic Overview
16.3.2. Merck Animal Health
16.3.2.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.2.2. Financial Overview
16.3.2.3. Product Portfolio
16.3.2.4. SWOT Analysis
16.3.2.5. Strategic Overview
16.3.3. Zoetis Inc.
16.3.3.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.3.2. Financial Overview
16.3.3.3. Product Portfolio
16.3.3.4. SWOT Analysis
16.3.3.5. Strategic Overview
16.3.4. Eli Lilly and Company (Elanco Animal Health)
16.3.4.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.4.2. Financial Overview
16.3.4.3. Product Portfolio
16.3.4.4. SWOT Analysis
16.3.4.5. Strategic Overview
16.3.5. Ceva Santé Animale
16.3.5.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.5.2. Financial Overview
16.3.5.3. Product Portfolio
16.3.5.4. SWOT Analysis
16.3.5.5. Strategic Overview
16.3.6. Virbac
16.3.6.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.6.2. Financial Overview
16.3.6.3. Product Portfolio
16.3.6.4. SWOT Analysis
16.3.6.5. Strategic Overview
16.3.7. Vetoquinol S.A.
16.3.7.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.7.2. Financial Overview
16.3.7.3. Product Portfolio
16.3.7.4. SWOT Analysis
16.3.7.5. Strategic Overview
16.3.8. Dechra Pharmaceuticals PLC
16.3.8.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.8.2. Financial Overview
16.3.8.3. Product Portfolio
16.3.8.4. SWOT Analysis
16.3.8.5. Strategic Overview
16.3.9. Biovac
16.3.9.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.9.2. Financial Overview
16.3.9.3. Product Portfolio
16.3.9.4. SWOT Analysis
16.3.9.5. Strategic Overview
16.3.10. The Chanelle Group
16.3.10.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.10.2. Financial Overview
16.3.10.3. Product Portfolio
16.3.10.4. SWOT Analysis
16.3.10.5. Strategic Overview
16.3.11. ImmuCell Corporation
16.3.11.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.11.2. Financial Overview
16.3.11.3. Product Portfolio
16.3.11.4. SWOT Analysis
16.3.11.5. Strategic Overview