Pet Veterinary Drug Market was valued at USD 12.5 Billion in 2022 and is projected to reach USD 19.2 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
During the 2018 to 2022 period, the market witnessed a rise in demand for pharmaceuticals targeting common pet ailments, such as flea and tick prevention, antibiotics, and anti-inflammatory drugs. The increase in the number of companion animals, especially dogs and cats, led to a more robust market, especially in North America and Europe. In addition, there was a surge in the acceptance of natural and organic pet medications as owners sought healthier alternatives for their pets. Additionally, innovations in biotechnology contributed to more effective treatments for chronic pet conditions, leading to the development of long-term therapies and injectable medications.
The trend of increasing pet healthcare awareness was complemented by a surge in pet insurance policies, which incentivized owners to invest in their pets' health, thereby boosting demand for veterinary drugs. Moreover, the expansion of online pharmacies and mobile applications played a pivotal role in improving access to medications for pet owners worldwide. This made it easier to order prescriptions and explore a wide range of drug options for various conditions.
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The pet veterinary drug market has undergone significant changes from 2018 to 2022, with shifts in consumer preferences, advancements in drug formulations, and a growing demand for healthcare solutions for pets. This period saw notable increases in both the volume of drugs required and the types of treatments available. Key factors driving this growth included the rise of pet ownership, a greater awareness of pet health, and improved veterinary care options across the globe. These trends have laid a solid foundation for the pet veterinary drug market’s future trajectory, making the period from 2023 to 2033 even more promising.
Boehringer Ingelheim International GmbH
Zoetis Animal Healthcare
Bayer AG
Merck Animal Health
Elanco Animal Health Inc.
Virbac Group
Ceva
Dechra Pharmaceuticals Plc
Vetoquinol
Orion Corporation
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Pet Veterinary Drug Market
Veterinary Hospitals
Veterinary Clinics
Drug Stores
Based on Types the Market is categorized into Below types that held the largest Pet Veterinary Drug market share In 2023.
Anti-Infectives
Anti-Inflammatory
Parasiticides
Analgesics
Sedatives
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Pet Veterinary Drug Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Pet Veterinary Drug Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Pet Veterinary Drug Market, By Type
6. Global Pet Veterinary Drug Market, By Application
7. Global Pet Veterinary Drug Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Pet Veterinary Drug Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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