Global Pet Veterinary Drug Market was valued at USD 1.7 Billion in 2022 and is projected to reach USD 2.4 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The pet veterinary drug market has witnessed substantial growth over the past few years, driven by increasing awareness of pet health, advancements in veterinary medicine, and a growing number of pet owners seeking to improve their furry companions' quality of life. As pets become an integral part of families, the demand for specialized veterinary treatments and drugs has surged, contributing to a multi-billion-dollar industry that continues to evolve with new trends, challenges, and opportunities.
Key factors driving the expansion of the pet veterinary drug market include the rising prevalence of chronic conditions in pets such as obesity, arthritis, and diabetes. Additionally, an increasing number of pet owners are opting for preventative care, which has expanded the need for vaccines, parasite control, and nutritional supplements. Moreover, the growing focus on pet healthcare in emerging markets has fueled market growth, with regions like Asia-Pacific seeing a rise in pet ownership and veterinary care awareness.
Pet pharmaceuticals are divided into several categories, including anti-inflammatory drugs, antibiotics, parasiticides, and pain management drugs. Notably, the anti-inflammatory drug segment is experiencing significant growth due to its widespread use in treating conditions such as joint pain and inflammatory diseases in pets. The pain management segment is also expanding rapidly as more pet owners seek ways to manage their pets' discomfort, particularly for aging pets.
Innovations in veterinary drugs are another catalyst for market growth. New drug formulations, such as long-acting injectables and targeted therapies, have proven to be more effective and convenient for both pets and their owners. Additionally, biologics and stem cell therapies are emerging as game-changers, offering long-term solutions to previously hard-to-treat conditions.
The market is expected to continue expanding with an increase in pet adoption rates and growing awareness about pet healthcare. Companies are also focusing on product development to cater to the specific needs of different pet species, further diversifying the market.
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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, Global, 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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