The current trend of owning pets and the rising demand for meat is boosting the growth of veterinary pharmaceuticals market. From preventive healthcare to treatment of diseases, the market is keeping pharmaceutical manufacturers on their toes. As the area has seen very less research and development, those who are early entrants are expected to grab a larger market share. However, the long term success obviously depends on their innovation quotient. Growth has resulted from emerging markets, increased pet spending and increased disease prevalence. Going forward, increasing penetration of pet insurance and increase in government initiatives are also going to drive growth of the market.
As a result, the global veterinary medicine market size was estimated at USD 29.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4 per cent from 2021 to 2028. As the number of pet owners increase, it is driving the need for better treatment options for companion animals, which is resulting into rising health expenditure on pets. Then there is growing consumption of meat which is fuelling the demand for mandatory vaccination for animals, which results in the growth of the market for veterinary medicine.
At the same time, there are some factors that have negatively affected growth such as a shortage of veterinarians, lack of awareness, and inappropriate use of medicines. Other reasons restricting the growth of the veterinary pharmaceuticals market in the future includes rising threat of antibiotic resistance, consolidation of customers and distributors, and reductions in free trade. Assessing all the factors, a manufacturer must navigate skilfully and tread on the right path.
After studying the industry landscape in-depth, we have come up with the list of Top 10 Veterinary Pharmaceutical Manufacturers who have excelled in this domain with their innovative approach. Having proven their dedication to quality and delivery in order to meet the customer expectations in an end-to-end manner, these companies have stood out from the crowd.
We look forward to receiving your feedback and suggestions.