Animals, like
humans, are prone to disease or illness and need medicine to treat &
prevent disease. Better animal health is an essential part of animal welfare.
These medicines are categorized into three types: pesticides, biologics and
pharmaceuticals. Pesticides are tick and flea products. Biologics are generally
known as vaccines. In addition, pharmaceuticals cover several medicines for
instance pain medications, heartworm preventatives, anesthetics, antibiotics,
and chemotherapy drugs.
Animal medicines
require approval from the Food and Drug Administration (FDA). The development
of a new animal medicine or drug can take up to 10 years & cost up to $100
million prior to approval.
According to
study, “Animal Medicine
Global Market Report 2019” key companies operating in the animal medicine global
market are Zoetis Inc., Ceva Sante Animale, Bayer HealthCare Animal Health,
Boehringer Ingelheim GmbH, Elanco Animal Health (Eli Lilly and Company), Merck Animal
Health Ltd., Virbac S.A. Vetoquinol, Merial Animal Health, Novartis Global
Animal Health, Vtoquinol S.A.
Based on product
type, the animal medicine global market is segmented into vaccines, drugs and
medicated feed additives. Vaccines include attenuated vaccines, inactivated
vaccines and recombinant vaccines. Drugs include anti-inflammatory, anti-incentives
and parasiticides (endoparasiticides, ectoparasiticides, and endectocides).
Medicated feed additives include antibiotics and amino acids. Based on dosage
form, the market is segmented into parenteral, oral and topical. Based on
animal type, market is segmented into livestock animals and companion animals. Livestock
animals include ruminants, swine, poultry, and fish, ruminants. Companion
animals are further segmented into feline, canine, and equine. Rise in adoption
of companion animals due to various advantages for instance greater
psychological stability, lowered blood pressure, and reduced anxiety attacks
are expected to create growth opportunities for the market over the forecast
period. Based on distribution channel, market is bifurcated into e-commerce and
retail. In addition, based on end-users, the market is segmented into
veterinary clinics, point-of-care testing or in-house testing, veterinary
hospitals, reference laboratories and pharmacies & drug stores.
The animal
medicine global market is majorly driven by rise in demand for animal-based
products, followed by increase in spending on animal healthcare by farm animal
owners, increase in number of retail pharmacies, high convenience associated
with online pharmacies, and growing trend of pet humanization in the region. However,
lack of awareness towards animal health in emerging nations and high cost of
animal health care restrain the market growth. Moreover, technological
advancement for instance rises in therapeutically applications & balanced
quality products provide various opportunities for market growth.
Recently
producers have started using Stem Cell Therapy as an animal medicine owing to
its excellent capabilities of healing arthritis & animal injury. Stem Cell
Therapy is a procedure of injecting stem cell into the body of the animal to
replace injured cells of the body. It enables to treat the bone & ligament
injury, kidney & liver disease and some kinds of skin diseases.
The
North-American region holds major market share of global animal medicine market
due to consistently striving for extensive commercialization of products,
followed by presence of established pharmaceutical companies. The Asia-Pacific
region is anticipated to register higher growth rate owing to high prevalence
of zoonotic diseases & efforts towards management of disease outbreaks, for
instance swine influenza and Ebola.
For more information on the research
report, refer to below link:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
