VETERINARY MEDICINE MARKET ANALYSIS

Market Challenges And Opportunities

Global Veterinary Medicine Market Drivers:

• Rise in burden of zoonotic diseases to drive market growth: One of the key factors expected to propel growth of the global veterinary medicine market during the forecast period is the rising incidence of zoonotic diseases worldwide. For instance, according to the U.S. Centers for Disease Control & Prevention (CDC), zoonotic diseases are very common, both in the United States and around the world. Scientists estimate that more than six out of every ten known infectious diseases in people can be spread from animals, and three out of four new or emerging infectious diseases in people come from animals, and many diseases related to zoonoses have led to a major outbreak in the world.
• Rise in pet ownership to underpin market growth: Another factor which is driving the growth of the global veterinary medicine market is the increase in pet ownership or growing animal adoption around the world. For instance, the ownership of cats and dogs has been steadily increasing across the globe and more than half of the global population is estimated to have a pet. According to the Global Animal Health Association, HealthforAnimals, more than 500 million families in the U.S., EU, and China alone have over half a billion dogs and cats. In the U.S., over 70 percent of households owned a pet as of 2021 compared to 68 percent in 2016. This in turn is expected to increase demand for veterinary medicine.

Global Veterinary Medicine Market Opportunities:

• Increase in demand for veterinary medicine is expected to provide significant growth opportunities for players in the global veterinary medicine market. For instance, with the increasing prevalence of zoonotic/chronic diseases, the demand for safe/effective veterinary medicine is also increasing rapidly. In July 2020, Boehringer Ingelheim launched two new products in their animal healthcare portfolio for the Indian market. These new drugs, NexGard and Broadline, provide comprehensive parasite treatment for dogs and cats, respectively. Given the rapid increase in pet population, it is important for pet owners to be aware of and administer regular drugs for their pets.
• Increase in focus on the veterinary healthcare is expected to offer significant growth opportunities for players in the global veterinary medicine market. For instance, market players are focusing on developing and launching novel products for safe and effective veterinary healthcare. In December 2021, SeQuent Scientific announced the launch of veterinary medicine Halofusol (an oral solution) in 19 European countries. Halofusol is 0.5 mg/ml oral anti-protozoal solution that can be used for the prevention and reduction of diarrhea in new-born calves. Halofusol had also received approval from the European Medicines Agency (EMA).

Global Veterinary Medicine Market Restraints:

Lack of veterinarians to hinder growth of the market: One of the key factors expected to hamper growth of the global veterinary medicine market is the lack of veterinarians, especially in developing countries. For instance, the number of veterinarians has declined in some countries, raising concerns about the geographical coverage of the veterinary healthcare. The ongoing shortage of vets in rural areas could lead to an increase in animal diseases and need for veterinary care. Moreover, a rising number of pets following COVID-19 are straining the veterinary industry causing a shortage of vets worldwide.

Stringent regulations to hamper the growth of the market: Another factor which is hampering growth of the global veterinary medicine market is the stringent regulatory guidelines pertaining to vaccines approval for animals. For instance, vaccination is one of the most effective ways to reduce the disease burden in animals. However, stringent regulatory guidelines; such as the U.S. Department of Agriculture (USDA), the Food & Drug Administration (FDA), and the Environmental Protection Agency (EPA) are some of the major regulatory bodies approving veterinary medicine in the U.S. While in the European Union, the European Medicines Agency (EMA) is the leading body involved in the approval of veterinary medicine.