The animal pharmaceuticals market is driven mainly by the increase in demand for pet care products. In recent years, people around the world have been increasingly embracing pets as a part of their family, leading to a marked increase in the demand for pet care products and services. This growing demand for pet care products is pushing up the market size of animal pharmaceuticals.Animal pharmaceuticals market is a potential segment of the global pharmaceuticals industry which comprises animal-specific drug formulations, and treatments. It also comprises products and services associated with the healthcare and wellness of animals. The market includes products related to preventative as well as therapeutic care for animals.
Overview of Animal Pharmaceuticals Market
The Global animal pharmaceuticals market was estimated at USD 24.5 billion in 2018 and is projected to expand at 6.9% CAGR during 2019-2026. This market has been classified into three major segments: Animal Parasiticides, Analgesics and Anesthetics, and Vaccines. The increasing need to safeguard animal health, rising trend of pet ownership and an upsurge in the number of veterinary practitioners are some of the factors driving the animal healthcare industry.
Moreover, improving animal welfare conditions is likely to open up opportunities in this industry. According to the World Animal Protection, investment in animal welfare is expected to increase by 2.5% in developing countries from 2019 onwards. Increasing initiatives from organizations such as World Veterinary Association (WVA) and Animal Health Australia are likely to fuel the Industry growth.
Furthermore, the veterinary industry is experiencing unprecedented development due to the introduction of advanced animal healthcare products and services with improved efficacy. Global Animal Parasiticides market is developing due to rising concerns associated with worms, fleas, ticks, and other parasites. On the other hand, the Vaccines market in animal pharmaceuticals is likely to witness robust growth due to innovative products. This market is further bolstered by the increasing prevalence of animal diseases such as swine flu, and an increasing sale of companion animals.
Trends and Future Prospects
One of the major trends observed in this market is the introduction of animal-derived pharmaceuticals. Scientists are developing biotechnological drugs through advanced approaches, such as genetic engineering, to address animal-related health issues. These biotechnological drugs are derived from animal tissues and are also called animal health drugs.
Moreover, there is an increasing trend of personalized care for animals in veterinary healthcare centers. Animal vaccines, treatments, and therapeutics based on a pet’s genetic code enable veterinary experts to recommend quality solutions for their pets. This trend is popularly called veterinary personalized medicine and is likely to gain traction in the near future.
The advancements in 3D printing technology have made a remarkable impact on the animal pharmaceuticals market. 3D printed drug molecules, such as biodegradable implants, are being used to treat various types of animal diseases. The 3D printing technology can also create implants, stents, and other medical devices for use in animal surgery.
The market is likely to expand further due to the increasing demand for pet nutrition supplements. Pet owners are increasingly opting for animal nutrition supplements to increase the longevity and overall health of their pets. This trend is expected to have a major impact on the animal pharmaceuticals industry as well.
Conclusion
The animal pharmaceuticals market is witnessing rapid growth due to the increasing demand for pet care products. The growing trend of pet ownership and an upsurge in the number of veterinary practitioners are some of the factors driving the animal healthcare industry. Moreover, the market is likely to expand further due to the increasing demand for pet nutrition supplements. The advancements in 3D printing technology, introduction of animal-derived pharmaceuticals, and the increasing trend of personalized care for animals are some of the major trends observed in this market.
The future prospects of the market look promising with increasing initiatives from organizations such as World Veterinary Association (WVA) and Animal Health Australia. Investment in animal welfare is likely to increase in the near future thereby providing a major boost to this market.