Pet medicine is an area of medicine that focuses on the detection, evaluation, and treatment of illness, condition, and disability in pets. The evolving social and cultural trends that have led to domestic pets being treated as family members are pushing the pet drug demand in the United States. As a result, pet owners' spending on everything from new and advanced luxury items to grooming and prescription medications rises.
The rise in the number of pet owners and the increase in the global pet population are two major factors driving the growth of the pet medicine industry. A rise in the prevalence of numerous medical disorders in animals, as well as an increase in demand for livestock goods, are both moving the veterinary medicine industry forward. Furthermore, an expansion in animal healthcare spending is a key driver of demand development. However, in underdeveloped countries, a shortage of veterinary infrastructure and tight regulations regulating medicate feed additives limit the market's development.
Furthermore, the COVID-19 pandemic has had a negative effect on the market. Following WHO's announcement of COVID-19 as a pandemic, countries around the world introduced national lockdowns to enact psychological distancing as a preventative step. This resulted in instability, restriction, obstacles, and improvements in every business sector. Similarly, the pandemic had an effect on the pet medicine industry.
Furthermore, with the increased trend of nuclear families and raising disposable income, pet adoption by middle-class families is increasing at an exponential rate. The rising number of pet owners, as well as their growing care for their dogs, is expected to improve the pet drug industry in the various countries. The rising prevalence of pet allergies, as well as the rising costs of pet drug products, serve as a constraint on the development of the pet care industry. Furthermore, the global pet medication industry is limited by stringent government rules on pet ownership. The rise in the number of dog owners and high spending on dog care, combined with the high adoption rate of canines for companionship and security, is expected to drive up demand for dog care medications. The market for dog care medications is followed by the market for cats care medications.
Adroit Market Research study on the global market for pet medicine offers a holistic view of the industry from 2020 to 2028 as forecast period, including factors such as market drivers, limitations, opportunities, threats and regulatory overview. The market has been analyzed from 2018 to 2028, with a base year estimate of 2019 and a projection from 2020 to 2028. The report covers the current status and potential characteristics of the market at both the global and the country level. Moreover, the report also assesses market competition with Porter's analysis of five strengths and places leading players on the basis of their product range, regional presence, strategic initiatives and overall sales. Prominent players in the global market have been analyzed in depth.
Key vendors in the market include Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim GmbH, Elanco, Nutreco N.V., Virbac, Kindred Biosciences, Inc., Biogenesis Bago, Indian Immunologicals Ltd, and many more.
Key Segments of the Global Pet Medicine Market
Animal Overview, 2018-2028 (USD Million)
Product Overview, 2018-2028 (USD Million)
- Medicated Feed Additives
Mode of Administration Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America