What is Global Pet Veterinary Drug Market?
The Global Pet Veterinary Drug Market is a vast and dynamic sector that caters to the health needs of our beloved pets. This market encompasses a wide range of products, from medications to prevent and treat various diseases, to supplements that promote overall health and well-being. In 2023, the market was valued at a whopping US$ 8714.7 million and is projected to reach US$ 12120 million by 2030. This growth is driven by the increasing pet ownership globally, coupled with the rising awareness about pet health and wellness. The market is also fueled by advancements in veterinary medicine, which have led to the development of more effective and safer drugs for pets. The Global Pet Veterinary Drug Market is not just about numbers and figures; it's about ensuring that our furry friends live healthier, happier lives.
Anti-Infectives, Anti-Inflammatory, Parasiticides, Analgesics, Sedatives, Others in the Global Pet Veterinary Drug Market:
The Global Pet Veterinary Drug Market is segmented into various categories, including Anti-Infectives, Anti-Inflammatory, Parasiticides, Analgesics, Sedatives, among others. Anti-Infectives are drugs used to prevent and treat infections in pets, while Anti-Inflammatory drugs are used to reduce inflammation and pain. Parasiticides are used to kill parasites that infest pets, and Analgesics are used to relieve pain. Sedatives are used to calm pets or make them sleep. Each of these categories plays a crucial role in maintaining the health and well-being of pets, and their demand varies based on factors such as the prevalence of diseases, pet population, and pet owners' awareness and willingness to spend on pet healthcare.
Veterinary Hospitals, Veterinary Clinics, Drug Stores in the Global Pet Veterinary Drug Market:
The Global Pet Veterinary Drug Market finds its application in various areas such as Veterinary Hospitals, Veterinary Clinics, and Drug Stores. Veterinary Hospitals and Clinics are the primary users of these drugs, as they are directly involved in diagnosing and treating pets. These establishments require a constant supply of various veterinary drugs to cater to the diverse health needs of pets. On the other hand, Drug Stores also stock up on these drugs as pet owners often prefer to buy medications from these stores due to convenience and accessibility. The usage of veterinary drugs in these areas is expected to increase in the coming years, driven by the growing pet population and the rising demand for quality pet healthcare services.
Global Pet Veterinary Drug Market Outlook:
Looking at the market outlook, the Global Pet Veterinary Drug Market is on a steady growth trajectory. In 2023, the market was valued at US$ 8714.7 million. Fast forward to 2030, and it's expected to reach a staggering US$ 12120 million. This represents a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing pet ownership and the growing awareness about pet health. Furthermore, according to Our PET Supplies Research Center, the global pet industry reached a value of $ 261 billion in 2022, marking a year-on-year increase of 11.3%. This data underscores the immense potential and opportunities in the pet industry, including the Global Pet Veterinary Drug Market.
| Report Metric | Details |
| Report Name | Pet Veterinary Drug Market |
| Accounted market size in 2023 | US$ 8714.7 million |
| Forecasted market size in 2030 | US$ 12120 million |
| CAGR | 4.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Boehringer Ingelheim International GmbH, Zoetis Animal Healthcare, Bayer AG, Merck Animal Health, Elanco Animal Health Inc., Virbac Group, Ceva, Dechra Pharmaceuticals Plc, Vetoquinol, Orion Corporation |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
