The global pet veterinary drug market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). Increasing awareness associated with pet care is the major factor that is fuelling the growth of the market. Pet veterinary drug is the category of medicine that deals with the prevention and treatment of disorder and injury in animals and diagnosis and treatment of disease. Among pet veterinary drugs some are similar to human drugs, with development have created a number of specialties within the field, that include areas of expertise such as internal medicine, ophthalmology, surgery, radiology, dermatology, anesthesiology, neurology, and oncology, as well as emergency care.
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The increasing number of millennial pet parents and the trend of health and wellness are also the factors that are reshaping the global pet veterinary drug market. Innovations in the pet care world such as health-related pet tech, nutrition apps, veterinary telemedicine, and fitness trackers will have influencing effects on growth on the market. Moreover, pet health care has marked an impressive degree of comparability to human health care.
The global pet veterinary drug market analysis includes some of the key market players such as Boehringer Ingelheim International GmbH, Zoetis Animal Healthcare, Bayer AG, Merck Animal Health, among others. In order to maintain a strong position in the market, the market players are adopting various strategic moves, such as product launches, partnerships, collaborations, and mergers and acquisitions. For instance, in August 2019, Virbac declared the launch of Vetemex, the new sympathetic antiemetic, for the treatment and prevention of vomiting and nausea in dogs and cats.
With the active ingredient maropitant, a 56-day broached shelf life and a benzyl alcohol excipient, Vetemex boasts clear benefits for both veterinary surgeons and their patients. Benzyl alcohol has shown a 78% reduction in pain score immediately post-injection, and a 53% reduction in pain score in the 2 minutes post-injection, compared to the alternative excipient, Metacresol. The trusted maropitant formula offers veterinary practices an exciting alternative antiemetic that can be used with total confidence.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Boehringer Ingelheim International GmbH, Zoetis Animal Healthcare, Bayer AG, Merck Animal Health, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Pet Veterinary Drug Market Report Segmentation
- Anti-Infectives
- Analgesics
- Sedatives
- Anti-Inflammatory
- Parasiticides
- Others
By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Drug Stores
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