Veterinary therapeutics is an important field in veterinary medicine that primarily focuses on the treatment and prevention of diseases in animals. Veterinary therapeutics involves the use of drugs, vaccines, and medical procedures to improve animal health. Veterinary therapeutics prevent, diagnose, cure or alleviate a disease or condition in animals, or prevent, diagnose, cure or alleviate an infestation of animals by a pest, or cure or alleviate an injury suffered by animals, or influence, inhibit or modify a physiological process associated with a disease or condition in animals. Each animal species has unique physiological characteristics, which means the approach to the treatment may vary greatly. Veterinary medicines involve the development of new treatments. Various treatments include an adaptation of human drugs for use in animals and the creation of entirely new therapies. Veterinary therapeutics plays a vital role in ensuring the well-being of animals. It’s a constantly evolving field in response to new technology and various medical challenges. Veterinary medicines include a wide range of drugs, each with their specific uses and dose.
Some categories like antibiotics, sulphonamides, antihistaminic drugs, anti-inflammatory, anticoccidial, antihelmintic, vitamins, and minerals are involved in veterinary therapeutics. The global veterinary market can be classified based on the product type which includes drugs, vaccines, and medicated feed additives. Based on the route of administration classification includes oral, parenteral, and topical types of veterinary therapeutics.
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Global Veterinary Therapeutics Market – Competitive Insight
- On Jan 9, 2023, Patterson Companies Inc. successfully acquired RSVP and ACT, Texas-based companies that provide innovative solutions to veterinary practices through data extraction and conversion
- On Jun 22, 2022, Zoetis acquired Basepaws, which is a care genetic company that provides pet owners with genetic tests, analytics, and early health risk assessments.
Some of the Key Players in the Global Veterinary Therapeutics market include –
- Zoetis
- MSD Animal Health.
- Boehringer Ingelheim.
- Bayer Animal Health.
- Merck Animal Health.
- Neogen Corporation.
- Patterson Companies Inc.
- Antelliq Corporation.
- Animalcare Group.
- Jaguar Health.
- Phibro Animal Health.
- Heska Corporation.
- Ceva Santé Animale.
- Dechra Pharmaceuticals.
- IDEXX Laboratories
Global Veterinary Therapeutics Market – Growth Drivers
According to a report by Health for Animals, a global animal health association, more than half of the global population is estimated to have a pet at their home. In the United States alone, 70% of households own a pet as of 2021. Thus the rise in the pet population leads to an increase in the use of veterinary therapeutics for the well-being of household animals and an increase in the demand for veterinary products. Newer products like vaccines and drugs are another growth driver for the veterinary market. There has been a rise in the demand for the livestock products like dairy products. According to the National Dairy Development Board, milk production has experienced an increase of about 6.3% over the previous years. Thus the increase in the production as well as consumption of livestock products is one of the major growth drivers for the global veterinary therapeutics market. Growth in awareness regarding animal health and welfare and prevention of disease in animals is another factor that drives the global therapeutics market.
Global Veterinary Therapeutics Market – Restraints
Despite new technological advancements, some drugs like growth promoters and antibiotics have some side effects associated with them. High costs on the treatment as well as low returns in research and development are some of the restraints for the veterinary therapeutics market. Again increase in the use of low-cost generic products that are available as substitutes in the market is one of the restraints for the veterinary therapeutics market. Regulatory restrictions and strict laws could hamper the growth of a particular market. Some people are still unaware of veterinary treatments, and in some regions, there is limited access to veterinary therapeutics, which affects the growth of the market. There are continuous research and development activities that develop new treatments and therapies, which decrease the growth of the market.
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Global Veterinary Therapeutics Market – Opportunities
Technological advancements in veterinary therapeutics like veterinary nanomedicines provide opportunities for the major players to invest in a particular market. Veterinary medicines have been influenced by nanotechnology in the prevention, treatment, and welfare of animals. Again the more advanced technologies like magnetic resonance imaging, and nuclear imaging technologies create opportunities in the veterinary therapeutics market. Moreover increase in the demand for improved drugs for veterinary treatment provides opportunities to grow in the particular market. Again rise in the number of pets throughout the world also creates new opportunities for key players to invest in the particular market. Again rise in the research and development has led to new opportunities in the global veterinary therapeutics market.
Global Veterinary Therapeutics Market – Geographical Insight
The market for veterinary therapeutics is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for veterinary therapeutics due to the presence of advanced technologies in the region. The presence of key market players contributes to research and development in the region. Europe is another prominent market for the veterinary market. The rise in the number of pets is one of the reasons for the growth of veterinary therapeutics in the particular region. Asia-Pacific veterinary therapeutics market is driven by factors like an increase in health concerns in animals in the particular region. Again the growth in the expenditure on animal health also helps to propel the veterinary therapeutics market in Asia-Pacific.
Global Veterinary Therapeutics Market – Key Development
- On Oct 13, 2023, Merck Animal Health announced that its canonized monoclonal antibody Gilvetmab is now available to veterinary specialists across the U.S.
- On Aug 8, 2023, Neogen announced that it has released an extensive selection of new genetic tests through Paw Print Genetics and Canine Healthcare solutions.