LONDON, Sept. 17, 2019 /PRNewswire/ -- The global veterinary pharmaceuticals market was valued at about $12.8 billion in 2018, and is expected to grow to $21.32 billion at an annual growth rate of 13.6% through 2022. Driving the market is the increase in the prevalence rate of diseases among animals. Increase in the incidence of diseases in livestock and companion animals will require medicines to treat animals for the disease. For instance, according to Banfield State of Pet Health report 2016, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 in 2006, to 23.6 cases in 2015, whereas the prevalence rate increased by 18% in cats from 2006 to 2015. The increase in prevalence rate of diseases among animals results in increased demand for veterinary pharmaceuticals.
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Lack Of Awareness About Animal Healthcare Is Expected To Restrain The Vet Pharma Market
The veterinary pharmaceuticals market is being restrained by lack of awareness about animal healthcare. According to the Animal Welfare Act 2006, proper healthcare means that the pet should have regular vaccination, a suitable diet, protection from pain and suffering, and should be free from any kind of disease. According to the latest PDSA Animal Wellbeing (PAW) UK report 2018, only 38% people in the UK are aware of this legislation, which shows that a very less proportion of the population is aware of the animal healthcare. This factor acts as a major restraint for the veterinary pharmaceuticals market.
Pet Owners Prefer Generic Drugs Due To Their Economic Nature
The increasing preference for generic drugs for animal care is being seen as the latest trend in the veterinary pharmaceuticals market. The economical nature of generic drugs is enabling pet lovers to take care of their pets efficiently. During 2013-2015, the US Food And Drug Administration approved 22 generic animal drugs for cats and dogs, which has increased the adoption of generic drugs by veterinarians. According to a survey conducted on 520 veterinarians by Brakke and Trone Brand Energy Inc., around 80% of the veterinarians confirmed that they are using generic drugs in order to save the pet owners' money. However, the lower margin of profit given by generic drug manufacturers compared with heavy margins of branded drugs is also being considered by the veterinarians.
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Government Agencies Regulating The Veterinary Pharmaceuticals Market
The veterinary pharmaceuticals market is regulated by government agencies such as European Medicines Agency (EMA), USFDA (the US food and drug administration), and others. For instance, the EU agencies require 6 to 12 months to approve veterinary medicinal products. Moreover, it requires all parts of the registration dossier to be submitted together, unlike the US-FDA which accepts phased submissions. The US-FDA assesses each technical section for 6 months which may increase to another 6 months' cycle if questions/concerns are raised. However, the technical sections' assessment is done simultaneously, and therefore the manufacturers must identify the time-consuming steps and plan the work accordingly to estimate date of approval. Also, the license validity and renewal of the application in the EU region is very difficult upon the existing regulatory policies. Therefore, the manufacturers of veterinary pharmaceuticals should plan well, communicate effectively in order to minimize the costs, and reduce timelines.
The veterinary pharmaceuticals industry includes establishments that produce veterinary medicines which are used for pet animals and farm animals (includes vaccines, antibiotics and parasiticides). Major players in the market are Merck & Co. Inc., Zoetis Inc., Eli Lilly and Company, Bayer AG, and Boehringer Ingelheim GmbH.
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