According to the research report titled ‘Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino Acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals}, By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, global animal drugs market is expected to cross USD 41 billion in valuation by the year 2025.
 

Introduction of innovative drugs coupled with rapid developments in medications and vaccines are some of the key factors fueling the growth of global animal drugs market. Mounting number of online veterinary pharmacies in tandem with rising cognizance regarding animal health are also aiding towards the market expansion.
 

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Based on product landscape, the report cites that the drugs segment generated revenues worth USD 17.7 billion in the year 2018 and is likely to showcase similar growth patterns in the ensuing years. Growing awareness regarding benefits of animal drugs, favorable approval regulations, and innovative product launches are fueling the segmental share.
 

As per animal type, the livestock segment is predicted to expand with a CAGR of 4.5% between 2019 and 2025. Technological advancements in this business space have allowed for development of innovative livestock drugs which can address various health disorders, thereby favoring the overall market scenario.
 

By route of administration, global animal drugs market share from injectable segment was worth USD 13 billion in the year 2018. Injectable route of administration is one of the most efficient means of delivering medications to animals as it reduces the need for solute absorption.
 

Moving on to distribution channel, the report cites that veterinary hospitals segment was valued at USD 11.2 billion in 2018 and is reckoned to witness consistent growth throughout the study period. Veterinary hospitals are known to offer various insurance plans with maximum coverage for better animal treatment. In addition, ability to detect diseases early, preventive health treatments, and increasing number of veterinary hospitals are facilitating the overall business scenario.
 

Considering the geographical landscape, North America accounted for 37% revenue share in global animal drugs market back in 2018. This can be credited to rising focus towards innovative drug development, high concentration of animal clinics, hospitals, and drug stores, as well as widespread adoption of companion animals
 

The competitive landscape of global animal drugs market is defined by companies such as Zoetis Inc., Virbac, Merck & Co. Inc., Elanco Animal Health Inc., Dechra Pharmaceuticals plc, Ceva Santé Animale, Boehringer Ingelheim, and Bayer AG among others.