The Insight Partners Latest Research on “Farm Animal Drugs Market Forecast to 2028″ Includes COVID-19 Impact and Global Analysis By Product Type (Anti-Infective, Parasiticides, Anti-Inflammatory, Anesthetics, Analgesics, Hormones and Related Product, and Others), Animal Type (Livestock Animal and Equine), Route of Administration (Oral, Parenteral, Topical, and Others), and Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, and Others) and Geography
“Farm Animal Drugs Market is projected to grow from US$ 18,253.09 million in 2021 to US$ 28,364.08 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market. The growth of the farm animal drugs market is primarily attributed to the changing perception toward the use of farm animal drugs products and increasing investments by market players. However, the side effects associated with the use of farm animal drugs hampers the market growth.
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Drugs play a key role in maintaining the health of farm animals and improving the economic condition of farm producers. The need for better productivity has become important more, as the population are looking for nutritious and disease-free food products. The pharmacologically active compounds help prevent the passing of diseases from animals to humans. Farm animal’s health have been considerably shaped by the use of drugs. Farm animal drugs are medicines used for healthcare-based practices for diagnosis, cure, mitigation, treatment, or prevention of diseases that could affect livestock. These medicines are used as per strict requirements based on their essentiality to maintain the well-being of farm animals. Simply said, farm animal drugs are a key factor supporting the growth of the livestock industry across the world. Factors such as the growing use of pain management drugs in farm animals, rising incidence of foodborne diseases and infections, and surging demand for quality pharmaceuticals and food security boost the growth of the farm animal drugs market. However, the side effects of drugs in animals and strict government rules related to the usage of farm animal drugs hamper the growth of the market.
Farm Animal Drugs Market Segments:
Product Type –
Based on product type, the farm animal drugs market is segmented into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. The parasiticides segment held the largest market share in 2021. The growth of the market for this segment is attributed to the growing awareness of zoonoses, rising animal welfare laws, and the increasing number of government initiatives.
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Distribution Channel –
Based on distribution channel, the farm animal drugs market is segmented into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others. The veterinary hospitals segment held the largest market share in 2021, whereas the market for the veterinary clinics segment is expected to grow at a CAGR of 6.9% during the forecast period.
Key factors that are driving the growth of this market are the growing use of pain management drugs in farm animals, rising incidence of foodborne diseases and infections, and surging demand for quality pharmaceuticals and food security are expected to boost the market growth for the farm animal drugs over the years.
Leading Companies are:
- PHIBRO ANIMAL HEALTH CORPORATION
- Zoetis Inc.
- INTAS PHARMACEUTICALS LTD.
- Alembic Pharmaceuticals Limited
- Boehringer Ingelheim International GmbH
- MSD Animal Health
- Vetoquinol SA
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