The outbreak of COVID-19 has impacted all industries including the veterinary medicine industry as well. Idexx Laboratories along with other lead participants have already tested thousands of dogs and cats for the virus, the test generally came out to be negative. However, the pet owners are still advised to maintain a distance from pets to maintain hygiene and reduce the risk of contamination. The impact of COVID-19 has been observed in the livestock sector as well.

The supply chain has been disrupted leading to difficulty in moving animal products such as meat, milk, eggs to markets. The restriction has also been implemented on the seasonal border crossing with ruminants. However, in order to cater to the disrupted demand-supply chain, Food and Agriculture Organization in April 2020, published a new policy regarding the production of livestock and supply chain of livestock products during COVID 19 to ensure the sufficient production of livestock.

The major factors responsible for the growth of the veterinary medicine market are the increasing burden of infectious diseases among animals and the increase in drug preferences by pet and poultry farm owners, coupled with continued growth in the human population, leading to increased demand for meat and animal-based products. As per the Centers for Disease Control and Prevention, Zoonotic diseases are very common, both in the United States and around the world. Ss, It is estimated that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and over 3 out of every 4 new or emerging infectious diseases in people come from animals.

Currently, the global livestock population is also seeing a surge. According to the USDA in July 2020, there were about 103.0 million cattle and 32.1 million beef cows in the United States as of July 2020 and are expected to grow substantially in coming years. Moreover, increasing research and development investments, high pet adoption rate, and growing consumption of meats and mandatory vaccination for the animals anticipated to boost demand for veterinary pharmaceuticals and vaccines for animals in the near future. According to American Pet Product Association (APPA), in 2018, Americans spent USD 72.56 billion on the pet industry in 2018 and USD 75.38 billion in 2019 which is 65% up from one decade prior.

In addition, increasing meat consumption is one of the major propelling factors for market growth. According to The World Counts, Denmark, in 2018, it was observed that global meat production has increased up to two-fold from 1988 to 2018. It also stated that meat consumption is estimated to range between 460 to 570 million tons by 2050. An increase in meat consumption will increase the demand for veterinary medicine, as more medicines will be adopted to keep this livestock animal free of disease.

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Key Market Trends

The Vaccine Segment is Expected to Hold the Significant Market Share

By Product, the Vaccine segment is expected to hold a significant market share. The growth of this segment is driven by rising demand for animal-derived food products, an increase in the companion animal population, and a rising incidence of zoonotic diseases along with various initiatives by government agencies and animal associations to maintain animal health. According to USDA (United States Department of Agriculture) NASS (National Agricultural Statistics Service), the total production of eggs, broilers, and turkey, and the value of sales from the chicken was USD 46.3 billion in 2018, an increase of about 8% from USD 42.7 billion in 2017.

In addition, significant development by the major players in the market of veterinary vaccines such as mergers and acquisitions, product development, and launches to expand their product portfolio of vaccines is expected to boost the growth potential of the market. For instance, in October 2019, Ceva entered into an agreement with ProBioGen Ag for manufacturing vectorized poultry vaccines using ProBioGen’s proprietary AGE1.CR technology. This agreement has helped both companies to expand their long-term partnership and long track record of developing innovative vaccines.

North America Dominates the Market and the Same Trend is Expected over the Forecast Period

North America dominated the veterinary medicine market so far and is expected to do so even in the forecast period. Key contributing factors attributing towards the dominance are the increasing prevalence of zoonotic diseases, favorable reimbursement programs, and the rising expenditure on companion animals. As per the American Veterinary Medical Association (AVMA) report, in the United States in 2019, expenditure on pets reached over USD 95.7 billion in 2019, with dogs and cats contributing to a major share.

Also, increasing the adoption of pet health insurance in the United States is also expected to boost the market growth. The rise in the concentration of the major veterinary hospitals in this region offering good reimbursement rates is adding fuel to the market growth. The consolidation of large healthcare also causes growth in the market due to an increase in buying power of the healthcare players, which results in economies of scale.

In addition, there is a huge presence of key market players focused on the market developmental strategies in this region. For instance, in 2019, Zoetis a United States-based company signed a partnership agreement with Caritas to improve the productivity and sustainability of the value chain of tilapia fish in the country. Also, the partnership was expected to provide training for tilapia farmers in fish health management and best aquaculture practices. All these developments are further expected to fuel the market growth.

Asia Pacific market for veterinary medicine is also anticipated to offer tremendous growth opportunities over the forecast period. Higher adoption of companion animals coupled with increasing awareness regarding the animal has promoted market growth in the region. In addition, rising expenditure on animal health and veterinary services and cattle population are some of the major factors that are driving the market for veterinary medicine.

Competitive Landscape

The Veterinary Medicine market is moderately competitive and consists of several major players with marginal revenue differences. Among the leading animal health companies, Zoetis stands at the top in terms of revenue. With increasing consolidations of various organizations like Boehringer Ingelheim Animal Health and Merial in 2019, it is expected to generate competitive rivalry among the key players in the future. Some of the major players of the market are Zoetis, Bayer AG, Ceva, Merck, and Elanco, etc.,

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