Farm Animal Drugs Market Worth ($28,364.08 Mn by 2028) by (6.5% CAGR) with Impact of Coronavirus Outbreak and Global Analysis & Forecast by The Insight Partners

Farm Animal Drugs Market Worth ($28,364.08 Mn by 2028) by (6.5% CAGR) with Impact of Coronavirus Outbreak and Global Analysis & Forecast by The Insight Partners

PR Newswire

NEW YORK, Nov. 22, 2021

Parasiticides Segment to Lead Farm Animal Drugs Market during 2021–2028 by Size, Share, Revenue, Trends, forecast

NEW YORK, Nov. 22, 2021 /PRNewswire/ -- According to The Insight Partners study on "Farm Animal Drugs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Animal Type, Route of Administration, Distribution Channel, and Geography," the 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 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 hamper the market growth. Further, the growing body of research in drug development and increasing demand for livestock from emerging economies are expected to offer significant growth opportunities to the market players to expand their customer base in developing countries.

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Report Coverage

Details

Market Size Value in

US$ 18,253.09 million in 2021

Market Size Value by

US$ 28,364.08 million by 2028

Growth rate

CAGR of 6.5% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

240

No. Tables

165

No. of Charts & Figures

87

Historical data available

Yes

Segments covered

Product Type, Animal Type, Route of Administration, and Distribution Channel, and Geography

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

North America dominated the global farm animal drugs market in 2021. The US holds the largest share of the market in the region owing to factors such as rising government support for the research and development activities for the veterinary sectors, growing technological advancements that are resulting in various market consolidations, and surging product launches across the region. In addition, the presence of the numerous players functioning in the North America farm animal drugs market is projected to influence the market growth during the forecast period. Despite widespread agreement among animal and health experts and clear guidelines from the Food and Drug Administration that unlimited antibiotic use is not sensible. 1 out of 3 agriculturally approved drugs can be administered over an inordinately long or undefined period. According to the Centers for Disease Control (CDC), an estimated 450,000 illnesses, 5,000 hospitalizations, and 76 deaths from bowel disease related to animals or their environment occur in the US annually. The increasing prevalence of zoonotic diseases is also driving the demand for drugs for farm animals.

The COVID-19 pandemic has scantly affected the farm animal drugs market. For Instance, Zoetis Inc. kept major R&D programs and regulatory reviews on track and furthered research advancements in areas such as monoclonal antibodies for osteoarthritis pain and vector vaccines for poultry during the pandemic. The medical and healthcare industry was exempted from the lockdown norms. This aspect proved to be a relief for the players in the farm animal drugs market to an extent. However, companies were focused on making animal health equipment and drugs more accessible to consumers by fortifying their supply chains and promoting these products as essential goods, which can be an interlude for the market in the long run. However, a few companies managed to be afloat. For instance, during the pandemic, Virbac ensured the best possible continuity of commitments to veterinarians, farmers, and animal owners, who every day on the front line, continued their essential work to care for and raise those animals. Therefore, manufacturing of animal drugs became difficult to an extent, which negatively impacted the farm animal drugs market.

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Middle East countries have registered a growth in COVID-19 cases in the last few days. The demand for animal drugs decreased for a certain period until the new spread of the virus in animals hasn't been confirmed. When the cases of COVID-19 positive animals were reported in various parts of the region, a mix of established pharmaceutical companies involved in animal drugs market mounted up R&D and manufacturing efforts to develop and produce vaccines and drugs against the SARS-CoV-2 virus. The demand for animal drugs has been increasing due to the prevalence of various infectious diseases, but the supply chain and service providers cannot satisfy the needs and have impacted largely. Latin America is also hit by the COVID-19 pandemic and thus has profound humanitarian, economic, and political consequences. South and Central America recorded the least number of COVID-19 cases. Currently, the companies are rapidly increasing their clinical programs to fight against the food borne and zoonotic diseases. There has been a growing focus on R&D. Thus, the market has been slightly negatively affected or neutral due to the pandemic owing to disrupted supply chains and shortage of raw material.

Growing Body of Research in Drug Development to Provide Significant Growth Opportunities to Market Players

The animal health business—which is also related to human health—is an integral part of the US economy. Animal health manufacturers are biopharmaceutical companies that invest in research and development to develop innovative medicines for food-producing animals and pets. The animal health industry works with farmers and ranchers, government agencies, veterinarians, and other groups for ensuring the health and safety of animals, people, and the food supply. Foreseeable innovations in animal health can reduce the risk of disease due to stronger immunity, improved prevention strategies, earlier and accurate diagnosis, and effective treatments. Making these innovations a reality means fewer emissions, less consumption of natural resources, and less animal loss. However, despite the promise of growing veterinary knowledge and expertise, it is constantly taking long time and requires high expenditure to bring new products to Farm Animal Drugs Market. The development of veterinary vaccines and medicines requires a significant investment of time and resources. Pharmaceutical companies invest in other products that can provide high return on investment. The factors considered by the pharmaceutical industry in deciding whether to develop a vaccine go beyond just demonstrating effectiveness. These include unmet needs of the animal husbandry industry, potential of market, probability of success, time-to-market, and the occurrence of antibiotic resistance. Due to the considerable time required for research, development, and regulatory approval, these decisions are based on predicting the situation at the time and after the expected Farm Animal Drugs Market entry.

Therefore, the development of strategy for new vaccines aims to meet the needs of the animal production industry and considers issues such as the duration and common challenges to animal health during animal production cycles. Also, public health benefits are considered. Combination vaccines targeting multiple pathogens are a commonly used strategy to overcome the narrow spectrum of most vaccines, which is generally more limited than antibiotics. Therefore, polyvalent and combination vaccines can be more attractive alternatives and more effectively reduce the need for antibiotics than monovalent vaccines. The development of new safe and effective adjuvants or the combination of vaccines with immunomodulators could be a promising strategy for overcoming the limitations of vaccine effectiveness, especially in relatively short-lived species, such as poultry. Close collaboration among business, government, and academia is essential to ensure that the research efforts are complementary and that each party's unique strengths promote progress toward the common goal of developing vaccines that are effective in reducing antibiotic needs. For example, academic (and in some cases government) partners are best equipped to conduct primary research (e.g., on species-specific differences in immune responses) and to develop companion technologies such as diagnostic tests or adjuvants efficiently and cost-effectively. These technologies may prove critical to the commercialization of a new vaccine. Still, reliable technology transfer strategies and close collaboration with industry will be essential to ensure their proper functioning in conjunction with the newly developed vaccine.

Regulatory approval processes also have an important influence on whether to invest in the research and development of a new vaccine. For example, pharmaceutical companies typically seek to gain a license for a product in all major Farm Animal Drugs Market. The harmonization and streamlining of the official approval channels across countries and regions can lower the development costs and make the product attractive for investors inside and outside the pharmaceutical industry. Regulatory strategies, such as early consultations with regulators, can also reduce the cost of research and development and enable the rapid growth of various drugs for addressing new animal disease challenges.

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Farm Animal Drugs Market: Segmental Overview

The farm animal drugs market is segmented on the basis of product type, animal type, route of administration, and distribution channel. Based on product type, the 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 and is expected to register the highest CAGR in the market during 2021–2028. Based on animal type, the market is bifurcated into livestock animals and equine. The livestock animals segment led the market in 2021 with a market share of 90.77%, and it is expected to retain its dominance during the forecast period. Based on route of administration, the farm animal drugs market is segmented into oral, parenteral, topical, and others. The oral segment led the market in 2021 with a market share of 42.81%, and it is expected to retain its dominance during the forecast period. 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. However, the market for the veterinary clinics segment is expected to grow at a CAGR of 6.9% during the forecast period.

Farm Animal Drugs Market: Competition Landscape and Key Developments

PHIBRO ANIMAL HEALTH CORPORATION, Zoetis Inc., Ceva, Elanco, Virbac, INTAS PHARMACEUTICALS LTD., Alembic Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, MSD Animal Health, and Vetoquinol SA are among the key companies operating in the farm animal drugs market. Leading players focus on expanding and diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.

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In September 2021, Boehringer Ingelheim International GmbH announced strategic collaboration with Invetx to develop novel, species-specific monoclonal antibody biotherapeutics targeting a wide range of diseases in the veterinary species.

In August 2021, MSD Animal Health announced the partnership with AAVMC on an international grant program created to help mitigate the global public health problem of antimicrobial resistance (AMR). Administered through the AAVMC's Council on International Veterinary Medical Education (CIVME), the MSD Animal Health CIVME Antimicrobial Stewardship Grant program seeks to improve instructional programs related to AMR in educational institutions across the world. The program funds two grants for up to $10,000 over a maximum period of 24 months.

In February 2021, Ceva had announced that the company has signed a framework agreement with INRAE to work as a collaboration in animal health. The existing partnership in addition to licensing INRAE technologies, involves many forms of collaboration, including exchange of laboratory personnel, testing of anti-infective treatments and vaccines and several joint research projects - the European H2020 PIGS program - Program for Innovative Global Prevention of Streptococcus Suis - scheduled to be completed in 2021.

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