Veterinary Medicine Market Size, Share & Trends Report

Veterinary Medicine Market Size, Share & Trends Analysis Report By Product (Biologics, Pharmaceuticals, Medicated Feed Additives), By Animal Type, By Route of Administration, By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-885-5
  • Number of Pages: 200
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the veterinary medicine market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for veterinary medicine market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of veterinary medicine market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Veterinary Medicine Market Categorization:

The veterinary medicine market was categorized into four segments, namely animal type (Production Animals, Companion Animals), product (Biologics, Pharmaceuticals, Medicated Feed Additives), route of administration (Oral, Injectable, Topical), distribution channel (Veterinary Hospitals & Clinics, E-commerce, Offline Retail Stores), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The veterinary medicine market was segmented into animal type, product, route of administration, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The veterinary medicine market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; Egypt; South Africa; and Nigeria.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Veterinary medicine market companies & financials:

The veterinary medicine market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Zoetis Inc. - Zoetis Inc. is a multinational corporation that specializes in the discovery, development, production, and marketing of medications, vaccines, diagnostic tools and services, genetic testing, biodevices, and precision animal health technologies. The business is diverse and sells goods for use by dogs, cats, and horses as companion animals as well as cattle, pigs, poultry, fish, and sheep as livestock. Its main products include vaccinations, parasiticides, dermatology, antiinfectives, and other pharmaceuticals, medicated feed additives, and diagnostics for animal health. The business operates 29 locations as part of a worldwide manufacturing network.

  • Boehringer Ingelheim International Gmbh - A prominent player in the healthcare industry, Boehringer Ingelheim International GmbH develops and produces medications, vaccines, and other medical supplies. The corporation is divided into four business segments: biopharmaceuticals, consumer healthcare, prescription drugs, and animal health. The 145 linked entities of the corporation facilitate its global operations. It is one of the top suppliers of animal healthcare supplies worldwide. It is concentrated on the R&D of novel medications for animal healthcare as well as the development of novel vaccinations and medications for the protection of pets and livestock. In 2015, the business obtained 183 worldwide product authorizations pertaining to animal health.

  • Merck & Co., Inc. - A division of Merck, Merck Animal Health is a multinational healthcare provider. The following business segments comprise the company's operations: animal health, medicines, and healthcare services. The animal health sector creates, produces, and distributes vaccines and related goods for aquaculture, companion animals, cattle, and poultry. The organization works in a number of important therapeutic areas, including immunology, neurological disorders, cancer, cardiometabolic care, endocrinology, fertility, and infectious and respiratory illnesses. Its main business sites are in the United States, Japan, Europe, and Africa. The corporation works with subsidiaries to predominantly conduct business outside of the United States and operates in over 140 countries.

  • Elanco - Elanco studies creates and sells items made from animals. It produces pills for dogs to treat a range of illnesses and ailments, including flea relief and separation anxiety. Diseases including arthritic pain, allergic disorders, and internal and external parasites are all treated by animal products. It also offers endocrinology and behaviour modification products. August 2021 saw Elanco acquire Kindred Biosciences.

  • Dechra Pharmaceuticals PLC - Dechra is an international leader in veterinary medications, including endocrinology and topical dermatology, as well as a wide range of additional treatments. The business creates, produces, distributes, and promotes premium veterinary goods all over the world. Companion Animal items (CAP) for dogs and cats, Food Producing Animal Products (FAP) for cattle, pigs, and poultry, and equestrian for horses and ponies are among the items offered by the firm. It offers a wide range of medications including diversified generics, analgesics, and anaesthetics for treating pain, equine lameness, and nutrition. The firm promotes its goods in 63 countries worldwide through distributors or marketing partners, and it operates sales and marketing operations in 25 different countries.

  • Ceva Santé Animale - Animal health products are the area of expertise for the international veterinary health firm Ceva. It creates, develops, manufactures, and distributes pharmaceuticals and vaccinations for pets and cattle. The business is well-known in around 110 nations. It has 25 production locations and 12 R&D facilities. North America/Pacific, Latin America, Eastern Europe, the Middle East & Africa, Western Europe, and Asia are the six main zones into which its business operations are split.

  • Phibro Animal Health Corporation - Products for animal nutrition and health are sold by Phibro Animal Health Corporation. The corporation exports its goods to seventy-five nations. The firm creates, produces, and sells medications for aquatic animals, swine, poultry, beef cattle, and dairy cattle. Some active pharmaceutical components are imported by the corporation from contract manufacturers in China, Mexico, India, and other countries. Contract manufacturing facilities in Australia, Argentina, China, Brazil, Canada, Malaysia, Israel, South Africa, the United States, and Mexico produce their final dosage forms.

  • Virbac - Virbac is a producer and distributor of medications and animal feed. Its area of expertise is feed additives for dogs, horses, poultry, and aquaculture. Its therapeutic product line includes tonics, topicals, hormones, vaccinations, and parasiticides. It works in about a hundred nations. It maintains production facilities in ten nations, research and development facilities in eight, and distribution subsidiaries in thirty-three.

  • Bimeda Corporate - Bimeda is a company that produces, markets, and distributes veterinary drugs and supplies for animal health. The firm is international, operating in over 80 countries in Europe, North America, South America, Africa, Asia, and Australia. Bimeda is well-known for creating and producing an extensive range of medicines, animal health products, and veterinary vaccinations that are marketed and supplied globally. Improving the health and quality of life of a wide variety of animals, including cattle, companion animals, poultry, horses, and aquatic creatures, is the company's main goal.

  • Biogénesis Bagó - A privately held biotechnology business is called Biogénesis Bagó. It creates, develops, sells, and provides veterinary health products. It focuses on vaccinations against foot and mouth disease and rabies. Antibiotics, bacterial and viral vaccinations, and parasiticides for horses, pigs, and pets are among its offerings. Brazil and Argentina are home to its industrial facilities. Worldwide veterinary services are also offered by the organization.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Veterinary Medicine Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Veterinary Medicine Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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