The COVID-19 lockdowns have created substantial disruptions in supply chains in the global animal drugs market, creating challenges for regulators to streamline animal drug flow across their states.
The COVID-19 lockdowns have created substantial disruptions in supply chains in the global animal drugs market, creating challenges for regulators to streamline animal drug flow across their states. According to an FDA update in March 2020, nearly six companies witnessed supply chain disorganization, leading to the shortage of animal drugs on the U.S. market.
Around 32 animal drug manufacturers were involved in making finished drugs or purchasing active pharmaceutical ingredients from China for deployments in the U.S. The Food and Drug Administration, therefore, contacted all the 32 companies and confirmed that no shortages were reported. However, the drug regulator was constantly working with the six firms for helping the identification of interventions for the mitigation of potential shortages.
As per the latest research by Global Market Insights, Inc., the global animal drugs market size is estimated to surpass USD 41 billion by 2025.
Prominent companies in the animal health industry have been adopting numerous collaborative strategies for the expansion of geographical footprint and strengthening their market position. Key animal drug manufacturers include Elanco, Virbac, Bayer, Zoetis, Merck, Dechra Pharmaceuticals, Boehringer Ingelheim, and others.
Some pivotal trends impelling animal drugs industry outlook comprise:
Rising drug administration in livestock to propel drugs segment growth
The necessity of animal drugs for the prevention and control of various diseases in companion animals and livestock is likely to boost animal drugs product demand over the anticipated period. The drugs segment had a valuation of over USD 17.7 billion in 2018 and is estimated to register an appreciable growth over the forecasted span.
The United States Food and Drug Administration is responsible for the regulation of medical devices, biologic products, veterinary drugs, and human drugs for assuring their safety and efficacy. Further, for protecting the health of consumers from foodstuffs of animal origin, it is mandatory that such veterinary medicine products are registered by governmental agencies.
Increasing number of veterinary drug stores to augment North America animal drugs market share
A strong foothold of veterinary drug stores, hospitals, and clinics in the region is touted to escalate North America animal drugs industry size over the forthcoming years. The increasing adoption of pets and rising pet health concerns of owners are other factors stimulating regional growth.
North America animal drugs market accounted for a remarkable revenue of more than 37.0 per cent in 2018. A substantial share of this revenue can be ascribed to the rising focus of companies on novel drug development for the treatment of numerous chronic diseases in animals.
To access sample pages of this 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” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/4445
Veterinary hospitals segment to contribute a lucrative share to the ever expanding animal drugs market
Easy accessibility of early disease detection, corrective health treatments, animal pharmaceuticals, as well as affordable and preventive healthcare is likely to spur veterinary hospitals segment growth through the estimated period. Further, the provision of numerous insurance plans by veterinary hospitals offering maximum coverage for better treatment of animals will bolster animal drugs industry expansion through the assessment period.
Veterinary hospitals segment held a commendable revenue of more than USD 11.2 billion in 2018. Increasing expansion of veterinary hospitals in emerging economies is expected to escalate animal drug distribution through these hospitals, in turn stimulating industry growth.
In the years to come, an increase in the number of online veterinary pharmacies will boost animal drugs market share, further augmenting revenue growth. Rising investments in R&D activities focused on the development of novel veterinary medicine products are also expected to propel animal drugs industry outlook through the estimated span.
About Global Market Insights, Inc.
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