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LONDON, Oct. 19, 2022 /PRNewswire/ -- To tackle antibiotic resistance, nanotechnology is increasingly gaining traction in the veterinary pharmaceutical market as a substitute for veterinary antibiotics. Nanotechnology is the study of the control of matter on an atomic and molecular scale. In the veterinary pharmaceutical industry, nanotechnology is used to improve diagnosis, treatment, animal growth promotion, and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria. They are also used as drug delivery agents for new drugs and vaccine candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.
The global veterinary pharmaceuticals market grew from $21.98 billion in 2021 to $23.99 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The global veterinary pharmaceuticals market growth is expected to reach $29.49 billion in 2026 at a CAGR of 5.3%.
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North America Was The Largest Region In The Veterinary Pharmaceuticals Market
North America was the largest region in the veterinary pharmaceuticals market and was worth $12.54 billion in 2021. According to veterinary pharmaceuticals industry analysis, the veterinary pharmaceuticals market in North America is supported by the presence of a large pet and cattle population, high animal healthcare expenditure, and by the high prevalence of animal diseases in countries such as the USA and Canada. For instance, in Canada, there were 8.2 million dogs, and 8.3 million cats in 2018.
Zoetis Inc Held The Largest Veterinary Pharmaceuticals Market Share In 2021
Zoetis Inc was the largest competitor in the veterinary pharmaceuticals market in 2021, with a 19.26% share of the market. Zoetis is an animal healthcare company, involved in discovering, developing, manufacturing and commercializing animal health medicines, vaccines and diagnostic products.
A Shortage Of Veterinarians - A Restraint For The Veterinary Pharmaceuticals Market
As per the veterinary pharmaceuticals market forecast, a shortage of veterinarians is restraining the growth of the veterinary pharmaceuticals market during the forecast period. The veterinary shortage has put a huge amount of pressure on professionals. In the long term, changes in pay, work-life balance, and client expectations have driven dissatisfaction. In the short term, the pandemic has increased practice inefficiency, and therefore backlogs, exacerbating shortages.
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