Report : Europe Farm Animal Drugs Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Anti-Infective, Parasiticides, Anti-inflammatory, Anesthetics, Analgesics, Hormones and Related Product, and Others), Animal Type (Livestock Animal, and Equine), Route of Administration (Oral, Parenteral, Topical, and Others), Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, and Others)
Parasiticides Segment has the Largest Share of Product Type in the Europe Farm Animal Drugs Market during 2021–2028
According to our latest study on “Europe Farm Animal Drugs Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product Type, Animal Type, Route of Administration, and Distribution Channel,” the market is projected to reach US$ 7,709.4 million by 2028 from US$ 5,112.7 million in 2021; it is expected to grow at a CAGR of 6.0% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the changing perception toward use of farm animal drugs products and increasing investments by market players that drive the market growth. However, side effects associated with the use of farm animal drugs hampers the market growth.
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 like monoclonal antibodies for osteoarthritis pain and vector vaccines for poultry even during the pandemic. The growing prevalence of the novel coronavirus led many countries including Europe to impose strict lockdowns. 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.
Based on product type, the Europe farm animal drugs market is bifurcated into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. In 2021, the parasiticides segment is estimated to account for the largest market share owing to the growing incidence of zoonotic diseases, the rise in animal welfare laws, and the increasing number of government initiatives are driving the growth of the parasiticides segment.
PHIBRO ANIMAL HEALTH CORPORATION, Zoetis Inc., Ceva, Elanco, Virbac, INTAS PHARMACEUTICALS LTD., Vetoquinol SA, Alembic Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, and MSD Animal Health are among the leading companies in the Europe farm animal drugs market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for farm animal drugs market is segmented into product type, animal type, route of administration, and distribution channel. Based on product type, the Europe farm animal drugs market is segmented into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. Based on animal type, the farm animal drugs market is segmented into livestock animal, and equine. Based on route of administration, the farm animal drugs market is segmented into oral, parenteral, topical, and others. Based on distribution channel, the farm animal drugs market is segmented into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others. Geographically, the farm animal drugs market is segmented into Europe (Germany, UK, France, Spain, Italy, Rest of Europe).
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