Veterinary Generics Market:
Global veterinary generics market is anticipated to offer potential growth opportunities for the market players over the forecast period.Rapid evolutions of generic molecules with similar therapeutic activity, the cost-effectiveness of the products are enabling to attract the customers towards the veterinary generics. The active pharmaceutical ingredient (API) of the generic molecule must be bioequivalent to the patented product. Veterinary pharma companies are focused on production generic molecules in order to meet the unmet need in the market.
Increased adoption of small animals such as dogs and cats are trending from the past few years. The rise in the prevalence of various diseases like osteoarthritis (OA), chronic cancer pain, inflammation, other skin allergies are expected create demand for veterinary generics market.The generic products have cost less than the branded products, so the cost of the treatment will reduce. This enables greater margin on the farm with same desired effects and ensures good welfare standards.
Increasing farm animal and poultry industry across the globe is expected to create the demand for veterinary generics market. Favorable government policies to enhance the farm animal production create awareness about various diseases and treatment methods are expected to create demand for veterinary market over the forecast period. Furthermore, increased awareness regarding veterinary generic drugs among veterinary professionals is expected to fuel market.
Veterinary generics market has been segmented on the basis of product, application, animal type, an end user.
Based on product type, market has been segmented into the following:
- Veterinary antifungal drugs
- Veterinary antihelminthics
- Veterinary biologics
Based on the animal type, market has been segmented into the following:
- Small pets
Based on the end user, market has been segmented into the following:
- Veterinary hospitals
- Veterinary clinics
The introduction of generic products able to increase the competition within the market for that active ingredient, less cost of the product making it more affordable to the end user. Increased veterinary hospitals and clinics to offer better services small animals as well as farm animals anticipated to witness significant growth in veterinary generics market.
Introduction of new generic drugs to treat chronic and acute pain, inflammation, other diseases are creating healthy growth opportunities. Rise in mergers & acquisitions to offer affordable products, is able to offer novel analgesics to the market. Increased awareness among the veterinary specialists and introduction of generic drugs are anticipated to create lucrative opportunities over the forecast period.
Geographically market has been segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
U.S. veterinary generics market is expected to account for major market share over the forecast time frame due to increased pet adoption and raising awareness among pet lovers regarding the animal health and various treatment options in the country.
Europe veterinary generics market is expected witness for robust growth rate over the forecast period. Germany veterinary generics market is anticipated to dominate the regional market share due to increased demand for meat and other protein-rich food. Moreover, increased awareness is creating growth opportunities for the market players.
China veterinary generics market is accounted for the major market share in Asia Pacific, due to rising population and increased demand for food are major drivers of the market.
India market is expanding at significant CAGR over the forecast period. Rising disposable income coupled with rising veterinary healthcare facilities, increasing adoption of small animals such as cats and dogs are expected to accelerate the market size.
Latin America veterinary generics market is led by Brazil, is witnessing to grow at unprecedented CAGR over the forecast period.
Global Veterinary Generics market is dominated by key players such as Zoetis Inc., Elanco, Merial, Bayer Animal Health, Virbac S.A., IDEXX Laboratories, Boehringer Ingelheim Vetmedica, Ceva Sante Animale, Vetoquinol S.A.
- In January 2017, Elanco launched Galliprant (Grapriprant tablets) for treatment of management of pain and inflammation associated with canine osteoarthritis.
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