Farm Animal Drugs Market Surpass US$ 28,364.08 million by 2028 and Growing at a CAGR of 6.5%

Parasiticides Segment to Lead Farm Animal Drugs Market during 2021–2028

NEW YORK, UNITED STATES, February 10, 2022 /EINPresswire.com/ -- According to The Insight Partners latest study on “Farm Animal Drugs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Animal Type, Route of Administration, Distribution Channel, and Geography,” the market is projected to grow from US$ 18,253.09 million in 2021 to US$ 28,364.08 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

Strategic Insights

Report Coverage Details
Market Size Value in US$ 18,253.09 million in 2021
Market Size Value by US$ 28,364.08 million by 2028
Growth rate CAGR of 6.5% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 240
No. Tables 165
No. of Charts & Figures 87
Historical data available Yes
Segments covered Product Type, Animal Type, Route of Administration, and Distribution Channel, and Geography
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Drugs play a key role in maintaining the health of farm animals and improving the economic condition of farm producers. The need for better productivity has become important more, as the population are looking for nutritious and disease-free food products. The pharmacologically active compounds help prevent the passing of diseases from animals to humans. Farm animal’s health have been considerably shaped by the use of drugs. Farm animal drugs are medicines used for healthcare-based practices for diagnosis, cure, mitigation, treatment, or prevention of diseases that could affect livestock. These medicines are used as per strict requirements based on their essentiality to maintain the well-being of farm animals. Simply said, farm animal drugs are a key factor supporting the growth of the livestock industry across the world. Factors such as the growing use of pain management drugs in farm animals, rising incidence of foodborne diseases and infections, and surging demand for quality pharmaceuticals and food security boost the growth of the farm animal drugs market. However, the side effects of drugs in animals and strict government rules related to the usage of farm animal drugs hamper the growth of the market.

Growing Use of Pain Management Drugs in Farm Animals Bolsters Farm Animal Drugs Market Growth

Pain in farm animals is often associated with common production diseases, such as lameness and mastitis, and is brought to the animal through routine husbandry practices, such as castration and tail docking. Pain causes behavioral, autonomic, and neuroendocrine changes; and induces a negative affective state, compromises animal welfare, and harms the profitability of agriculture.

Controlling pain is essential to the health of all animals. In 2018, the Food and Drug Administration (FDA) approved the first pain reliever for use in a food-producing animal. Foot rot is a common cause of pain and lameness in cattle of all ages and breeds. The disease is seen in cattle kept in barns and pylons, as well as cattle on pasture. Banamine Transdermal is approved to treat the pain associated with foot rot in cattle, and it can only be obtained with a prescription. The FDA Center for Veterinary Medicine promotes and protects animal health by ensuring safe and effective medicines are available to animals. Working with pharmaceutical companies to develop and approve drugs to control pain in all animals, including food-producing animals, is an integral part of this mission.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Based on product type, the farm animal drugs market is segmented into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. The parasiticides segment held the largest market share in 2021. The growth of the market for this segment is attributed to the growing awareness of zoonoses, rising animal welfare laws, and the increasing number of government initiatives.

Farm Animal Drugs Market: Competitive Landscape and Key Developments

PHIBRO ANIMAL HEALTH CORPORATION, Zoetis Inc., Ceva, Elanco, Virbac, INTAS PHARMACEUTICALS LTD., Alembic Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, MSD Animal Health, and Vetoquinol SA are a few of the leading companies operating in the farm animal drugs market.

Consumers are becoming increasingly aware and concerned about the welfare of animals raised for food. This has put pressure on suppliers to ensure that animals entering their systems are treated humanely. Measures are being taken for addressing such demand. Only one drug is approved in the US to control interdigital phlegmon (foot rot) pain in non-lactating cattle. Therefore, using medications for pain management in elective procedures, such as dehorning and castration, in cattle or analgesia in lactating dairy cows and pigs is considered an extra-label drug use. It is regulated as per the clarification on the use of veterinary drugs law. Flunixin, meloxicam, and ketoprofen are nonsteroidal anti-inflammatory drugs with supportive research on on-farm analgesia. Several products, such as local and regional anesthetics, opioids, and nonsteroidal anti-inflammatory drugs (NSAIDs), are available in the market to relieve pain in animals.

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Sameer Joshi
The Insight Partners
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Farm Animal Drugs Market is expected to reach USD 28,364.08 million by 2028