Veterinary pharmaceutical industry trends to the year 2024
The veterinary pharmaceutical industry is constantly growing, and the year 2024 will be no exception. According to a study by Transparency Market Research, the global veterinary drug market will reach $33.5 billion in 2024. This is mainly due to the increase in the number of households with pets as well as the growing concerns of pet owners for the health and well-being of their pets.
Growing demand for personalized veterinary medication
Pet owners are increasingly interested in providing their pets with nutrition and medication that meets their specific needs. This is mainly due to the increasing awareness of the importance of a personalized approach to medical treatment for pets.
Factors contributing to this trend:
- Raising awareness of the importance of healthy pet nutrition and medication
- Pet owners are increasingly aware that a healthy diet and personalized medication are essential for the well-being of their pets. This is mainly due to increased access to pet nutrition information, as well as an increase in studies demonstrating the link between diet, medication and pet health.
Increased availability of customized pet foods
In recent years, the availability of pet food has increased. This is mainly due to the increase in the number of pet food manufacturers offering these products and the increasing accessibility of technologies that allow for the customization of pet food.
Increasing the affordability of customized pet foods
Pet food prices have come down in recent years, making it more affordable for more pet owners. This is mainly due to increased competition in this sector and improvements in the production process.
Opportunities for veterinary drug manufacturers:
- Development of new products and customized services
- Veterinary drug manufacturers have a number of opportunities to develop new products and customized services. These include the development of new customized formulas to meet the specific needs of pets, as well as the development of new technologies to enable the customization of veterinary medicines more efficiently and affordably.
- Development of new distribution channels. Veterinary drug manufacturers can also develop new distribution channels to reach a wider audience. These include developing new partnerships with online distributors or veterinary clinics.
Development of new awareness campaigns
Veterinary medicine manufacturers can also develop new marketing campaigns to increase awareness of personalized veterinary medicine. These include campaigns that focus on the benefits of personalized veterinary medicine for pet health.
Examples of personalized veterinary medicines
Currently, several personalized veterinary medicines are available in the market. These include:
Customized non-steroidal anti-inflammatory drugs (NSAIDs).
NSAIDs are used to treat pain and inflammation in pets. Customized NSAID medications are formulated to provide a more effective and safer dose for each individual pet.
Personalized immunostimulating drugs
Immunostimulant medications are used to help pets’ immune systems fight infections. Personalized immunostimulatory medications are formulated to provide a stronger and longer-lasting immune response for each individual pet.
Personalized cancer drugs
Cancer drugs are used to treat cancer in pets. Personalized cancer drugs are formulated to target cancer cells specifically, thereby reducing side effects on healthy cells.
Increasing demand for personalized veterinary medicine is a trend that will continue to develop in the coming years. Veterinary drug manufacturers that manage to adapt to this trend will be the ones that will be successful in this field.
Other trends that will influence the veterinary pharmaceutical industry in 2024
In addition to the increasing demand trend for personalized veterinary medicine, there are other trends that will influence the veterinary pharmaceutical industry in 2024. These include:
Increasing demand for veterinary medicines with natural and organic ingredients
Pet owners are increasingly interested in using safe and effective medications for their pets. This is mainly due to the increasing awareness of the health problems related to synthetic drugs.
Increasing demand for veterinary medicines with innovative technologies
Pet owners are increasingly interested in using more effective and safer medications. This is mainly due to the increase in the development of new technologies in the field of veterinary pharmaceuticals.
These trends provide growth opportunities for veterinary drug manufacturers who are willing to invest in research and development.