Animal Generic Drug Market Current Trends, Analysis, and Growth Factors
The growing competition in the pet medicine industry is fueling the penetration of animal generic drugs. However, generic drugs have been attributed to have lower profit margins for manufacturers and is therefore, hindering the market growth The global animal generic drug market has been estimated to foresee an explosive growth by the year 2028.
The growing competition in the pet medicine industry is fueling the penetration of animal generic drugs. However, generic drugs have been attributed to have lower profit margins for manufacturers and is therefore, hindering the market growth. Several national distributors have started to produce generic drugs under private label, which is propelling market expansion.
Based on type, animal generic drug market has been segmented into Pharmaceuticals, Medicinal Feed Additives, and Biologicals. Broilers, Cows, Pigs, and others have been identified as application types of the global market. Geographical segmentation has presented a detailed analysis of animal generic drug market growth prospects across the regions of North America, the Asia Pacific, Europe, the Middle East, and Africa, and Latin America. The North American market dominates the brand-name versions attributed to incorporation of latest technological advancements and new delivery methods.
The competitive landscape showcases the profiles and business strategies of the major players, along with their recent developments. Some of the dominant players operating in this market include Bayer Animal Health, Merck, Bimeda, Ceva Sante Animale, Boehringer Ingelheim, Huvepharma, Elanco, Norbrook, Vetoquinol, Perrigo, Merial and Zoetis among others.
Players are entering into business partnerships with fellow contestants and are significantly investing in innovation strategies, which is estimated to drive the cellular vendors to reach new growth markets. The market participants have identified the industry cost structure, supply chain mechanism, major distribution channels, and production capabilities. They have taken into consideration several factors that have deterred the development generic animal drugs against human medicines. The industry players are keen on to incorporate restrictive distribution practices, along with selective regulatory measures so as to facilitate research and development activities that would likely benefit customers.
The market competition is escalating at a steady pace with the advent of technological innovation and several Merger & Acquisition activities across the industry. Furthermore, local and regional vendors are offering specific application products for varied end-users. The new vendor entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.
Merial manufactures and markets veterinary products including antiparasitic, anesthetics, antimicrobials, respiratory, gastrointestinal, and cardiovascular medicines. It also produces vaccines for poultry, livestock, and pets. Elanco products include feed additive, flea protection for cats and dogs, etc. Novartis Animal Health is known for its popular products for treating pain and heart-worm, dermatitis, flea protection, and parasite infestation in farm animals. Later in 2015 the company was acquired by Eli Lilly for $5.4 billion. The House and Senate have passed a new legislation to grant access to additional tools and FDA approved drugs for improving animal treatment and patient care.
Firma: Million Insights
Ansprechpartner: Tom Clark
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