Monoclonal Antibodies In Veterinary Health Market to Grow with a CAGR of 16.74% through 2028

Increasing concern for pet health and the need for safe livestock management is expected to drive the Global Monoclonal Antibodies In Veterinary Health Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Monoclonal Antibodies In Veterinary Health Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Monoclonal Antibodies In Veterinary Health Market stood at  USD 672.50 Million in 2022 and is anticipated to grow with a CAGR of 16.74% in the forecast period, 2024-2028. This can be attributed to advancements in biotechnology. Advancements in biotechnology have revolutionized the development and production of monoclonal antibodies. These innovations have made it easier and more cost-effective to engineer antibodies tailored for specific veterinary applications. Technologies like recombinant DNA and improved cell culture techniques have enabled the production of mAbs in larger quantities and with greater precision, making them more accessible for veterinary use. Moreover, the integration of telemedicine in veterinary healthcare is influencing the use of mAbs. Remote consultations and monitoring of animal patients allow veterinarians to prescribe and administer mAbs more effectively, ensuring that animals receive timely and appropriate treatments.

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The rising prevalence of atopic dermatitis, coupled with an increasing rate of pet adoption, stands out as a primary driver for market expansion. Additionally, the growth in research and development investment by industry players in cancer therapeutics is poised to further propel market growth in the foreseeable future. Notably, despite enduring prolonged lockdowns and supply chain disruptions during the COVID-19 pandemic, market participants did not witness a decline in their revenues. For instance, Zoetis reported a noteworthy surge in its dermatology segment revenue, with a 22% increase from 2019 to 2020 and a subsequent 25% rise from 2020 to 2021. Concurrently, there was a notable surge in pet adoption rates, with the United States reporting an approximate 50% increase in pet adoptions during the initial quarter of the pandemic. This surge substantially contributed to the overall number of pet-owning households and their associated expenditures, particularly in the realm of medical costs.

In accordance with a report published in 2023-24 by the American Pet Products Association (APPA), an estimated 66% of U.S. households, equivalent to approximately 86.9 million families, owned a pet. Additionally, as indicated in the 2023 report by the North American Pet Health Insurance Association (NAPHIA), the United States witnessed a significant uptick in the number of pets being insured in 2022, reaching 4.8 million, marking a notable 22% increase from 2021. This surge in pet adoption rates has concurrently amplified the health-related concerns of pet owners, consequently resulting in an upswing in pet healthcare expenditures. This augmented spending on pet health has correspondingly driven the demand for more effective therapeutic solutions, which is anticipated to be a driving force behind market expansion.

The increasing incidence of canine atopic dermatitis is another significant factor poised to fuel market growth. Canine atopic dermatitis, a hereditary clinical syndrome observed in domestic dogs, also represents the most prevalent cause of allergic and itchy skin conditions in dogs. According to data released by Frontiers Media S.A. in October 2020, it is estimated that this condition affects approximately 10-15% of the canine population, a figure that is expected to rise over time. Prominent market players like Zoetis have introduced products such as Cytopoint, which marked a pioneering milestone as the first-ever monoclonal antibody treatment designed for allergic and atopic dermatitis in canines.

Furthermore, the increasing incidence of cancer, particularly in canines, is expected to have a positive impact on market growth. A study published by the Animal Cancer Foundation reports that a significant number of cats (32 million) and dogs (65 million) in the United States suffer from tumors. Dogs, in particular, are more susceptible to conditions like malignant neoplasia and lymphoma, as highlighted by the American Veterinary Medical Association. Additionally, the market benefits from various healthcare initiatives initiated by both government and private organizations, with a specific focus on advancing cancer treatment for pets.

The Global Monoclonal Antibodies In Veterinary Health Market is segmented into animal type, application, end-user, regional distribution, and company.

Based on its end-user, the veterinary hospital segment claimed the largest market share in 2022. This dominance can be attributed to the availability of innovative treatments within these facilities. Additionally, there is a notable increase in the number of veterinary hospitals and veterinarians, contributing positively to market expansion. According to a report released by Petpedia.co in 2018, the United States had a total of 84,200 veterinarians, with an estimated increase of approximately 14,200 veterinarians expected by 2029.

On the other hand, the "others" segment is projected to exhibit the highest CAGR during the forecasted period. The "others" category encompasses clinics, research organizations, academic institutes, among other entities. This anticipated growth is attributed to the escalating research endeavors aimed at developing innovative monoclonal antibody therapeutic options. Additionally, the rising awareness regarding advanced veterinary therapeutic alternatives is expected to further stimulate market growth in this segment.

Based on region, North America will maintain its position as the dominant force in the global market in 2022. This is due to a combination of government and private sector initiatives, as well as a growing trend toward pet insurance. Additionally, the presence of major companies in the United States is likely to contribute to market expansion. According to the North American Pet Health Insurance Association, Inc., the pet insurance industry has experienced substantial growth, with a notable rate of 23.4% over the past few years. Moreover, as of the end of 2020, approximately 3.45 million pets were insured across North America.

Conversely, the Asia Pacific region is projected to exhibit the highest CAGR during the forecasted period. This growth can be attributed to the emergence of local players in the market, the increasing number of veterinary hospitals and clinics, and a rising trend in pet ownership. Furthermore, heightened awareness regarding pet diseases and the availability of various treatment options are expected to further stimulate market growth in the Asia Pacific region.

Major companies operating in Global Monoclonal Antibodies In Veterinary Health Market are:

• Zoetis Inc.
• Merck & Co., Inc.
• Elanco LLC
• Boehringer Ingelheim GmbH
• Indian Immunologicals Ltd
• Virbac SA

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“As technology and research continue to advance, the future of veterinary healthcare looks promising. The synergy between innovation in monoclonal antibodies and collaborative efforts within the industry will ultimately result in improved treatments, better outcomes for animal patients, and a brighter future for the global monoclonal antibodies in veterinary health market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Monoclonal Antibodies In Veterinary Health Market By Animal Type (Dogs, Others), By Application (Dermatology, Pain, Others), End-User (Veterinary Hospitals, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Monoclonal Antibodies In Veterinary Health Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Monoclonal Antibodies In Veterinary Health Market.

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