Monoclonal Antibodies In Veterinary Health Market Exhibiting At A CAGR Of 17.1% From 2023 To 2030

Posted by Neha Bora on August 23rd, 2023

San Francisco, 23 Aug 2023: The Report Monoclonal Antibodies In Veterinary Health Market Size, Share & Trends Analysis Report By Application (Dermatology, Pain), By Animal Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030

The global monoclonal antibodies in veterinary health market size is expected to reach USD 2.42 billion by 2030, expanding at a CAGR of 17.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing pet population coupled with the rising pet expenditure is expected to boost the market growth. Furthermore, the growing prevalence of canine atopic dermatitis will likely drive market growth over the forecast period.

Despite disruption due to the COVID-19 pandemic, the animal health industry witnessed a steady growth of 8% from 2019 to 2020. The economic downturn was relatively less impactful in the animal health industry compared to other markets. The pandemic created a few shifts in business models for veterinary practices and veterinarians. Traditional veterinary practices are expected to generate the most revenue from selling high-margin products like biologics and pharmaceuticals.

The growing incidences of cancer, especially in dogs, are anticipated to provide a growth platform for the market. According to the American Veterinary Medical Association (AVMA), around 1 out of every 4 dogs are expected to show signs of neoplasia at some point in their lives. Neoplasia is a common type of cancer in dogs. Pain management is one of the most important aspects of treating neoplasia in dogs. This can also be treated using the monoclonal antibody treatment.

The market is highly competitive and consists of several major players. With the emergence of immense opportunities in the market, various players in the market are making investments to emerge as leading players. For instance, in October 2021, Zoetis acquired a new development and manufacturing unit in Ireland to improve its production capabilities on veterinary Monoclonal Antibodies (mAbs).

This is anticipated to enhance its veterinary therapeutic biopharmaceuticals portfolio. Moreover, in August 2021, Elanco acquired Kindred Biosciences for approximately USD 444 million. This supported the company’s access to the dermatology market, complemented its product pipeline, and enhanced R&D capabilities in biologics and monoclonal antibodies.

In addition, in May 2023, Elanco announced its breakthrough treatment for deadly canine parvovirus diseases using monoclonal antibodies. This single intravenous dose treats the signs caused by parvovirus in sick dogs and puppies regardless of their vaccination status.

Access Research Report of Monoclonal Antibodies In Veterinary Health Market @ https://www.grandviewresearch.com/industry-analysis/monoclonal-antibodies-in-veterinary-health-market-report

Monoclonal Antibodies In Veterinary Health Market Report Highlights

• Based on animal type, the dog segment held the dominant revenue share in 2022 owing to the growing adoption of dogs as pets and increasing R&D targeting canine disease treatments
• Based on the application, the dermatology segment accounted for the largest market share of over 50% in 2022, owing to the increasing prevalence of canine atopic dermatitis
• The veterinary hospital segment accounted for a dominant market share in terms of end-user in 2022, owing to the availability of advanced treatment facilities in veterinary hospitals
• The North America accounted for the largest market share of around 40% in 2022, owing to the presence of major market players in the region

Monoclonal Antibodies In Veterinary Health Market Report Scope

List of Key Players in Monoclonal Antibodies In Veterinary Health Market

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

Access Press Release of Monoclonal Antibodies In Veterinary Health Market @ https://www.grandviewresearch.com/press-release/global-monoclonal-antibodies-in-veterinary-health-market