Development Situation of China's Veterinary Medicine Market in H1 2024

In the first half of 2024, a total of 45 new veterinary drugs were approved domestically, an increase of 15 compared to the same period in 2023.

New veterinary drugs primarily consist of Class III and Class V drugs, with an increase of four Class III new veterinary drugs and four Class IV new veterinary drugs, mostly vaccine products.

Among the domestically approved new veterinary drugs, there are 22 biological products (including 18 vaccines and 4 diagnostic products), 15 chemical drugs, and 8 traditional veterinary medicines. Compared to the first half of 2023, both chemical drugs and vaccine products have increased.

Chemical drug products mainly focus on preventing and treating diseases in dogs, pigs, chickens, and cattle, while traditional veterinary medicine products predominantly treat and prevent heat-clearing and detoxifying medications for dogs and chickens.

Domestic new veterinary drug certificates total 45, with target animals mainly consisting of pigs, pets, and poultry, reflecting the significant roles of these animals in livestock farming and pet markets.

In the first half of 2024, 19 veterinary drug products underwent registration changes, an increase of 11 compared to the same period in 2023, with changes mainly focused on extending validity periods and changing target animal specifications.

The scale of the domestic chemical pharmaceutical industry grew from 722.6 billion yuan in 2016 to 883.9 billion yuan in 2022, and is expected to reach 945 billion yuan by 2024, continuing its growth trend.

In 2023, the domestic chemical API (Active Pharmaceutical Ingredient) industry revenue was approximately 555 billion yuan, and it is projected that revenue will reach 578.3 billion yuan in 2024.

The Chinese chemical medicine market has shown a steady growth trend in recent years, accounting for 48.9% of the pharmaceutical market, and is expected to increase to 945 billion yuan in 2024.

According to surveys and analyses in the China Animal Health Industry Development Reports for 2019 and 2020, the total sales of chemical preparations in 2019 were 21.008 billion yuan, with the top 30 companies accounting for 40.48% of sales; in 2020, the total sales of chemical preparations were 25.261 billion yuan, with the top 30 companies accounting for 44.35% of sales. The concentration of domestic animal health industry enterprises is increasingly higher.