Veterinary Drugs Market Exhibits 5.6% CAGR, Implementation of Governments Policies Regarding Animal Safety to Fuel Demand Forecast 2025

Pune, India, April, 2019 Recently Abaxis, a leader in developing and marketing of diagnostics products for veterinary point-of-care services, was acquired by the Zoetis. Zoetis, took this step to strengthen its game in the field of veterinary diagnostics. The acquisition is expected to result in innovation of new products in the Global Veterinary Drugs Market. According to a report published by Fortune Business Insights, titled “Veterinary Drugs: Global Market Analysis, Insights and Forecast, 2018-2025” in 2017 the global veterinary drugs market was valued at US$ 17,870.6 Mn and is expected to expand at a CAGR of 5.6% and reach US$ 27,570 Mn by the end of 2025. 

Zoetis, was the leading organization in the global veterinary drugs market in 2017, owing to its strong market presence and diverse product portfolio. Besides this, Zoetis is continuously involved in a variety of research and development programs such as animal cancer therapeutics. Some of the other organizations operating in the global veterinary drugs market are Intervet Inc., Boehringer Ingelheim International GmbH, Ceva, Elanco, Vetoquinol S.A., and Bayer AG. 

In terms of products, parasiticides held the highest share in the global veterinary drugs market in 2017, accounting for 32.2% of the global market. Prevention of animals from parasites is very necessary, as it may have a devastating impact on the animals and on people consuming products derived from animals. It is also the most preferred veterinary drug globally. Therefore, its demand is expected to increase and it may expend at a higher CAGR compared to other segments. 

Increasing Animal Adoption to Raise Awareness about Animal Safety 

“Governments are likely to implement stringent policies to improves animal safety. These policies will help saving animals lives and improve quality of animal-based products,” said a lead analyst at Fortune Business Insights. 

Increasing animal adoption, increasing purchasing power, and growing prevalence of animal diseases are a few factors expected to drive the global veterinary drugs market during the forecast period 2018-2025. Besides, increasing consumption of animal-derived products such as milk, meat, leather, and others is a major factor anticipated to increase the demand for veterinary medicines. 

On the contrary, increasing number of animal deaths due to diseases, accidents, and others is a major factor expected to restrain the global veterinary drugs market during the forecast period. 

Agriculture Sector Driving the Growth in Veterinary Drugs Market in Asia Pacific 

North America, was the highest share holder in the global veterinary drugs market, in 2017 it was valued at US$ 6290.1 Mn. The North America market for veterinary drugs is expected to grow during the forecast period owing to increased animal adoption and introduction of new animal related products in the region. In developed countries the use of veterinary drugs is continually increasing due to high animal ownership and stringent animal healthcare guidelines. The veterinary drugs market in Asia Pacific, is expected to witness impressive growth during the forecast period. The growth is projected due to increasing animal health awareness due to governments initiatives and growing engagement of animals in agriculture activities. 

Fortune Business Insight’s report also provides an insightful overview of opportunities, strategies used by the leading organization in the market, and the potential areas of development.

Browse Complete Report @ https://www.fortunebusinessinsights.com/industry-reports/veterinary-drugs-market-100171

The global veterinary drugs market can be segmented into the following categories: