Veterinary Therapeutics Market to Exhibit 5.8% CAGR, Driven by Increasing Need for Preventive Therapeutics

The global veterinary therapeutics market size is anticipated to reach USD 54,968.3 million by 2025. The market will benefit from the rising ownership of companion animals among households. As per a report published by Fortune Business Insights, titled “Veterinary Therapeutics Market Size, Share and Industry Analysis By Product Type (Drugs, Vaccines), Animal Type (Companion, Livestock), Route of Administration (Oral, Parenteral, Topical), Distribution Channels (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores) and Regional Forecast, 2018 – 2025,” the market was USD 35,005.2 million in 2017. In addition to this, the market is anticipated to rise at a CAGR of 5.8% during the forecast period, 2018-2025.

Leading companies operating in the global market cautiously determining strategies to expand their geographical presence. The competitive landscape of the market is highly consolidated with top ten companies holding  nearly 75% share. The main strategy of these companies is to introduce new products in specialty disease area and carve a niche. In 2017, Zoetis emerged as the leading player with the highest market share because of its robust product portfolio and widespread geographical presence. Other players in the global veterinary therapeutics market are IDEXX Laboratories, Inc., Boehringer Ingelheim International GmbH, Intervet Inc. (Merck Animal Health), Virbac, Vetoquinol S.A., Merial, Ceva, Elanco, and Bayer AG.

An important factor boosting the global market growth is the demand for veterinary therapeutic products in livestock animals. The money spend on medicines for companion animals is increasing in developing nations and this will give impetus to the market over the forecast period. The rising trend of using preventive therapeutics for both livestock and companion animals is also anticipated to drive the global veterinary therapeutics market during the forecast period.

High Demand for Animal Products Drives Global Veterinary Vaccines Market

The demand for veterinary therapeutics is rising in response to the increasing animal population., “The increasing preference of consumers for various livestock products such as milk, eggs, meat, and others is further estimated to encourage the growth of the global veterinary therapeutics market during the forecast period,” said a lead analyst at Fortune Business Insights.

However, stringent regulations imposed on livestock production regarding their maintenance may cause hinder growth of the market. This, coupled with less investment returns in research and development activities may restrain the market for veterinary medicines globally. Nevertheless, Fortune Business Insights foresees the rise in adoption of anti-effective drugs such as parasiticides, antimicrobials, and antibiotics for treating infectious diseases in companion animals to create lucrative growth opportunities for the global market during the forecast period.

Drugs Segment to Account for Highest Market Share by 2025

The increasing use of drugs in livestock animals and rise in new product approvals are creating new growth opportunities for the market during the forecast period. Based on product type, the drugs segment accounted for the largest share in 2017 with 51.1% market share while the vaccines segment is likely to show the fastest growth rate in future. The rise in incidences of zoonotic diseases have led to an increase in consumption of pet medicines for prevention of disease purpose. The rise in incidence of pet ownerships and increasing disposable income of pet owners are fueling the demand for veterinary vaccines, thus propelling the global market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/veterinary-therapeutics-market-100138

Rise in Need for Veterinary Vaccines in Developing Regions Boosting Market in Asia Pacific

The global market for veterinary vaccines is categorized geographically into five major regions namely, Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. In 2017, North America dominated the global market with a value of US$ 11,124.6 Mn and is most likely to remain dominant through the forecast period. This is because of the rising number of pet owners and the increasing demand for animal proteins such as milk, egg, meat, and others.  The consumption of veterinary drugs and vaccines is increasing by the day in developing nations. Rise in livestock population in the emerging nations such as India, China, and Brazil is creating new growth opportunities for the global veterinary therapeutics market during the forecast period.

The global veterinary therapeutics market is classified on the following categories: