Worldwide, veterinary (animal drug / medicine) drug market to grow at a CAGR of 6.8% during 2015-2023.Global veterinary drug market is segmented into medicated feed additives such as amino acids and antibiotics. Among these segments, antibiotics segment is expected to be the fastest growing market owing to cost-effectives and ease of availability.
The global veterinary drug market is predicted to flourish significantly at a CAGR of 6.8% over the forecast period i.e. 2016-2023. Moreover, the market of veterinary drug accounted for USD 25.3 Billion in 2015.
North America has accounted the largest market revenue share in 2015 in veterinary drug market across the globe owing to introduction of affordable and advanced veterinary drug in the market by several key players in the region. However, the market of Asia-Pacific is estimated to fastest growing market over the forecast period attributed to increasing adoption of medicated feed additives for pet and livestock companions by the owners.
Advancements in Veterinary Drug:
Introduction of advanced cost effective veterinary drug, rising clinical researches in order to treat diseases and other disorders of animals, increases safety and effectiveness of veterinary drug thus swelled the demand for veterinary drug globally. Other than this, rise in gross disposable income of population across the globe is likely to spend more on animal healthcare by the pet owners.
Rising concern towards animal healthcare:
Rising awareness towards healthcare and well-being of livestock companion and pets and introduction of animal immunization policies by the government organizations in many developing nations such as China are likely to shift consumers from conventional treatments to advance and effective veterinary drugs. Moreover, the market is driven by the factors such as growing initiatives from government authorities to develop cost effective and safe drugs in order to minimize the animal diseases burden in terms of animal suffering
However, increasing cost of animal healthcare, growing variety of diseases in animals, rapid growth in urbanization leads to congested cities coupled with higher risk of severe diseases, huge expenditure needed in research and development of veterinary drugs are some of the factors likely to inhibit the growth of veterinary drugs market in near future.
The report titled “Global Veterinary Drug Market Outlook 2023” delivers detailed overview of the Global Veterinary Drug Market in terms of market segmentation by product type, by route of administration, by animal type, by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the vendors of the Global Veterinary Drug Market which includes company profiling of Bayer Animal Health, Ceva Animal Healthcare, Elanco Animal Health, Merck Ltd., Merial Animal Health, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Global Veterinary Drug Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
