Veterinary Drugs Market to Worth US$ 27,570 Mn Gaining Impetus from Government Support | Fortune Business Insights
May 16, 2019
The Global Veterinary Drugs Market will reach a valuation of US$ 27,570 Mn by 2025 from US$ 17,870.6 Mn in 2017, and exhibit a promising CAGR of 5.6% over the aforementioned forecast period.
Pune, India - May 16, 2019 /MarketersMedia/ —
The parasiticides segment accounted for the highest share in 2017 with market revenue of 32.2% and is likely to dominate the market in terms of product segmentation. This is because prevention of animals from insects and parasites is extremely important, in order to avoid its devastating impact on the animals and further on humans consuming products derived from such animals such as milk, eggs, and meat.
The rising demand for advanced drugs is likely to create lucrative growth opportunities for the global veterinary drugs market, finds Fortune Business Insights in their new study. The study is titled “Veterinary Drugs Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025.” According to the study, the global veterinary drugs market will reach a valuation of US$ 27,570 Mn by 2025 from US$ 17,870.6 Mn in 2017, and exhibit a promising CAGR of 5.6% over the aforementioned forecast period.
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Rise in Intake of Meat Consumption to Propel Market
The rise in the prevalence of infectious diseases among animals is driving the demand for veterinary drugs. Increasing poultry farming will bode well for the veterinary drugs market as well. Besides this, the market is likely to witness an increasing demand from pet farm owners. Introduction of cost-effective and advanced drugs will also help the market generate more revenue.
On the flipside, the discovery of new and complex diseases occurring in animals might increase the chances of contracting animal diseases such as bird flu, rabies, African swine flu, and others. Be it as it may, the rising incidence of these diseases are fueling the demand for more effective medicines and vaccines for animals. This might cause concern among animal owners and further propel the market for veterinary drugs.
Nevertheless, the rising number of meat consuming people and increasing demand for animal products such as milk, ghee, cheese, and eggs are creating better growth opportunities for the veterinary drugs market.
Governments are also imposing stringent regulatory measures for improving animal safety. Such policies will not only keep animals safe from diseases but also improve the quality of products we derive from them.
Asia Pacific to Exhibit Fastest Growth Rate
The rate of animal adoption is more in North America as compared to other regions. This, coupled with, the introduction of new animal-related products in the region will help it emerge dominant at a global scale. In 2017, North America held the highest share in the global veterinary drugs market and was valued at US$ 6290.1 Mn. It is also expected to continue dominating the market through the forecast period.
On the other side, Asia Pacific is expected to show a remarkable growth rate in the coming years. The stringent rules imposed on animal healthcare by governments of nations in this region, coupled with, the involvement of animals in agricultural activities are propelling the veterinary drugs market in Asia Pacific.
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Vendors are entering into strategic collaborations, merger and acquisitions, and new product launches in order to gain a strong foothold in the market. They are also investing huge sums into research and development strategies for the discovery of new drugs to prevent various diseases from occurring in animals. Some of the players operating in the veterinary drugs market are Bayer AG., Zoetis Animal Healthcare, Virbac S.A. Vetoquinol, Ceva, Vetoquinol S.A., Merial Animal Health, Merck Ltd., Elanco, Intervet Inc., and Boehringer Ingelheim International GmbH.
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