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.
To know more about this research, kindly
visit:
For Table of Content & Free Sample Report Contact:
Ajay Daniel
Email: ajay.daniel@researchnester.com
U.S. +1 646 586 9123
U.K. +44 203 608 5919
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