The report on global veterinary drugs market provides qualitative and quantitative analysis for the period of 2017 to 2023. According to the report the global veterinary drugs market value is projected to reach USD 26.2 billion by 2023, growing with a CAGR between 5.0 % to 5.5% from 2017 to 2023. The global veterinary drugs market size was totaled 18.07 Billion in 2016.
Figure 1: Global Veterinary Drugs Market by Value 2015 - 2023
Globally, the veterinary drugs market has registered progressive growth over the past few years. Owing to numerous disease conditions growing in the animals, veterinary drugs have gains vital importance while generating significant demand. Epidemic disorders in animal has created necessity and surged demand for veterinary drugs in global market. While, veterinary drugs including amino acids and antibiotics are developed in order to fight against attack of harmful viruses and bacterial parasites in animal. Growth in veterinary drugs market is highly attributed to introduction of advanced cost effective veterinary drugs linked with rising clinical animal researches to treat disease and other disorder. Whereas, increasing safety and effectiveness of these veterinary drugs have consolidated demand across the globe. Furthermore, rising awareness towards healthcare and well-being of livestock companion and pets along with introduction of animal immunization policies by the government organization in developing nations have upkeep demand for veterinary drugs. On the flip side, various complications pertaining to animal disease likely to hamper veterinary drugs market up to some extent.
The global veterinary drugs market will provide various growth opportunities in the years to come on account of rising research and development investment in order to develop more effective and safe drugs. In addition, increase in pet ownership, rising meat consumption worldwide, and rising health expenditure in animal will drive global veterinary drugs market.
The report segments the global veterinary drugs market by drug type, by animal type, by route of administration and by region. On the basis of drug type global market has been segmented into anti-infective, anti-inflammatory and paraciticides. Moreover, market segmentation on the basis animal type includes companion animal and livestock animal. Based on route of administration, market segmented into Oral, Parenteral and topical.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2017 – 2023.
Figure 2: Global Veterinary Drugs Market by Region 2015 - 2023
With over 30% of global markets share in 2015, North America emerged as dominant region in terms of value. The region anticipated to retain its dominance throughout the forecast period owing to higher prevalence of pet ownership as compared to other regions. U.S. drives North American veterinary drugs market majorly due to increasing gross disposable income of population which leads to higher spending on animal healthcare.
Europe emerged as second largest market after North America including major markets such as Germany, UK, Netherland, and France. Growth in this region can be credible to availability of cost effective and advanced veterinary drugs. On the other hand, Asia Pacific estimated to fastest growing market over the forecasted period. This is due to rising initiatives towards animal healthcare and increasing adoption of medicated feed additives for livestock companion. Also, increasing incidences of infectious diseases among animal expected to contribute in great extent in this region.
The companies covered in the report include Boehringer Ingelheim GmbH, Bayer AG., Elanco Animal Health (Eli Lilly and Company), Ceva Santé Animale, Dechra Pharmaceuticals PLC., Merck & Co., Inc., Virbac, Vetoquinol, and others.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of veterinary drugs globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider.
The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of veterinary drugs. Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the veterinary drugs market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market.
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