Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- 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.
The parasiticides segment accounted for the highest share in 2017 with a 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.
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Rise in Intake of Meat Consumption to Propel Market
The rise in 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 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.
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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 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 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.
List of the Key Players operating in the veterinary drugs market:
- Bayer AG.
- Zoetis Animal Healthcare
- Virbac S.A. Vetoquinol
- Ceva
- Vetoquinol S.A.
- Merial Animal Health
- Merck Ltd.
- Elanco
- Intervet Inc.
- Boehringer Ingelheim International GmbH
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Veterinary Drugs Market Segmentations:
By Product
• Anti-infectives
• Anti-inflammatory
• Parasiticides
• Others
By Animal
• Companion
• Livestock
By Route of Administration
• Oral
• Parenteral
• Topical
Distribution Channel
• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies & Drug Stores
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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