Pune, India, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The global veterinary therapeutics market is projected to grow at a significant rate on account of rising demand for meat and meat products. Fortune Business Insights in its new report. In 2017, the global market for veterinary therapeutics was valued at USD 35,005.2 Million and is projected to reach a value of USD 54,968.3 Million by 2025. Furthermore, the report predicts the global market to expand at a CAGR of 5.8% during the forecast period. North America is expected to lead the global veterinary therapeutics market. The region market was valued at USD 11,124.6 Million in the year 2017.
The increasing adoption of veterinary products in this region is likely to create ample growth opportunities for the veterinary therapeutics market until 2025. Besides North America, Asia Pacific is anticipated to show considerable growth in response to growing demand for of vaccines and drugs in the region. Rising livestock population in countries such as China and India will drive the veterinary therapeutics and medicine in Asia Pacific.
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Key Industry Developments:
- In May 2019, the U.S. FDA granted regulatory approval to Bimeda, Inc. for the product offering of OxyMed LA treatment of pneumonia and shipping fever complex in cattle and the treatment of bacterial enteritis
- In May 2019, the U.S. FDA granted regulatory approval to Bimeda, Inc., for the product offering of EnroMed 100 for the treatment of bovine respiratory disease (BRD) in bovine and swine respiratory disease (SRD) in swine
- In May 2019, Pharmgate Inc. received the regulatory approval from the U.S. FDA for the control of swine dysentery, for the product offering of Denagard and Deracin
- In January 2019, Phibro Animal Health Corp. announced that its product offering of V-Max (virginiamycin) medicated feed additive obtained the regulatory approval from the Veterinary Drugs Directorate (VDD) within Health Canada for usage in beef cattle
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Increasing Access to Treatment for Companion Animals to Propel the Market
“The increasing research and development (R&D) activities in the veterinary therapeutics area will create ample opportunities for the market’s growth,” stated a lead analyst at Fortune Business Insights. “This has further resulted in the discovery of novel treatment and surgical capabilities for companion animals, which will positively impact the market’s growth,” he added. Also, the rising population across the world, combined with rising demand for food, will act as a chief growth driver of the global veterinary therapeutics market.
In addition to this, the rising demand for veterinary therapeutics treatment is an outcome of the growing preference among consumers for livestock, dairy products, and meat products. This is further encouraging companies to introduce novel veterinary therapeutics. Pet ownership is increasing in developing and developed countries, paving way for the entry of veterinary therapeutics and pharmacology.
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Strict Government Rules May Restrict the Market
Certain factors may hamper the growth of the veterinary therapeutics market. The chief factor likely to restrict the market’s growth is implementation of stringent government regulations. In addition to this, minimum returns on research and development activities associated with veterinary therapeutic drug monitoring may impede the growth of the veterinary therapeutics market.
The Report Lists the Key Companies in the Global Veterinary Therapeutics Market:
- Zoetis
- Intervet Inc. (Merck Animal Health)
- Elanco
- Merial
- Bayer AG
- Boehringer Ingelheim International GmbH
- Ceva
- Vetoquinol S.A.
- IDEXX Laboratories, Inc.
- Virbac
- Other players
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Global Veterinary Therapeutics Market Segmentation:
By Product Type
• Drugs
• Vaccines
• Medicated Feed Additives
By Animal Type
• Companion
• Livestock
By Route of Administration
• Oral
• Parenteral
• Topical
By Distribution Channels
• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies & Drug Stores
• Others
By Geography
• North America (USA and Canada)
• Europe (Germany, U.K., France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (GCC Countries, South Africa, Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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