- A number of promising advancements in veterinary therapeutics have created an opportunity for a range of specialized medication, which is expected to fuel market expansion
ALBANY N.Y., April 12, 2022 (GLOBE NEWSWIRE) -- The value of global veterinary therapeutics market stood over US$ 36 Bn in 2018 and the market is expected to rise at a CAGR of 5.6% during the forecast period, from 2019 to 2027. The global veterinary therapeutics market is predicted to attain valuation of US$ 58.5 Bn by 2027. The increase in expenditure on companion animals throughout the world, as well as need for high-quality protein, are likely to drive the global veterinary therapeutics market.
In the forthcoming years, drugs are predicted to maintain its domination in the global veterinary therapeutics market based on product type. Despite the fact that pharmaceuticals will continue to be popular, the discovery of new vaccinations is likely to gather significant momentum in the years to come. Majority of DNA vaccines used to treat illnesses in poultry is for protozoan, viral, and bacterial infections.
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The global veterinary therapeutics market was led by North America in 2018, and this trend is likely to continue during the forecast timeline. Highly organized healthcare business, early acceptance of innovative products, and presence of key players are projected to propel the market in the region. Veterinary therapies are expected to be a very profitable market in Asia Pacific and the regional market is anticipated to rise at a high CAGR during the forecast period.
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Key Findings of Market Report
- In 2018, the drugs category led the global veterinary therapeutics market, and this trend is expected to persist in the upcoming years. The pharmaceuticals category is driven by high demand for preventative measures against numerous infectious diseases, and also ectoparasites and endoparasites. The demand for anti-inflammatory medication is predicted to rise during the forecast period, owing to increase in usage of nonsteroidal anti-inflammatory drugs (NSAIDs) in the treatment of pain in companion animals.
- Based on animal type, the livestock animal category is likely to lead the market throughout the forecast period, owing to rising global demand for livestock products. This factor is estimated to lead to an increase in spending on livestock therapeutic care. As a result, the livestock animals category is anticipated to develop rapidly in the near future. Furthermore, higher demand for milk and meat products is expected to drive the segment.
- The oral category led the global market in terms of route of administration, since most of the amino acids and antibiotics, as well as feed additives, are administered orally. The oral segment is projected to benefit from this.
- Based on distribution channel, the veterinary clinics category led the global veterinary therapeutics market in 2018. This pattern is likely to persist in the years to come. The category's high market share is attributed to owners' increasing willingness to use veterinary clinics for a variety of medical services, ranging from therapy to long-term monitoring of patient animals.
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Global Veterinary Therapeutics Market: Growth Drivers
- The veterinary therapeutics market in Asia Pacific is expected to grow at a rapid pace. This can be linked to the region's extensive utilization of medicated feed additives, vaccinations, and medications for the well-being of the regional livestock population. In addition, higher demand for specialized products and improved healthcare infrastructure with better facilities are further expected to drive the regional market.
- Various inorganic growth tactics such as mergers & acquisitions are projected to assist market players in improving their market share. Development and commercialization of new veterinary therapeutics are likely to increase, whilst expansion of product portfolio is expected to be an important aspect of growth plans for the market participants.
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Global Veterinary Therapeutics Market: Key Players
Some of the key market players are
- Boehringer Ingelheim GmbH,
- Dechra Pharmaceuticals PLC.
- Ceva Santé Animale
- Merck Animal Health
- ImmuCell Corporation
- The Chanelle Group
Global Veterinary Therapeutics Market: Segmentation
Product Type
- Drugs
- Vaccines
- Medicated Feed Additives
Animal Type
- Companion Animals
- Livestock Animals
Route of Administration
- Oral, Parenteral
- Topical
Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
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