Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global veterinary therapeutics market is expected to grow from USD 35 billion in 2019 to USD 54.95 billion by 2027, at a CAGR of 5.8% during the forecast period 2020-2027. The market for veterinary therapeutics is dominated by North America, owing to continuous developments in veterinary therapeutics, an increasing number of companion pets, and favourable government regulations. Increasing expenditure on the well-being of pets is the factor dominating the market in Europe. The market in the Asia-Pacific region is expected to show significant growth due to іnсrеаѕіng аdорtіоn of fееd аddіtіvеѕ аmоng rural fаrmеrѕ and development of cost-effective vaccines for pets. Adoption of pets in China is anticipated to dominate the market in the Asia-Pacific region. Market in Latin-America and the Middle East and Africa is expected to show growth.
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Some of the notable players in the market are Merck Animal Health, Elanco Animal Health, Dechra Pharmaceuticals PLC, Biovac, Vetoquinol S.A., The Chanelle Group, Boehringer Ingelheim GmbH, Zoetis, Inc., Virbac, ImmuCell Corporation, and Ceva Santé Animale.
The type segment includes livestock and companion animals. The companion animal segment is expected to grow due to increasing livestock and increasing ownership of companion animals. The product type segment includes drugs and vaccines. The vaccines market is expected to show a significant growth due to the rising pet adoption rate, the prevalence of zoonotic diseases and infections, increased expenditure on animal health, the growing pool of veterinarians, increasing animal health awareness and a large number of clinics and hospitals propels the market growth. The end-user segment includes veterinary clinics, drug stores, veterinary hospitals, and pharmacies. The veterinary hospital segment holds the largest number of shares, due to veterinary hospitals being the only solutions for the treatment of pets and other animals. Veterinary clinics holds the second-largest shares, owing to increasing clinics with cost-effective treatment. Drug stores segment is anticipated to grow in the future.
The factors driving the growth of the market are rising clinical animal researches to treat disease and related disorder, increased research and development investment in animal health, increase in ownership of companion animal and introduction & development of new drugs. The growing focus on improving the overall wellness of animals, rise in number of pet animals worldwide, significant progress in developing new vaccines, advancement in medical capabilities pertaining to the treatment of animals, and discovery of further medication to curb the occurrence of new diseases is essential factor driving the market. The factor hampering the growth of the market is the higher cost of animal treatment.
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About the report:
The global veterinary therapeutics market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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