Veterinary Therapeutics Market is Estimated To Achieve Steady CAGR Value Of 23.2% By 2026
The global veterinary therapeutics market is projected to reach a value of over US$ 900 Mn in 2026 at a CAGR of 23.2% over the forecast period. Veterinary therapeutics is medical science that deals with prevention, alleviation, and cure of diseases and injuries in companion animals, livestock, domestic animals, aquaculture, wildlife, etc. Veterinary therapeutics is important to prevent the transmission of diseases from animals to humans.
Major factors driving growth of the global veterinary therapeutics market are increasing awareness of animal well-being, increasing ownership of companion animals, constant development of innovative drugs, and increasing clinical pet research initiatives and programs resulting in launch of wide variety of vaccines and medicines in the market.
Moreover, government initiatives for importing animal feeds and easy availability of antibiotics are additional factors promoting growth of the global veterinary therapeutics market. Rise in demand for dairy products and naturally raised livestock such as poultry and swine is resulting in expansion of continuous livestock reproduction, which in turn is anticipated to boost demand for production of intermediary products such as animal feed and feed additives for livestock.
However, high cost of medical treatment for animals is a key factor restraining growth of the global veterinary therapeutics market. Additionally, stringent governments regulations toward animal drugs and vaccines, and availability of natural and herbal remedies for treatment are other major factors expected to hamper growth of the global veterinary therapeutics market over the forecast period.
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The global veterinary therapeutics market report has been segmented on the basis of types, end user, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The therapeutic vaccines segment is anticipated to register a CAGR of around 6.0%, as compared to the other type segments in the global veterinary therapeutics market. This can be attributed to vaccines being primarily used to increase livestock production cost-effectively. Revenue from the feed additive therapeutics segment is anticipated to grow moderately over the forecast period, and the segment is projected to register a CAGR of around 6.0% over the forecast period.
The veterinary clinics segment is projected to account for second-highest revenue share contribution in the global market, and register a CAGR of around 6.0% over the forecast period. This can be attributed to increasing number of veterinary clinics across the globe especially in developing economies coupled with veterinary clinics providing cost-effective treatments for livestock and pets at much cheaper rates as compared to hospitals.
The market in North America dominated the global veterinary therapeutics market in revenue terms, and is estimated to account for largest market revenue contribution of US$ 585.6 million in 2017 as compared to that of markets in other regions. It is further expected to maintain its dominant revenue contribution in the global veterinary therapeutics market over the forecast period. This can be attributed to increasing number of companion pets, favorable government regulations, and continuous developments in veterinary therapeutics in countries in the region.
Moreover, according to the “2017–2018 national pet owners survey” conducted by American Pet Products Association (APPA), it is estimated that approximately 68% or more than 85 million of the US population owns a pet, which is a trend expected to increase over the forecast period.
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Prominent market players in the global veterinary therapeutics market include Bayer AG, Boehringer Ingelheim GmbH, Ceva Inc., Dechra Pharmaceuticals PLC, Vetoquinol SA, Zoetis Inc., Virbac SA, Eli Lilly and Company, and Merck Co. Inc.
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