North America dominates the Veterinary Antibiotics market with a share of 35.6% | FMI
The Veterinary Antibiotics Market is expected to reach US$ 10,904.3 million in 2022. Market growth for veterinary antibiotics is predicted to be slow, with a CAGR of 5.8%, and will total US$ 20,277.5 million by 2032.
Animal antibiotics have accounted for a significant portion of the animal health industry in recent years, owing to the growing need to treat, control, or prevent diseases in animals. These are also used as growth promoters and play an important role in animal health. Antibiotics are antibacterial compounds that have a direct effect on bacteria, preventing infection in livestock and companion animals.
Concerns about antibiotic resistance in humans, combined with rising demand for milk, eggs, and meat, are influencing the global veterinary antibiotic market. The rising prevalence of zoonotic disease around the world is one of the major factors driving the demand for veterinary antibiotics in both livestock and companion animals.
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However, many farm and pet owners supported by veterinary healthcare activists are shifting towards vaccines owing to the harmful effects, such as antibiotic resistance, caused by long term usage of antibiotics. Also, stringent regulations imposed by FDA on use of prescribed antibiotics by the veterinarians is also hindering the market for veterinary antibiotics at present. Whereas in long run, regulations imposed by U.S. FDA are anticipated to pace the demand for these antibiotics.
Veterinary Antibiotics Market: Drivers and Restraints
Some of the factors such as rising awareness about zoonotic disease, rising incidence of disease outbreaks in animals, growing demand for animal derived food products, implementation of stringent regulations to prevent animal diseases and elevating animal population and pet adoption are anticipated to drive the market for veterinary antibiotics across the globe. Also, the growing demand for pet health insurance coupled with rise in healthcare expenditure is propelling the demand for veterinary antibiotics globally.
However, increasing antibiotic resistance among food producing animals along with regulatory authorities restricting their use is restraining the growth of veterinary antibiotics market. Also, presence of competitive replacement products such as vaccines and probiotics are also limiting the usage of antibiotics to treat animals on large scale.
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Veterinary Antibiotics Market: Overview
The market for the veterinary antibiotics is increasing due to the growing animal healthcare industry coupled with continuous development in this sector. On the basis of product type, tetracycline is anticipated to hold the largest market share in veterinary antibiotics market on the account of widespread use in food producing animals. Also, the rising awareness among people regarding essential pet health care is facilitating the market for veterinary antibiotics.
Animal antibiotics are medications used to treat bacterial infections in animals, including pets, livestock, and poultry. These antibiotics work by either killing the bacteria or preventing their growth, allowing the animal’s immune system to fight off the infection.
Veterinary Antibiotics Market: Regional Overview
On the basis of region, veterinary antibiotics market is segmented into North America, Latin America, Asia-Pacific excluding Japan, Eastern Europe, and Western Europe, Japan MEA and others. Among these, North America accounts for major share in veterinary antibiotics market, whereas, Asia-Pacific is anticipated to register the fastest growth at highest CAGR during the forecast period owing to presence of lenient regulations. However, unlike developed countries, the developing nations are projected to experience large demand for veterinary antibiotics due to less stringent regulations imposed on their usage.
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Veterinary Antibiotics Market: Key Players
- Zoetis, Inc.
- Merck & Co.
- Bayer AG
- Eli Lilly and Company
- Ceva Sante Animale
By Product Type:
By Route of Administration:
- Oral Powders
- Oral Solutions
By Animal Type:
- Food-producing Animals
- Companion Animals
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