The global market for veterinary therapeutics is exhibited significant growth over the last couple of years owing to the rising health awareness and concerns regarding the health of livestock animals. The primary drivers of the market are growing expenditure on the health of animals, rising affordability of consumers for expensive treatments, the advent of new products with properties capable of curing different diseases in animals, and proliferating companion animals ownership.
The global veterinary therapeutics market is expected to expand st a CAGR of 6.7% from 2016 to 2024. It has been projected that the market will touch US$50.2 bn by the end of 2024 from a value of US$26.9 bn in 2015.
The global increase in the demand for food products has triggered the production of high-quality and cost-effective animal protein. Due to the shift in the eating habits of consumers across the globe the need for different varieties of livestock products and meat. As a result of this, the global veterinary therapeutics market is likely to witness promising over the forthcoming years.
Leading companies are expected to shift their focus towards the flourishing regional livestock markets and opportunities arising from the export of animal products. Moreover, the burgeoning advancements in veterinary therapeutics and growing investment in research and development projects are further expected to propel the growth of the market.
Consumers to Prefer Veterinary Therapeutics Drugs over Others
Among all the products available in the global veterinary therapeutics market, veterinary therapeutics drugs emerged as the key product segment in 2015 with a share of approximately 56.2%. parasiticides and anti-infectives were the most prominent veterinary therapeutics drugs in 2015 with the leading shares. The growth of this segment can be attributed to the growing demand for drugs to prevent the spread of infectious diseases and ectoparasites and endoparasites. The sales of anti-inflammatory drugs are also expected to experience a significant boost in the near future due to the employment of NSAIDs and pain management in animals.
Other than this, the veterinary vaccines segment is also anticipated to exhibit strong growth owing to the development of DNA vaccines and recombinant vaccines. Likewise, the growing awareness among consumers regarding the prevention of companion and livestock animals is further anticipated to bode well for the market growth.
Latin America to Witness Strong Growth whereas North America to Retain Lead
A sizeable share of the revenue of the global veterinary therapeutics market comes from North America and Europe. However, regions such as Asia Pacific and Latin America also register potential for strong growth. The global market for veterinary therapeutics is currently dominated by North America owing to factors such as growing emphasis on protecting companion and livestock animals from diseases, rising trend of ownership of pets, robust economic growth, and the prevalence of a high-end animal health-care base.
In terms of growth, Latin America is expected to emerge as a prominent market for veterinary therapeutics. The mounting meat production capacity in Brazil has compelled several leading players to shift their focus towards Latin America. As a result of this, domestic vendors have also shifted their focus towards product innovation such as specialization in swine therapeutics.
Browse the full Global Veterinary Therapeutics Market report http://www.mrrse.com/veterinary-therapeutics-market
The key players operating in the market are Zoetis Inc., Merial Animal Health, Virbac S.A., Merck Animal Health, Elanco Animal Health, Dechra Animal Health, and Bayer Animal Health Inc. among others.