Global Veterinary Drug Market Overview
Veterinary drugs have established importance in the treatment of numerous diseases growing in animals. Veterinary drugs including antibiotics and amino acids are developed in order to minimize the attack of harmful virus and bacterial parasites in animals.
Introduction of advanced cost effective veterinary drugs, rising clinical animal researches in order to treat diseases and other disorders, increases safety and effectiveness of veterinary drugs, thus swelling the demand for veterinary globally.
Increasing investments in research and development in order to develop more effective and safe veterinary drugs with fewer side effects are beneficial for the growth of veterinary drug industry.
Rising awareness towards healthcare and well-being of livestock companion and pets and introduction of animal immunization policies by the government organizations in many developing nations such as China are likely to shift consumers from conventional treatments to advanced veterinary drugs.
Market size and forecast
The global veterinary drug market is predicted to flourish significantly at a CAGR of 6.8% over the forecast period i.e. 2016-2023. Moreover, the market of veterinary drug market accounted for USD 25.3 Billion in 2015 and the market is further anticipated to garner USD 49.8 Billion by 2023.
North America was accounted the largest market revenue share in 2015 in veterinary drug market across the globe. The market of North America region is expected to continue its dominance over the forecast period and predicted to account 31.5% share of revenue over the forecast period i.e. 2016-2023 owing to increasing gross disposable income of population which will leads to higher spending on animal healthcare. On the other hand, Europe is expected to be the second largest share contributor across the globe in the market of veterinary drug due to availability of cost-effective and advances veterinary drug in the market. Moreover, the market of Asia-Pacific market of veterinary drug is estimated to fastest growing market over the forecast period. Rising initiatives towards animal healthcare and increasing adoption of medicated feed additives for livestock companions are some of the factors prompting the demand for veterinary drug in near future.
The livestock companion diseases are increasing burden which leads to an increase in animal healthcare expenditure. The nations facing economic issues are likely to adopt cost effective and efficient veterinary drugs in order to minimize the burden in terms of economic cost and decrease the animal healthcare expenditure. Further, emergence of pharmaceutical and biotech companies, huge investment in animal healthcare and rising initiatives from government authorities to develop cost effective and safe drugs in order to minimize the animal diseases burden in terms of animal suffering are some of the factors exhibit the positive growth of veterinary drugs in near future.
Our in-depth analysis segmented the global veterinary drug market in the following segments:
Medicated feed Additives
By Route of administration
By Animal Type
Global veterinary drug market is further classified on the basis of region as follows:
Growth Drivers and challenges
Rise in number of pet ownership and increasing concern towards health and well-being of animals among the owners are some of the key elements which are expected to bolster the demand for veterinary drugs in near future. In addition to this, factors such as introduction of cost-effective and efficient veterinary drugs, availability of numerous veterinary drugs for treatment of several diseases, rising drugs preferences by pet and poultry farm owners and increasing demand in research laboratories to deliver more effective drugs for the treatment of severe diseases are some of the key elements expected to prompt the demand for veterinary drugs over the forecast period i.e. 2016-2023.
However, increasing cost of animal healthcare, growing variety of diseases in animals, lack of awareness in undeveloped nations, requirement of huge expenditure for research and development of veterinary drugs are some of the factors likely to inhibit the growth of veterinary drugs market in near future.
The key vendors of veterinary drug market are as follows:
Scope and Context
Overview of the Parent Market
The Global veterinary drug Market is segmented as follows:
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