The Global Market for Veterinary Therapeutics was valued at US$ 35,005.2 Mn and is projected to reach a value of US$ 54,968.3 Mn by 2025. Furthermore, the report predicts the global market to expand at a CAGR of 5.8% during the forecast period. The Global Veterinary Therapeutics Market is projected to grow at a significant rate on account of rising demand for meat and meat products.
Fortune Business Insights in its new report, titled “Veterinary Therapeutics Market Size, Share and Global Trend by Product Type (Drugs, Vaccines), Animal Type (Companion, Livestock), Route of Administration (Oral, Parenteral, Topical), Distribution Channels (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores) and Geography Forecast till 2025” finds that the growing population across the world is positively impacting the veterinary therapeutics market. In 2017, Veterinary therapeutic drugs are expected to emerge dominant in the global veterinary therapeutics market by 2025.
The segment covered a share of 51.1% in the year 2017 in the global market. This is ascribable to the rising use of therapeutic drugs on pets and growing awareness about animal health. In addition to this, fast approval of new products is also driving the therapeutic drugs segment. However, an increasing number of restrictions on the use of antibiotics may offset the segment’s growth. Vaccines are also projected to gain popularity among other veterinary therapeutic products in the upcoming years. The rising need for treating diseases in animals is the major factor driving this segment.
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Among regions, North America is expected to lead the global veterinary therapeutics market. The region market was valued at US$ 11,124.6 Mn in the year 2017. The increasing adoption of veterinary products in this region is likely to create ample growth opportunities for the veterinary therapeutics market until 2025. Besides North America, Asia Pacific is anticipated to show considerable growth in response to the growing demand for vaccines and drugs in the region. Rising livestock population in countries such as China and India will drive the veterinary therapeutics and medicine in Asia Pacific.
Increasing Access to Treatment for Companion Animals to Propel the Market
“The increasing research and development (R&D) activities in the veterinary therapeutics area will create ample opportunities for the market’s growth,” stated a lead analyst at Fortune Business Insights. “This has further resulted in the discovery of novel treatment and surgical capabilities for companion animals, which will positively impact the market’s growth,” he added. Also, the rising population across the world, combined with rising demand for food, will act as a chief growth driver of the global veterinary therapeutics market. In addition to this, the rising demand for veterinary therapeutics treatment is an outcome of the growing preference among consumers for livestock, dairy products, and meat products. This is further encouraging companies to introduce novel veterinary therapeutics. Pet ownership is increasing in developing and developed countries, paving the way for the entry of veterinary therapeutics and pharmacology. Moreover, there is a rising demand for high-quality meat protein, especially in developing countries. These factors are likely to increase the demand for dairy and meat products. The use of veterinary therapeutic services and medication is increasing with the rising emphasis on prevention of diseases among animals and ensure their wellness of animals by veterinarians. Overall, the above factors, coupled with the rising awareness about veterinary healthcare, are encouraging the growth of the veterinary therapeutics market.
Strict Government Rules May Restrict the Market
Certain factors may hamper the growth of the veterinary therapeutics market. The chief factor likely to restrict the market’s growth is the implementation of stringent government regulations. In addition to this, minimum returns on research and development activities associated with veterinary therapeutic drug monitoring may impede the growth of the veterinary therapeutics market.
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Focus on Expanding Product Portfolio May Offer Promising Growth Opportunities
Some of the leading players operating in the global market for veterinary therapeutics are Zoetis, Intervet Inc., Vetoquinol S.A., Elanco, Merial, IDEXX Laboratories, Inc., Bayer AG, Boehringer Ingelheim International GmbH, Virbac, and Ceva. In 2017, Zoetis was the leading player in the global market with the presence of a strong product portfolio. One of the chief strategies adopted by companies is strengthening their product portfolio by introducing new products. This is projected to generate huge growth opportunities for the global veterinary therapeutics market during the forecast period between 2017 and 2025.
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