Veterinary Therapeutics Market In North America Is Estimated To Account Revenue Contribution Of Us$ 585.6 Million In 2017
Introduction:
Veterinary therapeutics is a type of medical science that deals with protection of health, alleviation, prevention, and remedy of disease and injury in both companion animals as well as wild animals. As trend of companion animals is increasing across the globe and there is significant increase in animals that are bread for meat and other products, demand for veterinary therapeutics is also on the rise. The global veterinary therapeutics market has witnessed significant revenue growth in the past few years owing mainly to rising awareness regarding health and well-being of livestock as well as companion animals.
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.
Global Veterinary Therapeutics Market Dynamics:
Increasing ownership of companion animals and increasing livestock, being specifically bread for meat and other products across the globe are major factors driving growth of the global veterinary therapeutics market. In addition, growing awareness about animal well-being and developments in veterinary drugs and vaccines are other major factors expected to fuel growth of the global market over the forecast period.
Moreover, increasing clinical pet research programs by private and government organizations and launch of a variety of innovative medications in the market by vendors are other factors anticipated to boost growth of the target market to a significant extent.
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However, availability of substitutes in the form of natural and herbal medicines and high rate of acceptance of these especially in developing economies are major factors restraining growth of the global market. Additionally, limited awareness among the rural population in developing economies coupled with high costs of veterinary vaccines and therapeutics are other factors expected to hamper growth of the global market over the forecast period.
Major factors driving growth of the global veterinary therapeutics market are rising awareness regarding animal health, increasing ownership of companion animals, and continuous development of new drugs. In addition, rising clinical animal research initiatives, wider availability of drugs and vaccines, field compliance, product effectiveness, and safety are other factors further fueling growth of the global veterinary therapeutics market.
Moreover, government initiatives for import of animal feeds and easy availability of antibiotics are other factors boosting growth of the global veterinary therapeutics market.
However, availability of natural and herbal medications as alternatives for veterinary therapeutic treatments are some key factors restraining growth of the global veterinary therapeutics market.
Analysis By Segmentation:
On the basis of type segmentation, therapeutic drugs segment is estimated to account for major revenue share in the global market and is projected to register highest CAGR of around 6.0% over the forecast period. This can be attributed to growing awareness about animal health and increasing use of therapeutic drugs for pets. Also, the therapeutic drugs segment in the global veterinary therapeutics market is projected to maintain its dominant revenue contribution in the global market over the forecast period.
Among the end user segments, the hospitals segment accounted for highest revenue share in the global veterinary therapeutics market, and is expected to register highest CAGR of around 6.0% during the forecast period 2017 & 2026. It is further projected to maintain its dominant revenue contribution over the forecast period, owing to veterinary hospitals being the first-line solutions for diagnosis and treatment of pets and other livestock.
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.
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Companies profiled in the report are Bayer AG, Boehringer Ingelheim GmbH, Ceva Inc, Dechra Pharmaceuticals PLC, Vetoquinol SA, Zoetis Inc., Virbac SA, Eli Lilly and Company, Merck Co. Inc.
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