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Global Animal Pharmaceuticals Market to Witness 7.7% CAGR During 2016 – 2022

01-28-2019 11:03 AM CET | Health & Medicine

Press release from: P&S Intelligence

Global Animal Pharmaceuticals Market to Witness 7.7% CAGR

The global animal pharmaceuticals market was valued at $12,614.3 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 - 2022. The growth of the global market is largely driven by increasing consumption of meat and milk, and increasing zoonotic and food borne diseases. Due to growing health concern of related animals and their increasing number, the healthcare expenses in farms are surging globally. Animal farms are increasing globally, due to growing demand for protein rich foods, such as milk, eggs and meat. Increasing trend of pet adoption is another key factor driving the growth of the global market.

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Among the different types of animal pharmaceutical products, the ectoparasiticides generated largest revenue in the global animal pharmaceuticals market in 2015. High prevalence of animals affected with ectoparasites is the key factor driving the growth of the ectoparasiticides market. The bronchodilators market would witness fastest growth during the forecast period.

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North America accounted for the largest share in the global market in 2015, owing to the large consumption of meat and milk products. The high level of urbanization leading to high standard of living is the key reason for large consumption of meat and milk products in North America. The U.S. contributed largest revenue to the North American as well as global animal pharmaceuticals market.

Based on animal type, the largest revenue was generated from the sales of animal pharmaceuticals for companion animals in 2015. Whereas, the animal pharmaceuticals market for production animals would witness faster growth during the forecast period. Increasing awareness regarding the livestock related diseases is the key reason behind the higher growth of the animal pharmaceuticals market for production animals.

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Some of the key players operating in the global market include Merck & Co. Inc., Vetoquinol S.A., Zoetis Inc., Virbac SA, Boehringer Ingelheim GmbH, Perrigo Company plc, Eli Lilly and Company, Sanofi and Bayer AG.

About P&S Intelligence
P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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