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