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Veterinary Therapeutics Market Demand & SWOT Analysis By 2025: Key Players Zoetis, Intervet Inc., Vetoquinol S.A., Elanco, MerialI ,DEXX, BlueRock Therapeutics, Boehringer Ingelheim International GmbH, Virbac, and CEVA SANTE ANIMALE.
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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 on new products is also driving the therapeutic drugs segment.
However, 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 growing demand for of 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.
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Focus on Expanding Product Portfolio May Offer Promising Growth Opportunities
Some of the leading players operational 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 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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