Press release
Global Veterinary (Animal Drug) Drug Market Anticipated to Garner USD 49.8 Billion at a CAGR of 6.8% by 2023|Industry Leading Player- Ceva Animal Healthcare, Elanco Animal Health, Merck Ltd., Zoetis Animal Healthcare
Research Nester
Global veterinary (animal drug) drug market is expected to flourish at a significant CAGR of 6.8% over the forecast period. Rise in number of pet ownership along with rising concern towards health and well-being of animals among the owners are believed to the dynamic factor behind the growth of veterinary (animal drug) drug market during the forecast period. Moreover, the global veterinary (animal drug) drug market is anticipated to generate noteworthy revenue of USD 49.8 Billion by the end of 2023.
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The drug segment by product is projected to grab a considerable CAGR by the end of 2023. Further, high prevalence of external parasites such as fleas and ticks are anticipated to supplement the growth of the drug segment by 2023. In terms of regional platform, North America region accounted for the biggest market of veterinary (animal drug) drug in 2016 and is envisioned to capture a market share of 31.5% over the forecast period i.e. 2016-2023. Additionally, this growth is attributed to the increasing per capita income of population which leads to higher spending on animal healthcare.
Increasing Prevalence of Diseases
Rising incidences of infections and diseases in animals along with risk of diseases being transmitted to human is spurring the demand for veterinary (animal drug) drug as associated infections and diseases can be life-threating. This factor is believed to bolster the growth of veterinary (animal drug) drug market by the end of 2023.
Mounting Government Regulations
Increasing regulations taken by government to protect humans from animal transferable disease are opening the opportunities for the pet as well as for animal pharmaceutical drugs manufacturers to develop and introduce various products to control the diseases. Furthermore, growing occurrence of deadly disease in animals and pets such as zoonotic and others have led the government to invest more on animal healthcare industry which is predicted to spur the growth of veterinary (animal drug) drug market
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On the contrary, high cost associated with the development of the pet veterinary drug and lack of awareness regarding animal welfare medications is anticipated to dampen the market of veterinary (animal drug) drug.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global veterinary (animal drug) drug market which includes company profiling of Bayer Animal Health, Ceva Animal Healthcare, Elanco Animal Health, Merck Ltd., Zoetis Animal Healthcare, Virbac S.A., Merial Animal Health, J.A. Animal Health, Vetnil and UCBVET. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global veterinary (animal drug) drug market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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