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Global Veterinary Antibiotics, Market Analysis, Industry Growth, Forecast 2024
Veterinary Antibiotics, Global Market Overview
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According to The Business Research Company's, The veterinary antibiotics market size has grown rapidly in recent years. It will grow from $2.2 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increased pet spending and shortages of generic medicines. factors that negatively affected growth in the historic period were shortages of veterinarians, lack of awareness, inappropriate use of medicines, and stringent regulations.
The veterinary antibiotics market size is expected to see strong growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to increasing penetration of pet insurance, rise in pet ownership, increase in government initiatives, and growing awareness about animal health. Major trends in the forecast period include strategic collaborations and partnerships, development of new chewable medicines, combination parasiticides, new improved treatments for arthritis and production of generic drugs for animal care..
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Market Drivers and Trends:
An increase in the number of zoonotic diseases is driving the veterinary antibiotics market. Zoonotic diseases are infectious diseases caused by microscopic organisms, infections, and parasites that spread between animals and humans. Two of the most common zoonotic pathogens, salmonella and campylobacter, are present in the intestines of these animals. Zoonotic diseases are also a potential threat to humans as they get transferred through the food chain. A study conducted by the FoodNet (Centers for Disease Control and Prevention, USA) found that 24,484 foodborne illnesses, 5,677 hospitalizations, and 122 deaths are caused by zoonotic diseases. In addition, the highest incidences per 100,000 people in the USA are caused by infectious diseases such as campylobacter, salmonella, and shigella. Therefore, there is a need to diagnose these diseases in animals at an early stage, which is a major driver of the veterinary antibiotics market.
Increasing collaboration between companies is an emerging trend in the veterinary antibiotics market. Collaboration offers companies the opportunity to combine technologies and a wide range, more diversified products to work with, and it also improves the quality of the antibiotics and the speed at which they are produced. Therefore, companies in the veterinary antibiotics market are focusing on collaborations. For instance, in September 2022, GlobalVetLink, a US-based provider of software services and informatics solutions in the field of animals, collaborated with Veterinary Innovative Partners to install GlobalVetLink Compliance Assistant, a thorough SaaS platform developed to simplify animal health.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Uber Technologies, Inc., Didi Chuxing Technology Co, Keolis, FirstGroup Plc, Metropolitan Transportation Authority, TRANSPORTE BRASILEIRO LTDA, Nihon Kotsu, Madrid Metro, Grab Taxi, MAILCAR S.R. L, Prague Taxis, Grupo CHAPÍN, Oga taxi, Gett, Stabus, Yandex., Chauffeur Privé, Bolt, Ashflex School Bus Services Limited, Golden Arrow Bus Services, The Coach People, Taxify, National Express Group, Intercape, EL CONDOR EMPRESA DE TRANSPORTE E.T. S. A, Santa Clara Valley Transportation Authority, Dresdner Verkehrsbetriebe, Cook-Illinois Corporation, Littele cabs, First Travel Solutions, Transdev North America Inc., Münchner Verkehrsgesellschaft, Hamburger Hochbahn, Budapesti Közlekedési Központ (BKK), PUTCO, tefano's RomeCabs, Yellow Bus Ghana, Cabify, Africa Ride, GSP Belgrade, Transport For London, Guangzhou Metro, Domenico's Airport Transfers, Transportation Charter Services, The Free Enterprise System, First Student, Royal Coach Tours, StorerCoachways, Transportes Del Tejar S. A, DATTCO Inc, The Port Authority of New York & New Jersey, Northfield Lines, Arrow Stage Lines, Rohrer Bus, All Board School Transportation, Student Transportation of Canada, TransLink wins, Norfolk Southern Railway Company, Transdev Canada, Zagrebački električni tramvaj, Metro-North Commuter Railroad Co Inc, School Transport Services, Charter House, BATaxi, MK Chauffeur Drive, Washington Metropolitan Area Transit Authority, Velocity Buses Transportation, Emirates Transport Center, Columbia Transit Corp, Chicago Transit Authority (CTA) , Xiaoche001, Energos Services India Pvt. Ltd., Employee Transport Services (ETS) LLC, Dubai Taxi Corporation, Yookoo rid, Beijing¬-tianjin, Grab Holdings Inc., Rome Chauffeur, Rainbow Coaches, LeCab and MyTaxi, Rea Vaya, Stagecoach Group, Arriva, Ola Cabs, Lyft, Inc.
Veterinary Antibiotics Market 2024 Key Insights:
• The veterinary antibiotics market size is expected to see strong growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Rising Zoonotic Disease Threat Spurs Growth In The Veterinary Antibiotics Market
• Collaborative Strategies Transforming The Veterinary Antibiotics Market
• North America was the largest region in the veterinary antibiotics market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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