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Veterinary Biologics Market Growth, Dynamic Trends, Key Players & Forecast 2024-2029
Veterinary Biologics Market Size
What Is The Projected Market Size Of The Global Veterinary Biologics Market And Its Growth Rate?
The veterinary biologics market has undergone considerable growth, majorly propelled by factors like animal disease outbreaks, regulatory support and standards, demand for food safety, globalization of trade, and economic significance of livestock. Key statistical figures are as follows:
• Market size as of 2024: $12.67 billion
• 2025 Projected size: $13.65 billion (7.7% CAGR)
Future forecast suggests further robust growth brought about by emerging infectious diseases, climate change and disease patterns, precision livestock farming, one health approach, and increased pet ownership trends.
• 2029 Predicted size: $18.38 billion (7.7% CAGR)
What Is Driving The Growth In The Veterinary Biologics Market?
The spike in animal diseases prevalence forms a significant driver for the veterinary biologics market. Animal diseases are health conditions troubling different animal species. The rise in animal diseases gives impetus for better diagnosis and treatment, which is aided by veterinary biologics utilizing immunological methods to treat such diseases. Dramatic instances include avian influenza outbreaks noted on a large scale in 2022, killing millions of birds and captive creatures alike. The World Health Organization further highlighted another grave issue - rabies, claiming around 59,000 lives annually across 150 countries. This stark increase in animal diseases tends to drive the veterinary biologics significantly.
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Who Are the Key Players Driving Veterinary Biologics Market Growth?
Major players participating in the veterinary biologics market include:
• Bayer AG
• Eli Lilly & Company
• Evonik Industries AG
• Zoetis Inc.
• Merck Animal Health Inc.
• Boehringer Ingelheim Animal Health Inc.
• Elanco Animal Health
• IDEXX Laboratories Inc.
• Virbac SA
• Phibro Animal Health Corporation
What Are The Key Trends In The Veterinary Biologics Market?
Noteworthy trends in the forecast period include:
• Education and training programs
• Eco-friendly and sustainable biologics
• Integration of digital health records
• Rise in companion animal biologics
• Customized and targeted therapies
What Are The Segments Of The Global Veterinary Biologics Market?
The veterinary biologics market includes the following segments:
1) Product: Vaccines, Diagnostic Kits, Immunomodulators, Antiserums And Antibodies, Other Products
2) Disease Type: Bluetongue, Foot And Mouth Disease, Brucellosis And Tuberculosis, Other Diseases
3) Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Other Distribution Channels
4) Application: Production Animal, Companion Animal
Which Region Leads The Veterinary Biologics Market?
In 2024, North America surfaced as the largest region in the veterinary biologics market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. Covered regions in the veterinary biologics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Veterinary Biologics Market Global Market Report?
- Market Size Analysis: Analyze the Veterinary Biologics Market size by key regions, countries, product types and applications.
- Market Segmentation Analysis: Identify various subsegments within the Veterinary Biologics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to overall Veterinary Biologics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Veterinary Biologics Market.
- Competitive Developments: Analyze competitive developments like expansions, agreements, new product launches in the market.
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