Veterinary (Animal Drug) Drug Market Analysis, Size, share, growth, Global demand & prospect Outlook 2023

The global veterinary drug market is predicted to flourish significantly at a CAGR of 6.8% over the forecast period i.e. 2016-2023. Moreover, the market of veterinary drug market accounted for USD 25.3 Billion in 2015 and the market is further anticipated to garner USD 49.8 Billion by 2023.
North America was accounted the largest market revenue share in 2015 in veterinary drug market across the globe. The market of North America region is expected to continue its dominance over the forecast period and predicted to account 31.5% share of revenue over the forecast period i.e. 2016-2023 owing to increasing gross disposable income of population which will leads to higher spending on animal healthcare.

On the other hand, Europe is expected to be the second largest share contributor across the globe in the market of veterinary drug due to availability of cost-effective and advances veterinary drug in the market.
Moreover, the market of Asia-Pacific market of veterinary drug is estimated to fastest growing market over the forecast period. Rising initiatives towards animal healthcare and increasing adoption of medicated feed additives for livestock companions are some of the factors prompting the demand for veterinary drug in near future.

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Veterinary drugs have established importance in the treatment of numerous diseases growing in animals. Veterinary drugs including antibiotics and amino acids are developed in order to minimize the attack of harmful virus and bacterial parasites in animals.

Introduction of advanced cost effective veterinary drugs, rising clinical animal researches in order to treat diseases and other disorders, increases safety and effectiveness of veterinary drugs, thus swelling the demand for veterinary globally.
Increasing investments in research and development in order to develop more effective and safe veterinary drugs with fewer side effects are beneficial for the growth of veterinary drug industry.

Rising awareness towards healthcare and well-being of livestock companion and pets and introduction of animal immunization policies by the government organizations in many developing nations such as China are likely to shift consumers from conventional treatments to advanced veterinary drugs.

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The livestock companion diseases are increasing burden which leads to an increase in animal healthcare expenditure. The nations facing economic issues are likely to adopt cost effective and efficient veterinary drugs in order to minimize the burden in terms of economic cost and decrease the animal healthcare expenditure.

Emergence of pharmaceutical and biotech companies, huge investment in animal healthcare and rising initiatives from government authorities to develop cost effective and safe drugs in order to minimize the animal diseases burden in terms of animal suffering are some of the factors exhibit the positive growth of veterinary drugs in near future.

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