The Infinium Global Research analyzes the over the period of 2017 to 2023. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global veterinary therapeutics market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of veterinary therapeutics. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the veterinary therapeutics market during the period.
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As the trend of companion animals is increasing across the world and there is significant growth in animals that are bred for meat and other products. Veterinary therapeutics deals with the protection of health, alleviation, prevention, and medication of disease and injury in both companion animals and wild animals.
Increased Investment in Research and Development for Animal Health and the Wider Availability of Drugs and Vaccines for Veterinary Animals is Also Driving the Growth of the Market
The primary growth factors of the market include rising awareness regarding animal health and increasing ownership of companion animals. Furthermore, increased investment in research and development for animal health and the wider availability of drugs and vaccines for veterinary animals is also driving the growth of the market. Whereas, increased affordability of treatments and rising expenditure on animal health expected driving the global market during the forecast period. Moreover, government initiatives for import of animal feeds and easy availability of antibiotics are boosting the veterinary therapeutics market growth. However, the cost of animal treatment and the availability of alternative natural and herbal medications are hampering the growth of the market. Favorable government policies in developed countries are expected to provide growth opportunities to the market players.
Veterinary Therapeutics Market: Segmentation
The global veterinary therapeutics market is segmented on the basis of product type, route of administration, animal type, and end-users. On the basis of product type, the market is segmented into drugs type, vaccines type, and medicated feed additives. The drug type segment includes anti-infectives, anti-inflammatory, and parasiticides. Based on the vaccines market has been segmented into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Moreover, On the basis of medicated feed additives market has been divided into amino acids and antibiotics. Based on the route of administration segment global market is divided into oral, parenteral, and topical. Furthermore, based on the type of animal market is divided into companion animal and livestock animals. Whereas end-user segment comprises veterinary hospitals, veterinary clinics, and pharmacies and drug stores.
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North America is the Largest Market for Veterinary Therapeutics
Geographically, North America is the largest market for veterinary therapeutics globally owing to the US and Canada’s contribution to regional growth. Growth in North America region is driven by the presence of superior animal health care base, strong economic base along with increasing gross disposable income. Europe is the second largest market due to the availability of cost-effective and advance veterinary drug. The Asia Pacific anticipated emerging as the fastest growing market over the forecast period. Rising initiatives towards animal healthcare and increasing adoption of medicated feed additives for livestock companions have made Asia Pacific growth attractive market.
Veterinary Therapeutics Market: Competitive Analysis
Some of the industry participants of the global veterinary therapeutics market are Boehringer IngelheimVetmedica, Inc., Bayer HealthCare Animal Health Inc., Dechra Veterinary Products, LLC, CevaSanteAnimale S.A., Elanco Animal Health, Merck Animal Health, Virbac, Merial Animal Health, Zoetis, Inc., and Vetoquinol S.A. among the others.
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