Veterinary pharmaceuticals market report gives a comprehensive outlook on Veterinary pharmaceuticals across the globe with special emphasis on key regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA). A sample of this report is available upon request @
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Global veterinary pharmaceuticals market estimated to be valued US$ 18.1 Bn in 2017 and poised to grow at CAGR of 6.2% over 2017-2023. Market for veterinary pharmaceuticals projected to reach US$ 25.9 Bn by 2023 owing to rise in meat consumption and increased incidence of zoonotic diseases
The demand for protein food such as meat, milk, and eggs across the different geographies expected to drive the market for veterinary pharmaceuticals across the globe. Moreover, the rising demand for meat prompt the cattlemen and slaughterhouses to adopt good hygienic practices to provide better healthcare to the cattle and livestock animals, which projected to boost market revenue growth of veterinary pharmaceuticals over the forecast period. As per UN Food and Agricultural Organization (FAO) estimates that animal protein production such as poultry, beef, swine are expected to double, as well as dairy, and fish production anticipated to grow triple by 2050.
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Veterinary pharmaceutical market growth expected to hinder owing to the dearth of research and development activities and limited new drug approvals in the recent times. Players in the market focusing majorly on building an existing portfolio that may lead to product maturity in near-term and that may hamper the market growth over the forecast period.
Currently, North America market leads the global veterinary pharmaceuticals market and projected to remain same over the forecast period owing to rising consumption of protein food. Europe veterinary pharmaceuticals market holds a significant share in global veterinary pharmaceuticals market and projected to grow at significant CAGR.
Competition Assessment
Key players profiles in the global Veterinary Pharmaceuticals market include:
• Bayer AG (Germany)
• Boehringer Ingelheim GmbH (Germany)
• Ceva Santé Animale (France)
• Eli Lilly and Company (U.S)
• Heska Co. (U.S)
• Hester Biosciences (India)
• Merck & Co., Inc. (U.S)
• Perrigo Company plc. (Ireland)
• Vétoquinol S.A. (France)
• Virbac S.A. (France)
• Zoetis Inc. (U.S)
Players in the veterinary pharmaceuticals market are launching the newer products in the market to garner larger market share. For instance, in 2016, Merck Animal Health launched Nobivac Canine Flu Bivalent vaccine in U.S market – the first vaccine to aid in the control of disease associated with both canine influenza virus (CIV) H3N2 and canine influenza virus H3N8.
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