11 Sep The Development In Veterinary Pharmaceuticals Market And Its Future Opportunities To Key Stakeholders
Global Veterinary Pharmaceuticals Market
The report on global animal pharmaceuticals market gives historical, current, and future market sizes on the basis of product type, animal type, route of administration, distribution channel, and geographic regions. This report studies animal health market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. Key stakeholders of the veterinary drugs market report include suppliers, manufacturers, marketers, policymakers, and veterinary healthcare service providers engaged in manufacturing and supply of animal health market.
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. 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.
Veterinary drugs 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. Moreover, competition from generic players and OTC drugs are hindering the global animal pharmaceuticals market.
Currently, North America market leads the global animal pharmaceuticals market and projected to remain same owing to rising consumption of protein food. Europe animal health market holds a significant share in global Veterinary pharmaceuticals market and projected to grow at significant CAGR.
Some of the key players 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 drugs 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.