Medical - - May 04,2017
The rising affordability of veterinary drugs will ensure that their demand is marching higher over the coming years.
In the developed countries the ownership of livestock and companion animals of numerous known and exotic breeds have remained high for the past few decades. Developing regions are also catching up fast. Livestock animals are primarily domesticated for economic purposes. Dairy products, fibers, meat and fertilizers are derived from livestock animals have significant market value. Besides this, livestock animals’ labor is put to use in farming and agriculture. Stimulated by these factors the demand for veterinary drugs has augmented with veterinarians and owners focusing on ensuring the health and wellness of livestock and companion animals.
Given the scenario, a recent informative report on Market Research Reports Search Engine (MRRSE) predicts that the veterinary drugs market is expected to exhibit a healthy CAGR of 5.1% between 2016 and 2024. Rising at this rate, the market is likely to reach a valuation of reach US$26.7 billion by the end of 2024 from US$17.2 billion in 2015.
As far as the type of animal is concerned, the veterinary drugs market is bifurcated into livestock animal and companion animal. As the name suggests, livestock animals are used for economic purposes and companion animals are used for non-economic purposes. Between them, the livestock animal segment holds the larger market share, due to the high demand for dairy products, high quality protein and poultry meat. In veterinary drugs market, the types of product available are anti-infective, anti-inflammatory, parasiticides and others. Among these, the anti-infective type of drug has the highest demand, due to the increasing occurrence for zoonotic diseases.
Veterinary drugs are used across the globe. However, North America emerged the biggest market in 2015, accounting for a share of about 31% of the global market. Europe emerged as the second-biggest regional market. Over the coming years, Asia Pacific and Latin America regions are expected to expand rapidly and generate a massive revenue. This growth is primarily driven by the increasing incidence of infectious disease among animals.
For more information on this report visit - http://www.mrrse.com/veterinary-drugs-market