DUBLIN--(BUSINESS WIRE)--The "Global Veterinary Medicines Market 2019-2028" report has been added to ResearchAndMarkets.com's offering.
According to this report, the global veterinary medicines market is predicted to progress at a CAGR of 4.11% during the projected period of 2019-2028.
The rise in livestock production, surge in multiple medical conditions in animals, and growing pet ownership, are significant factors augmenting the growth of the veterinary medicines market worldwide. Additionally, the rising animal healthcare expenditure and increasing demand for veterinary specialization are other factors that open avenues for the studied market's future.
However, adverse effects post-vaccination and an inadequate number of veterinaries, are significantly limiting the veterinary medicines market's progress on a large scale.
The global veterinary medicines market covers the Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
Asia-Pacific is expected to become the fastest-evolving market for veterinary medicines during the estimated period of 2019-2028. The region's market is mainly motivated by the high investments in research and development by global companies, along with the continual efforts for commercialization of veterinary pharmaceuticals and vaccines at a lower cost. Additionally, the crucial need to control the high incidence of zoonotic disease and manage disease outbreaks is likely to propel the APAC region's veterinary medicines market's development.
The key companies involved in the market include Boehringer Ingelheim Animal Health GmbH, Indian Immunologicals Limited, Evonik Industries AG, Biogenesis Bago SA, Zoetis, Dechra Pharmaceuticals Plc, Neogen Corporation, Kindred Biosciences, Virbac SA, Ceva Sante Animale, Merck & Co, Vetoquinol, Archer Daniels Midland, Elanco, and Hester Biosciences Limited.
Zoetis is known as one of the largest producers of medicines and vaccinations for pets as well as livestock. Its product portfolio includes vaccines, diagnostic products, genetic tests, biodevices, and services. The company offers its products for various species, such as cattle, fish, sheep, dogs, cats, and others. Moreover, it sells products to livestock producers, retail outlets, veterinarians, and third-party distributors. The company serves customers worldwide, with its headquarter in the United States.
Market Dynamics
Drivers
- Rise in Livestock Production
- Surge in Various Medical Conditions in Animals
- Increasing Ownership of Pets
- Adverse Effects of Post-Vaccination
- Lack of Adequate Number of Veterinarians
Opportunities
- Growing Animal Healthcare Expenditure
- Increasing Demand for Veterinary Specialization
Challenges
- Stringent Regulations
- High Cost of Animal Vaccines
Companies Mentioned
- Evonik Industries AG (Rag Stiftung)
- Indian Immunologicals Limited
- Boehringer Ingelheim Animal Health GmbH
- Merck & Co
- Zoetis
- Biogenesis Bago Sa
- Vetoquinol (Soparfin Sca)
- Archer Daniels Midland
- Ceva Sante Animale
- Virbac Sa
- Dechra Pharmaceuticals plc
- Neogen Corporation
- Elanco
- Hester Biosciences Limited
- Kindred Biosciences
For more information about this report visit https://www.researchandmarkets.com/r/z1dlpj
