The Veterinary Antibiotics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Veterinary Antibiotics, The veterinary antibiotics market size has grown rapidly in recent years. It will grow from $2.2 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increased pet spending and shortages of generic medicines. factors that negatively affected growth in the historic period were shortages of veterinarians, lack of awareness, inappropriate use of medicines, and stringent regulations.
The veterinary antibiotics market size is expected to see strong growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to increasing penetration of pet insurance, rise in pet ownership, increase in government initiatives, and growing awareness about animal health. Major trends in the forecast period include strategic collaborations and partnerships, development of new chewable medicines, combination parasiticides, new improved treatments for arthritis and production of generic drugs for animal care.
An increase in the number of zoonotic diseases is driving the veterinary antibiotics market. Zoonotic diseases are infectious diseases caused by microscopic organisms, infections, and parasites that spread between animals and humans. Two of the most common zoonotic pathogens, salmonella and campylobacter, are present in the intestines of these animals. Zoonotic diseases are also a potential threat to humans as they get transferred through the food chain. A study conducted by the FoodNet (Centers for Disease Control and Prevention, USA) found that 24,484 foodborne illnesses, 5,677 hospitalizations, and 122 deaths are caused by zoonotic diseases. In addition, the highest incidences per 100,000 people in the USA are caused by infectious diseases such as campylobacter, salmonella, and shigella. Therefore, there is a need to diagnose these diseases in animals at an early stage, which is a major driver of the veterinary antibiotics market.
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The veterinary antibiotics market covered in this report is segmented –
1) By Product: Anti-parasitic, Anti-bacterial, Non-steroidal anti-inflammatory drug, Others
2) By End User: Farm Animals , Companion Animals
3) By Administration: Premixes, Injections, Oral Powders, Oral Solutions, Others
Increasing collaboration between companies is an emerging trend in the veterinary antibiotics market. Collaboration offers companies the opportunity to combine technologies and a wide range, more diversified products to work with, and it also improves the quality of the antibiotics and the speed at which they are produced. Therefore, companies in the veterinary antibiotics market are focusing on collaborations. For instance, in September 2022, GlobalVetLink, a US-based provider of software services and informatics solutions in the field of animals, collaborated with Veterinary Innovative Partners to install GlobalVetLink Compliance Assistant, a thorough SaaS platform developed to simplify animal health.
The veterinary antibiotics market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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