Pune, India, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The global veterinary therapeutics market is projected to grow at a significant rate on account of rising demand for meat and meat products. Fortune Business Insights in its new report. In 2017, the global market for veterinary therapeutics was valued at USD 35,005.2 Million and is projected to reach a value of USD 54,968.3 Million by 2025. Furthermore, the report predicts the global market to expand at a CAGR of 5.8% during the forecast period. North America is expected to lead the global veterinary therapeutics market. The region market was valued at USD 11,124.6 Million in the year 2017.
The increasing adoption of veterinary products in this region is likely to create ample growth opportunities for the veterinary therapeutics market until 2025. Besides North America, Asia Pacific is anticipated to show considerable growth in response to growing demand for of vaccines and drugs in the region. Rising livestock population in countries such as China and India will drive the veterinary therapeutics and medicine in Asia Pacific.
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Key Industry Developments:
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Increasing Access to Treatment for Companion Animals to Propel the Market
The increasing research and development (R&D) activities in the veterinary therapeutics area will create ample opportunities for the markets growth, stated a lead analyst at Fortune Business Insights. This has further resulted in the discovery of novel treatment and surgical capabilities for companion animals, which will positively impact the markets growth, he added. Also, the rising population across the world, combined with rising demand for food, will act as a chief growth driver of the global veterinary therapeutics market.
In addition to this, the rising demand for veterinary therapeutics treatment is an outcome of the growing preference among consumers for livestock, dairy products, and meat products. This is further encouraging companies to introduce novel veterinary therapeutics. Pet ownership is increasing in developing and developed countries, paving way for the entry of veterinary therapeutics and pharmacology.
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Strict Government Rules May Restrict the Market
Certain factors may hamper the growth of the veterinary therapeutics market. The chief factor likely to restrict the markets growth is implementation of stringent government regulations. In addition to this, minimum returns on research and development activities associated with veterinary therapeutic drug monitoring may impede the growth of the veterinary therapeutics market.
The Report Lists the Key Companies in the Global Veterinary Therapeutics Market:
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Global Veterinary Therapeutics Market Segmentation:
By Product Type
Drugs
Vaccines
Medicated Feed Additives
By Animal Type
Companion
Livestock
By Route of Administration
Oral
Parenteral
Topical
By Distribution Channels
Veterinary Hospitals
Veterinary Clinics
Pharmacies & Drug Stores
Others
By Geography
North America (USA and Canada)
Europe (Germany, U.K., France, Italy, Spain, Scandinavia, and Rest of Europe)
Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East & Africa (GCC Countries, South Africa, Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
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