Drugs and vaccines used in treatment, diagnosis, and prevention of diseases in animals by administration is referred to as veterinary therapeutics. Veterinary therapeutics are also used for prevention of transmission of animal diseases to people besides diagnosing and treating sick and injured animals.
Growing demand for cost-effective & efficient vaccines for companion and livestock animals is a major factor fueling growth of the global veterinary therapeutics market. Increasing ownership of companion animals, increasing disposable income, and growing awareness about animal health and well-being are factors anticipated to boost growth of the global market to a significant extent.
Moreover, increasing investment by prominent players in the market for development of advanced veterinary therapeutics is another factor anticipated to aid in growth of the global veterinary therapeutics market over the forecast period.
High cost of vaccines for treatment of animals is a major factor hampering growth of the global veterinary therapeutics market. Also, stringent government regulations for development and use of veterinary drugs in developed economies and availability of natural remedies for treatment are other factors limiting growth of the global market to a significant extent.
The global veterinary therapeutics market report has been segmented on the basis of types, end user, and region. On the basis of region, the global veterinary therapeutics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in North America accounted for highest share in the global veterinary therapeutics market in terms of revenue, owing to well-developed veterinary industry and presence of prominent veterinary therapeutic manufacturers in countries in the region. The market in Europe accounted for second-highest share in the global market, followed by the markets in Latin America, Asia Pacific, and Middle East & Arica. The Asia Pacific veterinary therapeutics market is projected to witness fastest growth in terms of revenue registering highest CAGR of X.X% over the forecast period.
Prominent players in the global veterinary therapeutics market include Bayer AG, Boehringer Ingelheim GmbH, Ceva, Inc., Dechra Pharmaceuticals PLC, Vetoquinol SA, Zoetis Inc., Virbac SA, Eli Lilly and Company, and Merck Co. Inc.