The rising demand for advanced drugs is likely to create lucrative growth opportunities for the global veterinary drugs market, finds Fortune Business Insights in their new study. The study is titled “Veterinary Drugs Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025.” According to the study, the global veterinary drugs market will reach a valuation of US$ 27,570 Mn by 2025 from US$ 17,870.6 Mn in 2017, and exhibit a promising CAGR of 5.6% over the aforementioned forecast period.
The parasiticides segment accounted for the highest share in 2017 with a market revenue of 32.2% and is likely to dominate the market in terms of product segmentation. This is because prevention of animals from insects and parasites is extremely important, in order to avoid its devastating impact on the animals and further on humans consuming products derived from such animals such as milk, eggs, and meat.
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Increasing Animal Adoption to Raise Awareness about Animal Safety
“Governments are likely to implement stringent policies to improves animal safety. These policies will help saving animals lives and improve quality of animal-based products,” said a lead analyst at Fortune Business Insights.
Increasing animal adoption, increasing purchasing power, and growing prevalence of animal diseases are a few factors expected to drive the global veterinary drugs market during the forecast period 2018-2025. Besides, increasing consumption of animal-derived products such as milk, meat, leather, and others is a major factor anticipated to increase the demand for veterinary medicines.
On the contrary, increasing number of animal deaths due to diseases, accidents, and others is a major factor expected to restrain the global veterinary drugs market during the forecast period
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