Veterinary Drugs Market Rising in United States | Fortune Business Insights
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.
Agriculture Sector Driving the Growth in
Veterinary Drugs Market in Asia Pacific
North America, was
the highest share holder in the global veterinary drugs market, in 2017 it was
valued at US$ 6290.1 Mn. The North America market for veterinary drugs is
expected to grow during the forecast period owing to increased animal adoption
and introduction of new animal related products in the region. In developed
countries the use of veterinary drugs is continually increasing due to high
animal ownership and stringent animal healthcare guidelines. The veterinary
drugs market in Asia Pacific, is expected to witness impressive growth during
the forecast period. The growth is projected due to increasing animal health
awareness due to governments initiatives and growing engagement of animals in
agriculture activities.
Fortune Business
Insight’s report also provides an insightful overview of opportunities,
strategies used by the leading organization in the market, and the potential areas
of development.
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