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Global Animal Pharmaceuticals Market is Driven by Increasing Zoonotic and Food Borne Diseases

Global Animal Pharmaceuticals Market is Driven by Increasing Zoonotic and Food Borne Diseases

The global animal pharmaceuticals market was valued at $12,614.3 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 – 2022. The growth of the global market is largely driven by increasing consumption of meat and milk, and increasing zoonotic and food borne diseases. Due to growing health concern of related animals and their increasing number, the healthcare expenses in farms are surging globally. Animal farms are increasing globally, due to growing demand for protein rich foods, such as milk, eggs and meat. Increasing trend of pet adoption is another key factor driving the growth of the global market. The declining research and development productivity and growth of generic and OTC drugs for animal care are the key trend witnessed in the global market. The declining research and development productivity is leading to the maturity of animal pharmaceutical product portfolio. The fewer new chemical entity approvals are limiting the opportunities for key manufacturers to expand their portfolio in animal pharmaceuticals market. The low productivity of research and development increases the competition among the key manufacturers.

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Among the different types of animal pharmaceutical products, the ectoparasiticides generated largest revenue in the global animal pharmaceuticals market in 2015. High prevalence of animals affected with ectoparasites is the key factor driving the growth of the ectoparasiticides market. The bronchodilators market would witness fastest growth during the forecast period.

North America accounted for the largest share in the global market in 2015, owing to the large consumption of meat and milk products. The high level of urbanization leading to high standard of living is the key reason for large consumption of meat and milk products in North America. The U.S. contributed largest revenue to the North American as well as global animal pharmaceuticals market.

Based on animal type, the largest revenue was generated from the sales of animal pharmaceuticals for companion animals in 2015. Whereas, the animal pharmaceuticals market for production animals would witness faster growth during the forecast period. Increasing awareness regarding the livestock related diseases is the key reason behind the higher growth of the animal pharmaceuticals market for production animals.

Explore Related Research: https://www.psmarketresearch.com/industry-report/consumer-products

Some of the key players operating in the global market include Merck & Co. Inc., Vetoquinol S.A., Zoetis Inc., Virbac SA, Boehringer Ingelheim GmbH, Perrigo Company plc, Eli Lilly and Company, Sanofi and Bayer AG.

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