The latest market report published by Credence Research, Inc. “Global Veterinary Biologics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global veterinary biologics market was valued at US$ 17,704.7 Mn in 2017, and is expected to reach US$ 29,706.9 Mn by 2026, expanding at a CAGR of 6.0% from 2018 to 2026.
Browse the full report Veterinary Biologics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/veterinary-biologics-market
As pert the latest research findings provided by United Nations Department of Economic and Social Affairs, the current global population is 7.7 billion with insufficient food supply to provide nourishment to the entire population. Government agencies worldwide are focusing on sustainable development ensuring total food security and promoting animal health. Rising consumption of proteins and increasing public animal health awareness drive the veterinary biologics market. Dearth of skilled workforce and higher cost associated with storage of veterinary vaccines and diagnostic kits hamper the veterinary biologics market growth.
Vaccines are reigning the product segment for veterinary biologics market. Impending global threat of veterinary diseases such as bird flu, swine flu, rabies, contagious bovine pleuropneumonia etc., drive the veterinary vaccines market growth. Technological innovation in molecular biology has resulted in blockbuster sale of veterinary diagnostic kits resulting in early disease diagnosis and treatment. Nutritional and hormonal supplement will be the fastest growing market in the product segment on account of increasing demand for animal derived protein consumption and rampant growth in animal husbandry segment worldwide.
In the present scenario production animal are leading the animal type segment for veterinary biologics market. Proactive government policies ensuring total food security and improving livestock healthcare drive the production animal market growth. Rampant growth in dairy industry further consolidate the production animal market growth. Companion animals will register significant growth in the near future owing to significant growth in pet adoption and compulsory immunization of pet animals.
North America is the largest regional segment in the veterinary biologics market accounting for a market share of 40%. Existence of well-developed agrobased and animal husbandry department and domicile of key players such as IDEXX Laboratories, Inc., Virbac, Inc., and Zoetis drive the veterinary biologics market growth in North America region. Europe represents 31% market share owing to rampant growth in meat and dairy industry and stringent government policies for effective vaccination of companion animals. Asia Pacific holds 17% market share and will be the fastest growing regional segment during the forecast period on account of rising prevalence of zoonotic disease and proactive government policies to financially support animal healthcare department.
Biopharmaceutical companies actively participating in veterinary biologics market are Boehringer Ingelheim Animal Health GmbH, Ceva Sante Animale, Evonik Industries AG, Heska Corporation, Intervet, Inc., INDICAL Bioscience, IDEXX Laboratories, Inc., Virbac, Inc., VCA, Inc. and Zoetis.
Key Market Movements:
- Rising prevalence of veterinary diseases and proactive government policies securing total food security and improving livestock healthcare
- Significant growth in pet adoption and stringent government norms ensuring mandatory vaccination of pet animals
- Technological revolution in molecular biology producing effective diagnostic kits, vaccines and animal feed related to veterinary health science