Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Veterinary Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” According to the report published by Transparency Market Research (TMR), the market is expected to rise at a CAGR of 6.7% from 2016 to 2024, reaching a value of US$50.2 bn by 2024 from US$26.9 bn in 2015.
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Escalating Meat Production Capacity to Fuel Growth of Latin America
North America will continue to dominate the market until 2024 in terms of revenue. The increasing trend of pet ownership, promising animal health care base, robust economic growth, and rising awareness regarding the prevention of diseases by veterinarians and owners are contributing to the growth of the region. However, Latin America is expected to expand at a brisk pace during the forecast period. In countries including Brazil, steady rise in the meat production capacity has attracted several global players to strengthen their presence and capitalize on ample growth opportunities present in the region. Based on product, drugs emerged as the dominant segment, representing more than 56% of the overall market revenue in 2015.
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Rising Demand for Variety of Meat and Livestock Products to Propel Veterinary Therapeutics Market
The rapidly growing population and a subsequent rising demand for food are driving the global demand for a variety of meat and livestock products. Moreover, the changing eating habits are leading to increasing focus towards the high-quality and cost-effective production of animal protein. These factors are encouraging the demand for veterinary therapeutics Market and are anticipated to increase the focus of prominent players on regional markets with flourishing livestock materials and tremendous animal products export capacities. In recent times, a large number of factors such as growing import of animals from endemic areas, climatic changes, and the increase in international travels by companion animal owners have stimulated the rise in vector-borne infections. Furthermore, the awareness regarding the health and well-being of livestock as well as companion animals has increased over the past few years. These factors, collectively, are augmenting the market.
Decline in New Chemical Entities (NCE) Approvals to Take its Toll on Veterinary Therapeutics Market
The growth of the global veterinary therapeutics is retarded by concerns such as aging product portfolio and the need for sizeable investments on research and development activities but the comparatively lower returns. The declining new chemical entities (NCE) approvals due to strict regulatory requirements are inhibiting the growth of the market. The factor of fewer NCE approvals has left manufacturers with limited growth through lifecycle extension policies.
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The global veterinary therapeutics market is characterized by a largely consolidated competitive landscape. Strengthening position across high growth potential regions, improving product portfolio, and strategic consolidation are some of the commonly adopted strategies by prominent players to stay ahead in the market. Some of the key companies in the market are Bayer Animal Health Inc., Boehringer Ingelheim Vetmedica, Ceva Sante Animale, Dechra Animal Health, Elanco Animal Health, Merial Animal Health, Merck Animal Health, Vetoquinol S.A., and Zoetis Inc.
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