22 February 2021
Visiongain has published a new report on Veterinary Therapeutics Market Report 2021-2031: Forecasts By Product Type (Drugs, Vaccines, and Medicated Feed Additives), By Animal (Companion Animal, and Livestock Animal), By Route of Administration (Oral, Parenteral, and Topical), By End User (Veterinary Hospital, Veterinary Specialty Clinics, Research Institutes and Universities, and Others), By Distribution Channel (Retail Pharmacies, Veterinary Hospital Pharmacies, and Online Pharmacies), PLUS Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Veterinary Therapeutics was valued at US$ xx Million in 2020 and is projected to reach at a market value of US$ xx Million by 2031. North America dominated the global Veterinary Therapeutics and is projected to witness CAGR of XX% during the first half of the forecast period i.e. 2021 to 2031.
COVID-19 Impact on Veterinary Therapeutics
COVID-19 impact through different recovery models such as V-shaped, U-shaped, W-shaped, and L-shaped; has been taken into consideration while estimating and forecasting the Veterinary Therapeutics. Different recovery scenarios are also included in the report for all the segments and regions/nation. The recovery scenarios based on which market has been forecasted and analysed herein the report are mentioned below:
Growth in the Companion Animal Population
There is a very fast rapid increase in companion animal population around the world as usage of animals as human companions has taken new heightened importance and rising numbers of families preferring to have pets. Companion animals are at high risk of developing various diseases for which companion animals require timely treatment for life-causing diseases. Continuous increase in the number of companion animals around the world is also increasing demand for companion animal diagnostics around the world. Due to which growth in the companion animal population around the world is working as a driver for the veterinary therapeutics market.
Increase usage of Veterinary Therapeutics for Zoonotic Diseases
Demand for veterinary therapeutics for zoonotic diseases is increasing due to the increasing prevalence of life-causing diseases such as zoonotic diseases in companion animals. Increasing prevalence of life-causing diseases in companion animals has led various veterinary hospitals and clinics, point-of-care centres, and research institutes and universities to use veterinary therapeutics for zoonotic disease treatment to increase chances of saving companion animals. Due to which growth in the companion animal population around the world is working as a driver for the veterinary therapeutics market.
Increasing initiative and awareness program
Various national and international organizations, regulatory authorities, Independent authority, non-profit organizations are launching various awareness programs to increase awareness regarding awareness for zoonotic diseases. Increasing awareness for zoonotic diseases is expected to increase the diagnosis and treatment rate which will increase demand of veterinary therapeutics for zoonotic diseases treatment in the forecasted period.
Increasing Advanced therapeutics for development of new vaccines for an array of diseases
Demand of advanced therapeutics in the companion animal treatment is increasing as compared to previous years. Various veterinary hospitals and clinics, point-of-care and research institutes and universities are using more and more advanced therapeutics for treatment of companion animal treatment. Currently, many of the manufacturers are engaged in research and development activities creating competitive advantages with the launch of their new products in the market.
Top companies (Zoetis, Inc., Merck Animal Health, Elanco Animal Health, and Boehringer Ingelheim GmbH) constitute more than XX% share of the global Veterinary Therapeutics. Other companies profiled in the report include: Ceva Santé Animale, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Biovac, The Chanelle Group and ImmuCell Corporation. Some of the key developments are listed below:
● In 2018, The World Small Animal Veterinary Association (WSAVA) has launched campaigns in order to secure veterinary therapeutics access for veterinarians. The WSAVA is forming a Therapeutics Guidelines Group (TGG) in order to improvise access to veterinary therapeutics. These campaigns is expected to create to new growth opportunities for the market
● In 2018, Akaal Pharma Pty Ltd, and Bal Pharma Ltd, collaborated to form Joint Venture Company 'AB VET Pharma Pty Ltd'. The new joint venture will be providing therapeutics within the veterinary field. With new joint ventures Akaal Pharma Pty Ltd, and Bal Pharma Ltd is expected to increase their market share in the veterinary therapeutics market.
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