With 5.8% CAGR, Veterinary Therapeutics Market Size Worth

Pune, India, Oct. 06, 2022 (GLOBE NEWSWIRE) — The global veterinary therapeutics market is projected to grow at a significant rate on account of rising demand for meat and meat products. Fortune Business Insights in its new report, titled “Veterinary Therapeutics Market Forecast, 2025” finds that the growing population across the world is positively impacting the veterinary therapeutics market. In 2017, the global market for veterinary therapeutics was valued at US$ 35,005.2 Mn and is projected to reach a value of US$ 54,968.3 Mn by 2025. Furthermore, the report predicts the global market to expand at a CAGR of 5.8% during the forecast period.

Veterinary therapeutic drugs are expected to emerge dominant in the global veterinary therapeutics market by 2025. The segment covered a share of 51.1% in the year 2017 in the global market. This is ascribable to the rising use of therapeutic drugs on pets and growing awareness about animal health. In addition to this, fast approval on new products is also driving the therapeutic drugs segment. However, increasing number of restrictions on the use of antibiotics may offset the segment’s growth. Vaccines are also projected to gain popularity among other veterinary therapeutic products in the upcoming years. The rising need for treating diseases in animals is the major factor driving this segment.

Among regions, North America is expected to lead the global veterinary therapeutics market. The region market was valued at US$ 11,124.6 Mn in the year 2017. The increasing adoption of veterinary products in this region is likely to create ample growth opportunities for the veterinary therapeutics market until 2025. Besides North America, Asia Pacific is anticipated to show considerable growth in response to growing demand for of vaccines and drugs in the region. Rising livestock population in countries such as China and  India will drive the veterinary therapeutics and medicine in Asia Pacific.

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