The growth of this market is anticipated to be further propelled by rising expenditures on animal healthcare, as well as an increasing demand for pet insurance.
The global Veterinary Antibiotics Market size is expected to be worth US$ 10,904.3 million in 2022. The Veterinary Antibiotics market is estimated to grow at a slow 5.8% CAGR to reach US$ 20,277.5 million by 2032. Animal antibiotics have accounted for a significant portion of the animal health business in recent years, owing to the growing need to treat, control, or prevent infections in animals. These are also employed as growth boosters and play an important function in animal health. Antibiotics are antibacterial chemicals that have a direct effect on bacteria, reducing infection in cattle and companion animals.
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Concerns about antibiotic resistance in humans, combined with increased demand for milk, eggs, and meat, are driving the global veterinary antibiotic industry. The rising prevalence of zoonotic disease around the world is one of the key factors driving the demand for Veterinary Antibiotics in both livestock and companion animals.
However, many farm and pet owners, supported by veterinary healthcare advocates, are changing towards vaccines due to the adverse effects of long-term antibiotic use, such as antibiotic resistance. Furthermore, the FDA's severe limitations on the use of prescribed antibiotics by veterinarians are now impeding the market for Veterinary Antibiotics. In the long run, however, regulations set by the US FDA are expected to slow the demand for these antibiotics.
Veterinary Antibiotics Market: Drivers and Restraints
Rising zoonotic disease awareness, rising incidence of disease outbreaks in animals, rising demand for animal-derived food products, stringent regulations to prevent animal diseases, and rising animal population and pet adoption are expected to drive the global market for Veterinary Antibiotics. Furthermore, the increased demand for pet health insurance, combined with an increase in healthcare cost, is driving global demand for Veterinary Antibiotics.
However, rising antibiotic resistance among food-producing animals, as well as regulatory restrictions on their use, are limiting the growth of the Veterinary Antibiotics industry. Furthermore, the availability of competing replacement goods such as vaccinations and probiotics is reducing the use of antibiotics to treat animals on a wide scale.
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Veterinary Antibiotics Market: Overview
The market for Veterinary Antibiotics is expanding due to the expanding animal healthcare industry and the sector's ongoing expansion. Tetracycline is expected to have the greatest market share in the Veterinary Antibiotics market due to its widespread application in food producing animals. Furthermore, increased public awareness of the need of pet health care is helping the market for Veterinary Antibiotics.
Veterinary Antibiotics Market: Regional Overview
On the basis of region, Veterinary Antibiotics market is segmented into North America, Latin America, Asia-Pacific excluding Japan, Eastern Europe, and Western Europe, Japan MEA and others. Among these, North America accounts for major share in Veterinary Antibiotics market, whereas, Asia-Pacific is anticipated to register the fastest growth at highest CAGR during the forecast period owing to presence of lenient regulations. However, unlike developed countries, the developing nations are projected to experience large demand for Veterinary Antibiotics due to less stringent regulations imposed on their usage.
Veterinary Antibiotics Market: Key Players
Some of the key players in the Veterinary Antibiotics market involves Zoetis, Inc., Merck & Co., Inc., Bayer AG, Sanofi, Eli Lilly and Company, Ceva Sante Animale and others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
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Key segments
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 26, 2023
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