Coherent Market Insights

Veterinary Antibiotics Market to surpass US$ 1.93 Bn by 2030

Veterinary Antibiotics Market to surpass US$ 1.93 Bn by 2030 - Coherent Market Insights

Publish In: Aug 04, 2022

Global Veterinary Antibiotics Market, by Product Type (Anti-parasitic, Anti-bacterial, Non-steroidal anti-inflammatory drug, and Others), by End-use (Dairy Farm, Poultry Farm, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1.43 billion in 2022 and is expected to exhibit a CAGR of 3.8% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

The increasing adoption of organic strategies such as new product launch by the key players in the market is expected to drive the market growth over the forecast period. For instance, in July 2022, Krka, d. d., Novo mesto is an international generic pharmaceutical company, has launched its new first line antibiotic for the treatment of respiratory, digestive, urinary, skin and dental infections in dogs and cats.

Global Veterinary Antibiotics Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.

The COVID-19 has negatively affect the consumption of foods of animal origin. This is due to the emergence of various diseases such as swine flu, Zika virus, hantavirus and the ongoing bird flu, which are transmitted by farm animals, among others. Additionally, large companies' antimicrobial stewardship efforts may be undermined due to heavy workloads and shifting priorities related to COVID-19. It is therefore expected to have a negative impact on the consumption of products of animal origin. In addition, trade barriers in different regions and the introduction of alternative sources such as  herbal ingredients contribute to the growth of the market.

Global Veterinary Antibiotics Market: Key Developments

In March 2020, the U.S. Food and Drug Administration approved Marboquin, the first generic approval for marbofloxacin tablets, originally approved as Zeniquin manufactured by Dechra Pharmaceuticals.  Marboquin is in tablet form and is intended for the treatment of susceptible infections in dogs and cats. Marbofloxacin, the active pharmaceutical ingredient in both Marboquin and Zeniquin, is in the fluoroquinolone class of antibiotics.

In January 2022,

Browse 23 Market Data Tables and 18 Figures spread through 165 Pages and in-depth TOC on “Global Veterinary Antibiotics Market”- Forecast to 2030, Global Veterinary Antibiotics Market, by Product Type (Anti-parasitic, Anti-bacterial, Non-steroidal anti-inflammatory drug, and Others), by End-use (Dairy Farm, Poultry Farm, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/veterinary-antibiotics-market-2324

Moreover, rising awareness about zoonotic disease is expected to drive the market growth over the forecast period. For instance, according to the World Health Organization facts sheet published on April 2022, every year, around two million people, mostly in low- and middle-income countries, die from neglected zoonotic diseases. The same outbreaks can cause severe illness, deaths, and productivity losses among livestock populations in the developing world, a major problem that keeps hundreds of millions of small-scale farmers in severe poverty.

Key Takeaways of the Global Veterinary Antibiotics Market:

  • The global veterinary antibiotics market is expected to exhibit a CAGR of 3.8% during the forecast period due to the increasing animal healthcare spending and the increasing demand for pet insurance are further expected to drive the growth of this market.
  • Among product types, anti- parasitic segment is estimated to hold a dominant position in the global veterinary antibiotics market over the forecast period, owing to advantages such as the highest effectiveness against pathogenic microorganisms, well absorption, have low toxicity and are relatively inexpensive compared to other antimicrobial and antibiotic products for animals.
  • Among regions, North America is estimated to account for the largest market share in the global veterinary antibiotics market over the forecast period, owing to the most important regional market for antibiotics and animal antimicrobials and is estimated to account for almost a third of total global demand, followed by Europe. The rapid growth is due to increasing urbanization, high disposable income and increasing demand for animal products.
  • Major players operating in the global veterinary antibiotics market include Bayer AG, Boehringer Ingelheim GmbH, Ceva Sante Animale, Crystal Pharma, Dechra Pharmaceuticals PLC, Huvepharma AD, Eli Lilly Company, Elanco, Merck & Co., Inc., Sanofi, Vetoquinol S.A., Virbac, and Zoetis, Inc.

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