Amey Godbole
Veterinary Biologics Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global veterinary biologics market was valued at US$ 17,704.7 Mn in 2017, and is expected to reach US$ 29,706.9 Mn by 2026, expanding at a CAGR of 6.0% from 2018 to 2026.
Market Insights:
The veterinary biologics market is set to reach from US$ 17,704.7 Mn in 2017 to US$ 29,706.9 Mn by 2026 at a compound annual growth rate (CAGR) of 6.0% during the forecast period from 2018 to 2026. Veterinary biologics are medicinal products obtained from living organism and biological processes. They are employed in veterinary health science to diagnose, prevent and treat animal disease through immune-modulation. According to United States Department of Agriculture (USDA), over the span of 70 years there has been a significant growth in the veterinary biologics market, wherein today approximately 2000 licensed biological products are employed to treat 200 different types of disease in 35 animal species.
Market Synopsis
Rising prevalence of zoonotic diseases and technological development in vaccine production by recombinant DNA technology drive the vaccines market growth.
Vaccines are currently leading the product segment for veterinary biologics market. The major factors contributing to its culminating growth are rising prevalence of zoonotic disease and technological innovation in veterinary vaccines production employing the recombinant DNA technology. Molecular diagnostic kits holds the second largest market in the products segment on account of increasing prevalence of contagious disease in poultry, bovine and porcine animal species. Nutritional and hormonal supplement will be the fastest growing market on account of increasing demand for dairy and meat industry and growing important of probiotics to improve animal feed products quality.
Proactive government policies focusing on long term sustainable development and improving livestock health drive the production animal market growth
Currently production animals are reigning the animal type segment pertaining to veterinary biologics market. Proactive government policies throughout the globe are focusing on long term sustainable growth by ensuring total food security and improving livestock healthcare. According to the research findings of Food and Agriculture Organization (FAO), animal based food products accounts for one third of human protein consumption. Rampant growth in dairy industry further propels the production animal market growth. Companion animals will be the fastest growing animal type segment in the near future due to significant growth in pet adoption and stringent government norms for mandatory vaccination of pet animals.
Existence of highly developed agrobased industry and rampant growth in animal husbandry department drive the market growth in North America
In the present scenario North America accounts for 40% of the global market share in veterinary biologics market. The key factors responsible for the dominance of North America are presence of highly developed agrobased industry and rapid growth in animal husbandry department. Rising public animal health awareness and significant growth in pet adoption further fortify the veterinary biologics market growth in North America. Europe represents 31% market share and is the second largest regional segment for veterinary biologics market. Increasing growth in dairy and meat industry and stringent regulatory norms imposed by healthcare agencies for compulsory vaccination of animals propels the market growth in European region. Asia Pacific holds 17% market share and will be the fastest growing market during the forecast period from 2018 to 2026. Rising prevalence of zoonotic disease and proactive government policies to financially support veterinary departments consolidate the veterinary biologics market growth in Asia Pacific region. Latin America and Middle East & Africa serve as a potential market for major players to promote business expansion and capture the untapped market in rural areas.
Historical & Forecast Period
2016 – Historical Year
2017 – Base Year
2018-2026 – Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
Amey Godbole (Editor)
Amey Godbole is a Senior Research Analyst working with Credence Research since its inception. He has an experience of market research in the fields of E-commerce, Information Technology (IT) Services & Solutions and Electronics segments. Amey has completed B.E. with specialization in Electronics & Telecommunication from University of Mumbai and MBA in Marketing.
Contact:
Email: Amey@industrynewsupdate.com
Mo. No. 919719670423
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