Animal Pharmaceuticals Market to Grow at 7.7% CAGR
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NEW YORK, July 14, 2017 (GLOBE NEWSWIRE) -- According to market research “Global Animal Pharmaceuticals Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Product (Ectoparasiticides, Endoparasiticides, Anti-Inflammatories, Bronchodilators, and Others), by Animal Type (Companion Animals and Production Animals)” by P&S Market Research, the global animal pharmaceuticals market was valued at $12,614.3 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 - 2022.
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The growth of the global market is largely driven by increasing consumption of meat and milk, and increasing zoonotic and food borne diseases. Due to growing health concern of related animals and their increasing number, the healthcare expenses in farms are surging globally. Animal farms are increasing globally, due to growing demand for protein rich foods, such as milk, eggs and meat. Increasing trend of pet adoption is another key factor driving the growth of the global market. The declining research and development productivity and growth of generic and OTC drugs for animal care are the key trends witnessed in the global market. The declining research and development productivity is leading to the maturity of animal pharmaceutical product portfolio. The fewer new chemical entity approvals are limiting the opportunities for key manufacturers to expand their portfolio in the animal pharmaceuticals market. The low productivity of research and development increases the competition among the key manufacturers.
North America accounted for the largest share in the global market in 2015, owing to the large consumption of meat and milk products. The high level of urbanization leading to high standard of living is the key reason for large consumption of meat and milk products in North America. The U.S. contributed largest revenue to the North American as well as global animal pharmaceuticals market.
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Based on animal type, the largest revenue was generated from the sales of animal pharmaceuticals for companion animals in 2015. However, the animal pharmaceuticals market for production animals will witness faster growth during the forecast period. Increasing awareness regarding livestock related diseases is the key reason behind the higher growth of the animal pharmaceuticals market for production animals.
Some of the key players operating in the global market include Merck & Co. Inc., Vetoquinol S.A., Zoetis Inc., Virbac SA, Boehringer Ingelheim GmbH, Perrigo Company plc, Eli Lilly and Company, Sanofi and Bayer AG.
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