The global veterinary therapeutics market was valued at US$ 25,974.2 Mn in 2016 and is projected to increase significantly at a CAGR of 6.0% from 2017 to 2026. The therapeutics drugs segment in the global veterinary therapeutics market is estimated to account for major revenue share of 55.6% in 2017.
Veterinary therapeutic is medical science that deals with maintenance of health, prevention, alleviation, and cure of disease and injury in both domestic animals as well as wildlife.
Major factors driving growth of the global veterinary therapeutics market are rising awareness regarding animal health, increasing ownership of companion animals, and continuous development of new drugs. In addition, rising clinical animal research initiatives, wider availability of drugs and vaccines, field compliance, product effectiveness, and safety are other factors further fueling growth of the global veterinary therapeutics market.
Moreover, government initiatives for import of animal feeds and easy availability of antibiotics are other factors boosting growth of the global veterinary therapeutics market.
However, availability of natural and herbal medications as alternatives for veterinary therapeutic treatments are some key factors restraining growth of the global veterinary therapeutics market.
Companies profiled in the report are Bayer AG, Boehringer Ingelheim GmbH, Ceva Inc, Dechra Pharmaceuticals PLC, Vetoquinol SA, Zoetis Inc., Virbac SA, Eli Lilly and Company, Merck Co. Inc.