The Business Research Company’s global market reports provide comprehensive analysis on the various markets in 27 industries across 60 geographies.

 According to The Business Research Company’s Global Market Report 2023, the global veterinary pharmaceuticals market will rise from $28.43 billion in 2022 to $30.2 billion in 2023, with a 6.2% CAGR. By 2027, it’s expected to reach $37.12 billion, demonstrating a 5.3% CAGR.

What was the major driver in the veterinary pharmaceuticals market?
Rising disease prevalence among animals is a major veterinary pharmaceuticals market driver. Increased diseases in livestock and pets necessitate treatment. For example, diabetes cases in dogs surged by 79.7%, and in cats, it increased by 18%, per Banfield State of Pet Health Report. Growing animal disease prevalence drives demand for veterinary pharmaceuticals.

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What was the key trend in the veterinary pharmaceuticals market?
The latest veterinary pharmaceuticals market trend is the growth of generic animal care drugs. These cost-effective alternatives empower pet owners to provide efficient care. FDA’s approval of 22 generic drugs for cats and dogs has spurred adoption by veterinarians. An 80% majority of 520 surveyed veterinarians reported using generic drugs to save pet owners’ money. Yet, veterinarians should consider the lower profit margins offered by generic manufacturers compared to branded drugs’ substantial margins.

Which was the largest region in the veterinary pharmaceuticals market?
North America was the largest region in the veterinary pharmaceuticals market in 2022. Asia-Pacific was the second-largest region in the global veterinary pharmaceuticals market report. The regions covered in the global veterinary pharmaceuticals report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Who are the veterinary pharmaceuticals market prominent players?
Major players in the veterinary pharmaceuticals market are Merck & Co. Inc., Zoetis Inc., Eli Lilly and Company, Bayer AG, Boehringer Ingelheim GmbH, Perrigo Company PLC., Virbac SA, Dechra Pharmaceuticals PLC., CevaSanteAnimale, and Aratana Therapeutics.

Key veterinary pharmaceuticals market segments
The global veterinary pharmaceuticals market is segmented –
1) By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Other Types
2) By End User: Veterinary Hospitals, Veterinary Clinics, Pharmacies And Drug Stores
3) By Route of Administration: Oral, Other Routes Of Administration
4) By Animal Type: Companion Animals, Livestock Animals
5) By Vaccines: Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines

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The Veterinary Pharmaceuticals Global Market Report 2023  provides a comprehensive overview on the veterinary pharmaceuticals market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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