Veterinary Biologics Market Forecast 2024-2033: Anticipated Size and Growth Trends
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2024-2033 Veterinary Biologics Market: What Growth Rate is Predicted?
The market size for veterinary biologics has experienced significant expansion in recent times. The market is projected to increase from $11.77 billion in 2023 to $12.78 billion in 2024, advancing at a compound annual growth rate (CAGR) of 8.6%. Factors like animal disease epidemics, regulatory assistance and guidelines, the requirement for safe food, trade globalization, and the economic importance of livestock have contributed to the growth during the historical period.
The projected size of the veterinary biologics market is anticipated to experience significant growth in the coming years. It is likely to expand to $17.11 billion in 2028, with a compound annual growth rate (CAGR) of 7.6%. Causes for growth during the projected period include the emergence of infectious diseases, alterations in climate and disease patterns, precision in livestock farming, a unifying health approach, and an upsurge in pet ownership. Foreseen trends for this period comprise education and training initiatives, environment-friendly and sustainable biologics, incorporation of digital health records, growth in companion animal biologics, as well as personalized and targeted treatments.
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What Aspects Are Driving the Expansion of the veterinary biologics Market?
An upsurge in animal diseases is anticipated to spur the expansion of the veterinary biologics market. Animal diseases, implying health conditions that impinge various animal species, are on the rise. This surge necessitates improved diagnosis and treatment that can be facilitated using veterinary biologics, employing immunological means to cure animal afflictions. For example, the European Center for Disease Prevention and Control, a Sweden-based health body of the European Union, reported in October 2022 that a whopping 2,467 avian influenza outbreaks were observed in poultry, impacting 48 million birds. Additionally, 187 instances were identified in captive birds. Moreover, figures from the World Health Organization, a specialized Switzerland-based agency of the United Nations in July 2022, attest that rabies results in 59,000 human fatalities annually in over 150 countries, with a staggering 95% of cases being reported in Africa and Asia. Hence, the escalating incidents of animal diseases are fuelling the growth of veterinary biologics.
What Are the Significant Segments of the Veterinary Biologics Market?
1) By Product: Vaccines, Diagnostic Kits, Immunomodulators, Antiserums And Antibodies, Other Products
2) By Disease Type: Bluetongue, Foot And Mouth Disease, Brucellosis And Tuberculosis, Other Diseases
3) By Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Other Distribution Channels
4) By Application: Production Animal, Companion Animal
What Trends Are Influencing the Evolution of the Veterinary Biologics Market?
The crafting of new biologics is an emerging trend witnessing increased traction in the veterinary biologics landscape. To stay ahead in the market, renowned companies in the veterinary biologics industry are innovating and producing unique biologics. An apt example of this is the March 2021 launch by US-based Elanco Animal Health Incorporated, a veterinary pharmaceutical firm, of Elura (capromorelin oral solution) specifically to address weight loss issues in felines with chronic kidney diseases (CKD). This debut drug is unprecedented in being a ghrelin receptor agonist endorsed by the US Food and Drug Administration, an American health regulation body. It leverages a novel mode of action to effectively deal with weight loss problems in cats grappling with CKD. The drug, which is a palatable oral solution that comes in a modest dosage, can be administered for prolonged periods and can be started off at the diagnosis stage to help pet owners better handle the conditions of their pets throughout the duration of the sickness.
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Which Geographic Areas Are Influencing the Growth of the Veterinary Biologics Market?
North America was the largest region in the veterinary biologics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary biologics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Veterinary Biologics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary biologics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Veterinary Biologics Market Include
1. Veterinary Biologics Market Executive Summary
2. Veterinary Biologics Market Segments
3. Veterinary Biologics Market Size And Template Market Growth Rate
4. Key Veterinary Biologics Market Trends
5. Major Veterinary Biologics Market Drivers
……
25. Key Mergers And Acquisitions In The Veterinary Biologics Market
26. Top Veterinary Biologics Companies
27. Veterinary Biologics Market Opportunities And Strategies
28. Veterinary Biologics Market, Conclusions And Recommendations
29. Appendix
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