5 Key Insights On The Veterinary Biologics Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Veterinary Biologics Global Market Report 2023, the veterinary biologics market is expected to show significant growth in the forecast period.
Key insights from the veterinary biologics market forecast include:
- Market Size
The global veterinary biologics market is projected to increase from $10.81 billion in 2022 to $11.77 billion in 2023, registering an 8.8% compound annual growth rate (CAGR). It is anticipated to reach $15.84 billion by 2027, with a CAGR of 7.7%.
- Major Driver
The surge in animal disease prevalence is poised to drive veterinary biologics market expansion. Animal diseases encompass a range of health conditions affecting diverse species, necessitating enhanced diagnosis and treatment through immunological methods employed by veterinary biologics. For example, in October 2022, the European Center for Disease Prevention and Control reported 2,467 avian influenza outbreaks, affecting 48 million birds, with 187 cases in captive birds. Additionally, in July 2022, the World Health Organization stated that rabies claims 59,000 lives yearly across 150 countries, primarily in Africa and Asia. Thus, the increasing occurrence of animal diseases fuels the veterinary biologics market.
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- Key Trend
The development of innovative biologics is a prominent trend in the veterinary biologics market. Leading companies are creating novel biologics to maintain their market presence. For instance, in March 2021, Elanco Animal Health Incorporated, a US-based veterinary pharmaceutical firm, introduced Elura (capromorelin oral solution) for addressing weight loss in cats with chronic kidney disease (CKD). This pioneering drug, approved by the US Food and Drug Administration, utilizes a unique mechanism to treat CKD-related weight loss. Elura, an appealing oral solution with a small dosage, can serve as a long-term treatment option, offering support to cat owners upon diagnosis of CKD.
- Largest Region
North America was the largest region in the veterinary biologics market in 2022.
- Major Players
Major players in the veterinary biologics market are Bayer AG, Eli Lilly & Company,Evonik Industries AG, Zoetis Inc., VCA Inc., Merck Animal Health Inc., Boehringer Ingelheim Animal Health Inc., Elanco Animal Health, IDEXX Laboratories Inc., Nutreco N.V., Virbac SA, Hologic Inc., Phibro Animal Health Corporation, Vetoquinol, Valneva, Abaxis Inc., Bimeda Biologicals, Ceva Sante Animale S.A., Heska Corporation, Heska Corporation, Colorado Serum Company, Hester Biosciences Limited, INDICAL Bioscience GmbH, Ambrx Biopharma Inc., Adamis Pharmaceuticals Corporation, Intervet Inc., Hebei Veyong Animal Pharmaceutical Co. Ltd.,FidoCure, Biomet Biologics LLC, CytoDyn Veterinary Medicine LLC, and KM Biologics.
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Key Veterinary Biologics Market Segments
The global veterinary biologics market is segmented –
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
The Veterinary Biologics Global Market Report 2023 provides an in-depth analysis on the veterinary biologics market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the veterinary biologics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
View More Related Reports –
Veterinary Laboratory Testing Services Global Market Report 2023
Veterinary Patient Monitoring Equipment Global Market Report 2023
Veterinary Pharmaceuticals Global Market Report 2023
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