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 trend 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 animal pharmaceuticals market. The low productivity of research and development increases the competition among the key manufacturers.
Among the different types of animal pharmaceutical products, the ectoparasiticides generated largest revenue in the global animal pharmaceuticals market in 2015. High prevalence of animals affected with ectoparasites is the key factor driving the growth of the ectoparasiticides market. The bronchodilators market would witness fastest growth during the forecast period.
Based on animal type, the largest revenue was generated from the sales of animal pharmaceuticals for companion animals in 2015. Whereas, the animal pharmaceuticals market for production animals would witness faster growth during the forecast period. Increasing awareness regarding the 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.
News Courtesy: P&S Market Research