The Veterinary Biologics Market Is Expected To Grow With A Rise In Prevalence Of Animal Diseases As Per The Business Research Company's Veterinary Biologics Global Market Report 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
LONDON, Oct. 17, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Veterinary Biologics Global Market Report 2023, the global market for veterinary biologics is poised for remarkable growth, with forecasts indicating an increase from $10.81 billion in 2022 to $11.77 billion in 2023, marked by an impressive compound annual growth rate (CAGR) of 8.8%. Over the forecast period, the veterinary biologics market is expected to reach $15.84 billion in 2027, maintaining a robust CAGR of 7.7%.
Surge in Animal Diseases Drives the Market
The rising prevalence of animal diseases is set to be a primary driver of growth in the veterinary biologics market. Animal diseases encompass a wide range of illnesses affecting various animal species. As animal diseases increase, there is a growing need for improved diagnosis and treatment, a need met by veterinary biologics. These products utilize immunological methods to effectively treat animal diseases. For example, in October 2022, the European Center for Disease Prevention and Control reported a substantial 2,467 avian influenza outbreaks in poultry, affecting 48 million birds, with 187 cases detected in captive birds. This underscores the critical role of veterinary biologics in addressing animal diseases.
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Key Players in the Market
Leading players in the veterinary biologics market include prominent names such as Bayer AG, Eli Lilly & Company, Zoetis Inc., and many others. These industry leaders are actively contributing to the development and growth of this vital market.
Innovations in Veterinary Biologics
A notable trend in the veterinary biologics market is the development of novel biologics by major companies to maintain their market positions. For instance, Elanco Animal Health Incorporated launched Elura in March 2021, a groundbreaking solution to treat weight loss in cats with chronic kidney diseases (CKD). This marked the first ghrelin receptor agonist approved by the US Food and Drug Administration for this purpose, offering a novel mechanism of action to support cats with CKD.
Dominance in North America and Growth in Asia-Pacific
North America held the largest share of the veterinary biologics market in 2022. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period.
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Market Segmentation
The global veterinary biologics market is segmented based on several key factors, including:
- Product: Vaccines, Diagnostic Kits, Immunomodulators, Antiserums And Antibodies, and Other Products
- Disease Type: Bluetongue, Foot And Mouth Disease, Brucellosis And Tuberculosis, and Other Diseases
- Distribution Channel: Veterinary Hospitals, Veterinary Clinics, and Other Distribution Channels
- Application: Production Animal, Companion Animal
The Veterinary Biologics Global Market Report 2023 is a valuable resource for businesses in the veterinary and animal health industries. This comprehensive report provides insights into market dynamics, trends, and opportunities, enabling informed decision-making and strategic planning. Companies can use this report to gain a deep understanding of market conditions, identify emerging opportunities, and stay competitive in the ever-evolving veterinary biologics market.
Veterinary Biologics Global Market Report 2023 by The Business Research Company provides insights on the veterinary biologics market size, veterinary biologics market segments, veterinary biologics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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