Global Veterinary Generics Market was Valued at US$ 19.2 Bn in 2018, Owing to Increasing Demand for Parasiticides Drugs for the Treatment of Livestock
“The Global Veterinary Generics Market was valued at US$ 19.2 Mn in 2018 and is expected to grow at a significant CAGR over six years forecast period 2019-2025 owing to increasing demand for parasiticides drugs for the treatment of livestock”
Precision Business Insights (PBI) in its report titled “Global Veterinary Generics Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2018 and Forecast 2019-2025” assesses the market performance over six years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global veterinary generics market was valued at US$ 19.2 Mn in 2018 and growing at a CAGR of 5.9% over the forecast period owing to the increasing prevalence and incidence of various diseases in animals such as chronic cancer pain, inflammation, osteoarthritis etc. are expected to drive the growth of the market over the forecast years. The cost of the drugs lessen once the patent of the product is expired, hence generic drugs in the market creates huge demand coupled with increasing number of animal lovers in both developed and developing countries. Reduced cost of treatments with generic drugs is anticipated to fuel the growth of the market over the forecast years. Moreover, government support and favorable regulatory coupled with rise in the number of farm animal and poultry industry around the globe is expected to boost the growth of the market. However, competition among the generic marketers and OTC drugs are hampering the growth of the market.
Global veterinary generics market segmented on the basis of product type, animal type, route of administration, distribution channel, and region.
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Endoparasites segment accounted for higher revenue share
Based on product type, global veterinary generics market is segmented antimicrobials, ectoparasiticides, endoparasites, endectoparaciticides, anti-inflammatory drugs, anti-obesity drugs, behavioral products, biologic drugs, and others. Endoparasites segment accounted for the largest market share in 2018 and is expected to grow with highest CAGR over the forecast period owing to the increasing prevalence of diseases in animals coupled with increasing demand for generic version of products that has reduced cost of product.
North America holds leading position in Global Veterinary Generics Market
PBI’s global veterinary generics market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America is expected to account for larger revenue share in 2018 and the same trend is projected to follow over 2019-2025 owing to presence of large number of market players in the region coupled with increasing number of animal farms and more number of people adopted to have pets are expected to drive the growth of the market. Increasing demand for meat and protein rich food are anticipated to fuel the growth of the market.
Recent Developments in the Global Veterinary Generics Market
- In January 2017, Elanco launched Galliprant (Grapriprant tablets) for treatment of management of pain and inflammation associated with canine osteoarthritis.
- In 2016, Merck Animal Health launched Nobivac Canine Flu Bivalent vaccine in U.S market – the first vaccine to aid in the control of disease associated with both canine influenza virus (CIV) H3N2 and canine influenza virus H3N8.
Key player’s profiles in the report are Zoetis Inc., Elanco, Merial, Bayer Animal Health, Virbac S.A., and IDEXX Laboratories, Boehringer Ingelheim Vetmedica, Ceva Sante Animale, Vetoquinol S.A.
By Product Type
- Anti-inflammatory Drugs
- Anti-Obesity Drugs
- Behavioral Products
- Biologic Drugs
By Animal Type
By Route of Administration
By Distribution Channel
- Veterinary Pharmacies
- Veterinary Hospitals
- Veterinary Clinics
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
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