he global animal pharmaceuticals market was valued at $12,614.3 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 – 2022. The growth of the global market is largely driven by increasing consumption of meat and milk, and increasing zoonotic and food borne diseases.
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.
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.
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.
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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.
GLOBAL ANIMAL PHARMACEUTICALS MARKET SEGMENTATION