The Veterinary Biologics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Veterinary Biologics Global Market Report 2024, The veterinary biologics market size has grown strongly in recent years. It will grow from $11.77 billion in 2023 to $12.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to animal disease outbreaks, regulatory support and standards, demand for food safety, globalization of trade, economic significance of livestock.
The veterinary biologics market size is expected to see strong growth in the next few years. It will grow to $17.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to emerging infectious diseases, climate change and disease patterns, precision livestock farming, one health approach, increased pet ownership trends. Major trends in the forecast period include education and training programs, eco-friendly and sustainable biologics, integration of digital health records, rise in companion animal biologics, customized and targeted therapies.
The rise in the prevalence of animal diseases is expected to propel the growth of the veterinary biologics market. Animal diseases refer to illnesses or health conditions affecting various animal species. Increasing animal diseases increase the need for better diagnosis and treatment, which can be achieved using veterinary biologics, which use immunological methods to treat animal diseases. For instance, in October 2022, according to the European Center for Disease Prevention and Control, a Sweden-based health agency of the European Union, a total of 2,467 avian influenza outbreaks in poultry, affecting 48 million birds, were recorded. 187 cases were detected in captive birds. Furthermore, in July 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, rabies kills 59,000 people annually in over 150 nations, with 95% of cases occurring in Africa and Asia. Therefore, the increasing cases of animal diseases are driving the veterinary biologics.
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The veterinary biologics market covered in this report 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
Developing novel biologics is a key trend gaining popularity in the veterinary biologics market. Major companies operating in the veterinary biologics market are developing innovative biologics to sustain their position in the market. For instance, in March 2021, Elanco Animal Health Incorporated, a US-based veterinary pharmaceutical company, launched Elura (capromorelin oral solution) to treat weight loss in cats with chronic kidney diseases (CKD). The new drug is the first-ever ghrelin receptor agonist approved by the US Food and Drug Administration, a US-based health regulatory agency. It used a novel mechanism of action to treat weight loss in cats with chronic kidney disease (CKD). It is a flavorful oral solution with a small dosage that can be used as a long-term treatment and introduced at the time of diagnosis to assist cat owners in supporting their animals through this illness.
The veterinary biologics market report table of contents includes:
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