The global veterinary therapeutics market is projected to reach a value of over US$ 900 Mn in 2026 at a CAGR of 23.2% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global veterinary therapeutics market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026.
Veterinary therapeutics is a type of medical science that deals with protection of health, alleviation, prevention, and remedy of disease and injury in both companion animals as well as wild animals. As trend of companion animals is increasing across the globe and there is significant increase in animals that are bread for meat and other products, demand for veterinary therapeutics is also on the rise. The global veterinary therapeutics market has witnessed significant revenue growth in the past few years owing mainly to rising awareness regarding health and well-being of livestock as well as companion animals.
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Global Veterinary Therapeutics Market Dynamics:
Increasing ownership of companion animals and increasing livestock, being specifically bread for meat and other products across the globe are major factors driving growth of the global veterinary therapeutics market. In addition, growing awareness about animal well-being and developments in veterinary drugs and vaccines are other major factors expected to fuel growth of the global market over the forecast period.
Moreover, increasing clinical pet research programs by private and government organizations and launch of a variety of innovative medications in the market by vendors are other factors anticipated to boost growth of the target market to a significant extent.
However, availability of substitutes in the form of natural and herbal medicines and high rate of acceptance of these especially in developing economies are major factors restraining growth of the global market. Additionally, limited awareness among the rural population in developing economies coupled with high costs of veterinary vaccines and therapeutics are other factors expected to hamper growth of the global market over the forecast period.
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