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Description
Veterinary Biologics Market size was valued at USD 11.2 billion in 2021, growing at a CAGR of 7.1% during the forecast period 2022-28 . Global veterinary biologics market is primarily driven by increase in demand for food security around the world and initiatives by the various government and non-government organizations to vaccinate the animals. The veterinary biologics industry is currently highly concentrated, with prominent firms such as Zoetis, Boehringer Ingelheim, Ceva, Elanco Animal Health, and Merck Animal Health accounting for two-thirds of the revenue share. These companies are increasingly delegating their innovation to startups and other collaborators with superior genomics and biotech knowledge. Furthermore, increasing investments in veterinary science and multi-disciplinary vaccinology research are projected to propel the veterinary biologics market to new heights. In light of growing livestock production and booming pet product sales, a major transformation in the animal health business will further create a window of growth potential. The growing number of veterinary clinics in both developed and emerging countries, which account for 2/5 of total revenue, is driving demand for veterinary biologics. Market participants are directing their product sales through retail pharmacies in order to boost their profit margins and regional presence. Increased government emphasis on the unification of research in veterinary pharmaceuticals and human medicine can also be attributable to significant rise in veterinary biologics sales through these channels. However, a major gap in understanding the epidemiology pattern of animal diseases remains a potential hazard to market participants. As illnesses evolve, vaccination research and development has been ramped up to protect animals from new strains. Veterinary biologics, such as monoclonal antibodies and immunomodulators, will also see advancements.
