Animal Antibiotics and Antimicrobials Market Size Overview
In the Healthcare industry, medicines and antibiotics used for curing bacterial infection. Market Research Future (MRFR) has published a research report about global Animal Antibiotics and Antimicrobials Market Size that estimates rise for this market with 4.50% CAGR (Compound Annual Growth Rate) for this market between 2017 and 2023. In terms of cash, the market that is worth the US $ 3.9 bn in 2017 is expected to be worth the US $ 5.2 bn in 2023.
Observing the market structure, this report offers relevant inputs about the factors affecting the market growth. Evaluating market size and calculating the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, new product developments, mergers and acquisitions, research and developments (R & D), and strategic alliances. The key factors driving the growth of Animal Antibiotics and Antimicrobials Market Size include growing animal health expenditure, growing demand for pet insurance, high incidences of diseases spread from animals, and increasing demand for animal derived food products. However, growing resistance to anti microbials and antibiotics opportunities can restrain the market growth.
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Animal Antibiotics and Antimicrobials Market Size Segmentation
The regional segmentation of the global Animal Antibiotics and Antimicrobials Market Size segments the market into continent-based regional markets known as The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
The Americas always have the potential to be the largest regional market. The factors driving the market growth in this region include the availability of advanced medical facilities, research and investment on the animal-based products for medical uses, and the presence of several key market players in North America. North America anyways alone is capable of emerging as the largest market due to its strong economies are known as the United States of America (USA) and Canada. Many key market players are also based in the USA. In this region, the availability of advanced medical facilities makes North America a bigger market than South America.
Europe is another relevant regional market due to the high density of population and the availability of maximum advanced medical facilities after North America. Due to the reasons same as The Americas, Western Europe as a market is greater than Eastern Europe. In this region, the key country-specific markets are Germany, France, Spain, Italy, and the United Kingdom (UK), followed by the rest of Western Europe and then by Eastern Europe.
Asia Pacific is an untapped market for animal antibiotics and antimicrobials. It can be a great regional market during the forecast period due to the growing demand for improved medical facilities in this region. The strong country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the rest of the Asia Pacific region.
The MEA region shows limited market with slow and steady growth. The reasons for the slow market growth in this region are lack of education, lack of awareness, lack of technological development, political instability, poor access to treatment, poor healthcare facilities, and healthcare not considered a priority by most governments.
Global Market for Animal Antibiotics and Antimicrobials - Key Players
The key players in the global Animal Antibiotics and Antimicrobials Market Size include Bayer Animal Health, Bioniche Animal Health, Ceva Sante Animale S.A., Elanco Animal Health, Fort Dodge Animal Health, Merck Animal Health, Merial, Novartis Animal Health, Phibro Animal Health Corp., Virbac Animal Health, and Zoetis.
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