Transparency Market Research (TMR) reports that the increased spending on animal healthcare drives the global veterinary market.
In their report, TMR explains that in the past few years, factors such as globalization and intense changes in global climate have led to a vast rise in the prevalence of zoonotic diseases globally. To prevent the loss of livestock and potential threat to human lives that global outbreaks of several zoonotic diseases cause, there has been a surge in government initiatives aimed at mandating vaccination for companion and farm animals. Active efforts are also undertaken by government and non-government bodies to increase awareness among pet and livestock owners about rampant and hazardous animal diseases, their symptoms, and medication.
The global market for veterinary vaccines is expected to expand at a healthy 6.9% CAGR over the period between 2016 and 2024. The market, which had a valuation of $6,271.8 million (€5,604.2 million) in 2015, is expected to rise to $11,403.6 million (€10,191 million) by 2024.
Source
Transparency Market Research
