Albany, NY — (PRESS RELEASE JET) — 09/14/2017 — The Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market was valued at US$243.0 mn in 2014. The market is expected to reach US$401.6 mn by the end of 2023, after expanding at a CAGR of 5.6% within a forecast period from 2015 to 2023. Asia Pacific is expected to take up a leading chunk of the overall demand volume in the market for the coming years, owing to swift healthcare industry evolution and a high urban population, in countries such as India and China. Based on products, iodophors and iodine are expected to continue enjoying a high demand volume over the coming years, despite the presence and development of substitutes.
“One of the key factors driving the demand in the market for veterinary antiseptics is the growing number of pet owners in urban areas. The adoption rate for of animals in emerging economies is expanding at a swift pace, creating an overall incremental demand for pet care and veterinary products. “Pet ownership and rising disposable incomes have made their mark in the pet care markets as a growing number of pet owners are investing purchasing high quality animal care products, including antiseptics,” states a TMR analyst.
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The rise in demand for meat, milk, eggs, and other animal and poultry products across Asia Pacific and Latin America is quite significant a factor to influence the demand for veterinary products and services in the animal husbandry industry of these regions. Rising disposable income is again a key driver for the veterinary antiseptics in the overall market as it allows for more consumers to purchase better quality meat and dairy products. The demand for veterinary antiseptics is bolstered further by the growing awareness among consumers regarding animal diseases and the need to buy products created from healthy animals. Thus, the rising expenditure on animal healthcare is creating a direct impact on the revenues of the Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market.
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Country-specific regulatory guidelines, especially in countries such as Japan, have been hampering the growth of this market in the recent years. The long-drawn process of approval, despite the international approval of the product, has restrained the veterinary antiseptics market in these regions over the recent years. The overall market is also being hampered by the significant dip in the number of veterinarians across emerging economies. Poor career prospects for veterinarians in developing nations of India, China, and Brazil in the past few years is also anticipated to put a downward pressure on sales of veterinary antiseptics as the number of prescriptions will drop.
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