July 17, 2024
Enrofloxacin Market

Growth In Veterinary Healthcare Sector To Boost The Demand For The Global Enrofloxacin Market

The global Enrofloxacin Market is estimated to be valued at US$ 470.4 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Enrofloxacin is an antibacterial agent belonging to the class of fluoroquinolone. It is primarily used for the treatment of bacterial infections in animals. Enrofloxacin exhibits broad-spectrum activity against both Gram-positive and Gram-negative bacteria. It is commonly available as tablets, powder and solutions for oral administration as well as injectable formulations for parenteral administration in animals such as cattle, pigs and poultry. The increasing demand for animal-derived food products is propelling the livestock industry worldwide. This is augmenting the demand for animal healthcare products including veterinary pharmaceuticals to prevent and treat diseases among livestock animals. Moreover, rising awareness about zoonotic diseases and their prevention is driving the growth of the veterinary healthcare sector, thereby fueling the enrofloxacin market growth.

Market key trends:

One of the key trends in the enrofloxacin market is the increasing demand for quality meat products. With rising income levels, people are increasingly opting for high protein animal-derived food items like meat and dairy. This is prompting livestock farmers to adopt proactive measures for ensuring animal health and optimal productivity. Also, stringent quality and safety regulations pertaining to food production are compelling farmers to rely on veterinary pharmaceuticals for effective disease management in livestock. Furthermore, surge in zoonotic diseases is propelling veterinary research towards novel diagnostics and therapeutics. Market players are investing heavily in R&D of innovative formulations of existing antibacterial drugs like long-acting injectables of enrofloxacin with reduced dosing frequency. Such advances are expected to augment the demand for enrofloxacin over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the enrofloxacin market is moderate as the market already has a strong presence of major key players. New players will have to invest significant capital to compete with the existing major players.

Bargaining power of buyers: The bargaining power of buyers is high as enrofloxacin is available from multiple brands at slightly lower prices. The availability of generic versions also increases buyer bargaining power.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as enrofloxacin raw materials require specialized production capability and certification standards. However, the presence of multiple suppliers balances out the supplier power.

Threat of new substitutes: The threat of substitutes is moderate as other fluoroquinolone antibiotics are substitutable for enrofloxacin. However, enrofloxacin is the preferred fluoroquinolone for certain veterinary diseases.

Competitive rivalry: The competitive rivalry in the enrofloxacin market is high owing to the strong presence of major players.

Key Takeaways

The Global Enrofloxacin Market Demand is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing meat consumption globally and rising incidences of zoonotic diseases. Asia Pacific region is expected to be the fastest growing region owing to rising veterinary healthcare expenditure and growing meat industry.

Regional analysis: North America dominated the global market in 2022 owing to large livestock farming and rising government investments in animal health. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to growing meat consumption, favorable government policies, and expanding veterinary services in India and China.

Key players: Key players operating in the enrofloxacin market are Bayer AG, Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc., Virbac S.A., Ceva Santé Animale, Elanco Animal Health, Bimeda, Aurobindo Pharma Limited, and Teva Pharmaceutical Industries Ltd. Bayer AG and Zoetis Inc captured over 50% of the global market share in 2022 owing to their diversified product portfolios and strong global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it