Enrofloxacin Market is Estimated to Witness High Growth Owing to Opportunity in Disease Treatment
Enrofloxacin is a synthetic broad-spectrum antibiotic used commonly in veterinary medicine for treatment of bacterial infections in livestock and companion animals. It is highly effective against both Gram-positive and Gram-negative bacteria. Enrofloxacin is available in various dosage forms including tablets, injections and premixes that can be added to animal feed. Its broad spectrum of activity and simple dosing makes it a preferred treatment for a variety of bacterial diseases affecting animals.
The global Enrofloxacin Market size is estimated to be valued at US$ 470.4 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising prevalence of zoonotic and food producing animal diseases is expected to drive the demand for enrofloxacin over the forecast period. According to the estimates by World Health Organization, zoonotic diseases account for over 60% of all infectious diseases in humans. Many such as brucellosis, anthrax, rabies and leptospirosis have high impact on livestock health and productivity. Enrofloxacin is used as first line treatment for respiratory infections in livestock, anthrax and foodborne illnesses. Its effective therapeutic properties make it drug of choice for controlling spread of zoonotic diseases. Thus, growing threat of animal to human transmission of diseases will boost uptake of enrofloxacin driving market growth.
Porter's Analysis
Threat of new entrants: High capital requirement for R&D, manufacturing facilities and brand building makes it difficult for new players to enter.
Bargaining power of buyers: Large customer base with bargaining power over price due to availability of substitutes.
Bargaining power of suppliers: Strong regulations provide stability however dependence on few API suppliers exerts pressure.
Threat of new substitutes: Substitution threat from other generic antibiotics is moderate as no direct substitute for certain applications exists.
Competitive rivalry: Intense competition from global and local players results in pricing pressures.
SWOT Analysis
Strength: Broad product portfolio and patent protection provide leadership positioning. Strong distribution network and brands support sales.
Weakness: Rising development and compliance costs impact profitability. Dependence on few therapeutic areas impacts business risk profile.
Opportunity: Growth avenues exist in emerging markets and expansion into new therapeutic areas. Innovation in delivery systems can boost market share.
Threats: Price erosion due to entry of generics and impact of regulatory compliance on costs are threats.
Key Takeaways
The global Enrofloxacin market is expected to witness high growth. The global enrofloxacin market is estimated to be valued at US$ 470.4 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
The market in Asia Pacific region dominates currently due to large livestock animal population and rising meat consumption in China and India. Japan and Western Europe also have significant shares due to developed veterinary infrastructure and higher penetration of premium animal drugs.
Key players operating in the enrofloxacin market are Amazon.com, Inc., MercadoLibre, Inc., eBay, Inc., Otto Group, Wal-Mart Stores, Inc., Snapdeal.com, Alibaba Group Holding Limited and Rakuten, Inc. Regional growth is dependent on expanding livestock farming and rising demand for quality meat and dairy. The market size for 2023 is estimated at US$ 470.4 Mn indicating steady performance over the forecast period backed by increasing preference for branded animal health products worldwide.
Get more insights on this topic: https://themediumblog.com/enrofloxacin-market-is-estimated-to-witness-high-growth-owing-to-opportunity-in-disease-treatment/
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