Enrofloxacin Market is Estimated to Witness High Growth Owing to Increasing Demand for Antibiotic for Veterinary Use
Enrofloxacin is a fluoroquinolone class of antibiotic drug that is primarily used for veterinary medicine. It is used to treat respiratory diseases, infections caused by Escherichia coli and other gram negative bacteria in poultry and livestock. Enrofloxacin is available in injectable or soluble powder formulations and administered orally, intramuscularly or intravenously depending on the condition being treated.
The global enrofloxacin market is estimated to be valued at US$ 180 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The enrofloxacin market is witnessing high growth owing to increasing demand for antibiotic for veterinary use. According to the Food and Agriculture Organization (FAO), the world population of livestock is expected to rise by 70 percent by 2050. Moreover, there has been a rise in meat consumption globally which is resulting in increased livestock production. This is creating more demand for veterinary drugs including antibiotics such as enrofloxacin. Furthermore, enrofloxacin is used to treat variety of bacterial infections like respiratory infections thereby, Global Enrofloxacin Market Size fueling market growth over the forecast period. However, rising concerns regarding antibiotic resistance due to overuse and misuse of antibiotics including enrofloxacin may hinder market growth during the forecast period.
SWOT Analysis
Strength: Enrofloxacin is a broad-spectrum antibiotic used to treat bacterial infections in poultry and livestock. It has a wide range of effectiveness against both Gram-positive and Gram-negative bacteria. Enrofloxacin is available as an oral solution and has high solubility, making it convenient for mass medication of flocks and herds. Its efficacy at low dosage minimizes treatment costs for farmers.
Weakness: Development of bacterial resistance is a major concern with prolonged or excessive use of enrofloxacin. Prolonged exposure of bacteria to the drug can stimulate mutations that make them resistant to its effects over time. Its administration may not be approved for all food producing animals in some regions or countries.
Opportunity: Growth in meat consumption globally is driving increased demand for antibiotics like enrofloxacin to prevent and treat diseases in food animals. Asia Pacific region in particular is expected to offer new opportunities for market expansion due to rising incomes and westernization of diets. New product developments that improve efficacy could attract more customers.
Threats: Stringent regulations to curb antibiotic misuse in livestock may restrict the use of enrofloxacin in the long run. Alternative treatment options involving vaccines or other antimicrobials also pose a threat. Trade barriers and import restrictions in some markets pose risks.
Key Takeaways
The global enrofloxacin market is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising meat consumption globally.
Regional analysis: The Asia Pacific region currently accounts for the largest share in the global enrofloxacin market owing to the presence of major meat producing nations like China and India. Rapid economic development and rising disposable incomes have fueled demand for animal protein in the form of pork, poultry and beef. This is driving preventive healthcare and medication of livestock in the region. The market is expected to grow at a CAGR of over 17% in Asia Pacific through 2031.
Key players: Key players operating in the enrofloxacin market are Novartis, Allergan, Merck, RPG Life Sciences, and Zhejiang Guobang Pharmaceutical. These companies have a wide marketing and distribution network to cater to the growing demand for antibiotics for poultry and livestock applications around the world.
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