Veterinary Drugs Market - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2016 – 2024
The top ten companies in the global veterinary drugs market hold more than
70% of the overall market share. In 2015, companies such as Merck Animal
Health, Zoetis, Inc., Merial Animal Health, Elanco Animal Health, and Bayer
Animal Health dominated the overall landscape thus rendering the market
highly consolidated. Despite this, fierce competition exists among the leading
players in the global veterinary drugs market.
To enhance brand value, a majority of them are substituting mass marketing
strategies by direct assistance, finds Transparency Market Research (TMR) in
a new report. Besides this, multi-product purchases are encouraged by offering
lucrative discounts. “Competition is stirred further, as companies jumpstart
research pipeline through acquisition of start-ups,” observed the TMR report’s
TMR made forecasts for the global veterinary drugs market to exhibit a CAGR
of 5.1% between 2016 and 2024. At this pace, the market’s valuation is
projected to reach US$26.7 bn by the end of 2024, from US$17.2 bn in 2015.
Based on products, the parasiticides segment will prove the most lucrative,
exhibiting a CAGR of 6.1% during the forecast period. The high demand for
parasiticides drugs for the treatment of livestock will aid the growth of the
Regionally, North America held the dominant value-based share of 30.9% in
the overall market in 2015. “Despit e losing its market share in the coming
years, the region will continue to helm the global veterinary drugs market
through the course of the report’s forecast period,” said a lead TMR analyst.
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Growth of the global veterinary drugs market will correspond directly to the
greater spending on companion animals. In addition improved surgical and
medical capabilities fo r companion animals will create growth prospects for
the overall market. It is also forecast to gain from recent innovations in the
field of surgery for companion animals. Due to such g reater emphasis on the
health and wellness of our companion animals, their life-span has increased.
Veterinarians and owners these days are looking for better nutrition of their
four-legged companions, which in turn has expanded the use of veterinary
medications and services.
Besides this, the evolution of novel therapeutics aimed at helping companion
animals combat and cope with zoonotic d iseases will hel p in growth of the
overall market. According to experts, the incidence of various zoonotic and
vector-borne diseases is likely to increase in the coming years. With this, the
demand for effective veterinary drugs will increase as well. The market is also
expected to gain from the increasing meat consumption and the demand for
high quality proteins for livestock animals.
On the downside, th e absence of novel veterinary drugs will have a negative
impact on the overall market. Despite high investment in research and
development activities, the global veterinary d rugs market is yet to receive
fruitful returns. With stringent approval norms, the challenges for the market
players are bound to increase in the coming years. Also, rising concerns related
to the use of antibiotics and growth promoters in food producing livestock pose
threat to the market. Evidences have shown negative effects of these hormonal
constituent administered to livestock on human. With growing awareness
regarding the same, negative influence on the veterinary drugs market is very
likely. Besides these challenges, the market players are reeling under the
presence of counterfeit products. This is more common across emerging
nations of Asia Pacific and Africa. These medicines are cheap and low-quality
substitutes of original products and are not adequately tested.
Nevertheless, robust growth is on cards as biologics and specialty care offer
potential opportunities for players. Besides this, the market is also expected to
gain from the growing awareness about the availability of veterinary drugs and
that they are available for affordable price.
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