Veterinary Therapeutics Market Forecast Up To 2025 Illuminated By New Report
The veterinary therapeutics market in the Kingdom of Saudi Arabia (KSA) has undergone significant developments in the past few years and the demand for vaccines, veterinary drugs, and nutritional feed additives so as to prevent, treat, and manage various animal diseases has reached an all-time high.
Increased consumption of meat and the rising demand for high-quality proteins are key factors driving the market for veterinary therapeutics. In addition to this, government support for the import of animal feed and easy availability of antibiotics have given the veterinary therapeutics market a major boost. Moreover, the market is slated to be propelled by an increase in the ownership of companion animals and recent livestock disease outbreaks around the world. The value of the KSA veterinary therapeutics market stood at US$384.2 mn in 2016 and is projected to reach US$575.3 mn in 2025 at a CAGR of 4.7% therein.
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Viral Vaccines an Ideal Prevention for Several Veterinary Diseases
The veterinary therapeutics market in the Kingdom of Saudi Arabia is segmented on the basis of product type into ectoparasiticides, endoparasiticides, antibiotics, anti-inflammatories, and endectocides. The antibiotics segment is estimated to account for the leading share in the KSA veterinary therapeutics market by 2024 and the expansion of the segment is ascribed to the increase in demand for antibiotics for the prevention and treatment of several infectious diseases.
On the basis of vaccine type, bacterial and viral are the two main segments. The viral vaccines segment is estimated to hold the dominant share in the veterinary therapeutics market in the Kingdom of Saudi Arabia. Viral vaccines are known to be an ideal prevention for several veterinary diseases in the country. Moreover, these vaccines are durable, are easily transportable, can be conveniently administered, aid in infection prevention, and are known to remain stable in tropical climates.
Based on nutritional feed additives, the KSA veterinary therapeutics market is divided into amino acids, vitamins, and minerals. Amino acids form the dominant segment and slated to register healthy growth over the coming years. A significant volume of amino acids is consumed by poultry, pigs, and cattle.
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Livestock Animals Enjoy Dominant Share in KSA Veterinary Therapeutics Market
By way of animal type, the veterinary therapeutics market is segmented into livestock animals and companion animals. While companion animals include dogs and cats, livestock animals include cattle, sheep, and poultry. Accounting for the dominant share in the KSA veterinary therapeutics market in 2016, the livestock animals segment is propelled by rising demand for meat within the country. Increasing government support for livestock animal production in the Kingdom of Saudi Arabia, several new projects undertaken to cater to the ever-increasing demand-supply gap in the country, and growing investments in the healthcare sector by the Ministry of Health (MoH) are other key factors ensuring the dominance of the livestock animals segment. Livestock animals are also found to be the most attractive segment in the veterinary therapeutics market, ensuring its steady growth over the course of the forecast period.
The most prominent players operating in the veterinary therapeutics market in the Kingdom of Saudi Arabia include Elanco Animal Health, Ceva Sante Animale, Vetoquinol S.A., Dechra Animal Health, Merial Animal Health, Virbac S.A., Merck Animal Health, Boehringer Ingelheim Vetmedica, Inc., Bayer Animal Health, and Zoetis, Inc. There is a wide range of products available in the KSA veterinary therapeutics market owing to the growing entry of new players. This can be attributed to the fact that there are numerous government initiatives in place to lure multinational suppliers to invest in the country. A growing number of public private partnerships in the whole of the Middle East is also fueling the veterinary therapeutics market in the Kingdom of Saudi Arabia.
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