Press release
Veterinary Therapeutics Market : Analysis and Research Report by Experts 2025
The Kingdom of Saudi Arabia (KSA) veterinary therapeutics market is expected to witness high level of competition in coming few years. The contours of this regional market are influenced increasingly by the entry of several new players in the market. Further, growing number of public private partnerships in the region has opened several new avenues in the KSA veterinary therapeutics market. Some of the prominent names in the regional market are Boehringer Ingelheim, Bayer, Merck Animal Health, Elanco, and Zoetis Inc.Growing number of players in the KSA veterinary therapeutics market are benefitting from investments of livestock industry on vaccines, animal feed additives, and therapeutics drugs. This is driven largely by the growing awareness about the health of pets and livestock in the KSA.
ksa veterinary therapeutics market
Research in Veterinary Pharmacology Open New Avenues
The KSA veterinary therapeutics market has seen the introduction of an assortment of products with promising efficacy and good safety. The search of pharmaceuticals toward novel drugs has stirred research in veterinary pharmacology around the globe, and increasingly in the Middle East. Top players in the regional market has benefitted from the advent of wide range of biologicals and nutritional products. New therapeutic approaches have considerably expanded the outlook of the KSA veterinary therapeutics market.
The Kingdom of Saudi Arabia veterinary therapeutics market stood at US$0.3 bn in 2016. The opportunities in the regional market are projected to touch half a billion by the end of 2025. This amounts to compound annual growth rate of 4.7% during 2017 - 2025.
The KSA veterinary therapeutics market is influenced by several technological advances in drug screening and pharmacogenomics in various parts of the world. Rapid advances in computer technologies used in drug screening have boosted the regional market. In addition, the growing adoption of high-throughput screening and novel nanotechnologies has positively impacted the growth of the KSA veterinary therapeutics market. Further, advancements in microfluidics have helped pave way to the development of more efficacious veterinary therapeutics.
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Technological Advances in Targeted Drug Delivery Open New Paradigms
New avenues have also emerged from technological advancements in targeted drug delivery in emerging markets in the healthcare sector. Going forward, more improvements in drug delivery will expand potential in the KSA veterinary therapeutics market. A great deal of recent developments have focused on developing pharmaceuticals for treating bacterial infections in pets and livestock. Among the various product type, the pharmaceutical segment is expected to account for more than half of the regional market share by the end of the assessment period. Growing incidence of infectious in companion animals in KSA is also bolstering prospects of the regional market.
Over the past few years, the KSA veterinary therapeutics market has seen a slew of investments both by public as well as private organizations on the health of companion animals. In addition, the KSA governments has increased its focus on the health of livestock. Growing demands for high-quality animal protein have catalyzed developments in these directions. Further, in recent years, new pathogens effecting the health of livestock in KSA has attracted the attention of vaccine manufacturers around the world. This has underpinned new growth prospects in the KSA veterinary therapeutics market.
Low Rate of Returns on R&D Investments Hampers Prospects
However, a few factors have constrained the KSA veterinary therapeutics market to attain its full potential. The high cost of medicines and the low affordability of vaccines in the Middle East have been crucial bottlenecks in the regional market. Low rate of returns on investments in research and development activities to an extent has dampened investments by players in the KSA veterinary therapeutics market. Increasing menace of antibiotic-resistant pathogens has also adversely affected the prospects of the regional market.
On the other hand, notable rise in zoonotic diseases has opened new demand potential in the KSA veterinary therapeutics market. Moreover, growing focus of the regional government on the health of livestock industry is propelling investments by global pharmaceutical, biotech, and life sciences companies in veterinary pharmacology. This has underpinned new opportunities for various regional players over the past few years.
The information shared in this review is based on a TMR report, titled "Veterinary Therapeutics Market (Product-Pharmaceuticals (Ectoparasites, Endoparasites, Antibiotics, Anti-inflammatories, and Endectocides), Vaccine (Bacterial, and Viral), Nutritional Feed Additives (Amino Acids, Vitamins, and Minerals), and Disinfectants (Floor and Used in Tissues); Animal Type - Companion Animals (Dogs and Cats) and Livestock Animals (Cattle, Sheep, and Poultry)) Kingdom of Saudi Arabia (KSA) Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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