Veterinary Drugs Market Size to Accelerate at a Rapid CAGR of 5.1%

Increasing Tendency for Higher Spending on Companion Animals Drives Demand for Veterinary Drugs

The growth of the veterinary drugs market is driven by increasing pet ownership and a high spending on their health and well-being. In addition, innovations and advancements for surgical procedures for companion animals is also boosting the growth of this market. Due to increased consideration for the health and well-being of companion animals, their life expectancy has increased. Veterinarians and pet owners are looking to provide better nutrition to companion animals which may be in the form of nutritional supplements and animal wellness drugs. Besides this, the introduction of novel therapeutics that help companion animal combat zoonotic diseases is aiding the growth of veterinary drugs market.

With the increasing incidence of zoonotic and vector-borne diseases the market is expected to be benefitted over the forecast period. The market is also expected to be benefitted from increasing demand for high quality meat that requires livestock to be free of diseases.

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TMR forecasts the global veterinary drugs market to display a CAGR of 5.1% from 2016 to 2024. At this pace, the valuation of the market is projected to reach US$26.7 bn by 2024 increasing from US$17.2 bn in 2015.

Livestock Animal Segment to hold Leading Share in Market

In terms of animal type, the market is divided into livestock animal and companion animal. Between the two, livestock animal held the leading share in 2015 due to an ever-increasing demand for poultry meat and high quality protein. The segment of companion animal is expected to display robust growth as well over the forecast period. This is due to increasing pet ownership and increasing expenditure on their well-being.

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Regionally, North America is likely to remain the leading contributor to the global veterinary drugs market. This is mainly due to the widespread presence of veterinary drugs market players in the region, the growing popularity of a variety of companion animals, and the steady demand for a variety of meat and other animal products. The high disposable income of consumers in the region has also allowed for increased expenditure on animal care, which is likely to remain a key driver for the veterinary drugs market in North America. The North America accounted for more than 30% of the global veterinary drugs market in 2015 and is likely to retain a similarly dominant share through the 2016-2024 forecast period.

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The rapid entry of new products in the veterinary drugs market has led to a risk of counterfeit products establishing dominant shares in the market. The increasing awareness about the adverse effects of some veterinary drugs on humans has also restricted the global veterinary drugs market in some regions.

The global veterinary drugs market is reasonably consolidated, with the top ten companies accounting for more than 70% of the overall market in 2015. Leading companies in the global veterinary drugs market include Merck Animal Health, Elanco Animal Health, Zoetis Inc., Bayer Animal Health, and Merial Animal Health. Fierce competition is the norm in the global veterinary drugs market due to the increasing commercial potential of the market and the lucrative opportunities on offer in developing regions, where specialty medical sectors such as the veterinary drugs market are yet to undergo smooth development and widespread adoption.

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Many companies in the global veterinary drugs market are likely to focus on fostering closer relationships with individual customers in the coming years instead of developing a vast consumer base. This has emerged as a successful strategy in the global veterinary drugs market due to the intensifying competition; direct assistance is likely to remain a key tool in the repertoire of successful veterinary drugs market players in the coming years.

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This release was published on openPR.