Veterinary Therapeutics Market Estimated to Experience a Hike in Growth by 2024

The global veterinary therapeutics market features a largely consolidated competitive landscape, with the leading 10 companies accounting for a share of more than 75.0% of the global market, reports Transparency Market Research in a recent report. Zoetis, Inc. dominated, accounting for a share of 18.5% in the global market in 2015. The company outperformed competitors with the help of its diversified product portfolio, extensive geographical presence, and acquisition strategies. Strategic consolidation and expansion across high growth potential regions are some of the most popular strategies adopted by leading market players in the rapidly growing animal health care market.

A recent instance of such activities is the strategic swap of Boehringer Ingelheim’s over-the-counter (OTC) medicines business for Sanofi’s animal health business segment Merial in December 2015. With the exchange, these two companies will become leading competitors in two different disciplines in the global veterinary therapeutics and the overall pharmaceuticals market.

Transparency Market Research states that the global veterinary therapeutics market will expand at a healthy CAGR of 6.7% over the period between 2016 and 2024. As a result, the market, which held an opportunity of US$26.9 bn in 2015, is expected to rise to US$50.2 bn by 2024. In terms of the key product types that come under the purview of the market, the segment of drugs holds the leading position, accounting for a revenue-wise share of 56.2% in the global market in 2015. Geography-wise, North America dominated the global market in 2015, accounting for a share of 28.9%. Europe closely followed the region in the same year with a 28.1% share.

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The global rise in demand for food has led to an increased focus on cost-effective and high-quality production of animal protein. Changing eating habits of the global population have also led to an increased demand for a variety of meat and livestock products globally. This factor has emerged as one of the most impactful drivers of the global veterinary therapeutics market of late. This factor will continue to be a leading demand driver of the market and is expected to increase focus of leading companies on regional markets with flourishing livestock markets and excellent animal products export capabilities.

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Along with this, the vast rise in research and development activities and advancements in the field of veterinary therapeutics have resulted in substantial improvement in treatment and surgical capabilities for companion animals and the development of new products capable of combating new diseases in animals. In the past few years, a plethora of factors including climate changes, increasing import of animals from endemic areas, and the rise in international travels by companion animal owners have triggered the rise in vector-borne infections outside traditional endemic areas. These factors are also key drivers of the market for animal pharmaceuticals and parasiticides.

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Low Returns on R&D and Stringent Regulations Hinder Growth Prospects

The global veterinary therapeutics market is plagued by concerns such as the need for substantial investments on research and development projects but the comparatively lower returns, decline in new chemical entities (NCE) approvals owing to stringent regulatory requirements, and an aging product portfolio. The factor of fewer NCE approvals in the past few years, has, especially, left vendors with less growth through lifecycle extension strategies. Stringent government regulatory and approval policies in some of the key regional markets could also be a major restraint for the market. For instance, the U.S. Animal and Plant Health Inspection Service revised regulations on product labels in July 2015. Prior to the implementation of these regulations, brands could claim any of four levels of efficacy, but now, only a single claim may be used.

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