The competition in the global veterinary therapeutics market is considerably high owing to incessant investments from companies for research and development, states Transparency Market Research (TMR) in a research report. Many mergers and acquisition by leading firms to expand product portfolio and enter new markets is also likely to lead to market consolidation. Companies are also anticipated to offer discounts on pricing for multi-product purchases. The leading companies in the global veterinary therapeutics market are Bayer Animal Health, Elanco Animal Health, Merck Animal Health, Zoetis, Merial Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Virbac, and Vetoquinol S.A. among several others. Direct assistance is replacing mass marketing strategies and technical and sales support is now being provided by animal health firms directly to producers in order to differentiate and sell products.
According to a TMR analyst, “The global market for veterinary therapeutics is likely to expand at a 6.7% CAGR fro, 2016 to 2024. In 2015, the market was worth US$26.9 bn and is projected to rise to a valuation of US$50.2 bn by the end of 2024.”
Drugs to Surface as Leading Product Type
In 2015, drugs emerged as the leading product segment with a share of 55.5%. Although its shares are likely to drop, it is expected to remain the leading product type in 2024 as well with a share of 50.1%. Increase in pet ownership is expected to boost the parasiticides market; however, growing restrictions on usage of antibiotics is expected to offset the growth of the drugs segment. Developing diseases and unmet needs for specific drugs are the major drivers of the anti-infective drugs segment. Nevertheless, growing risks of antibiotic resistance is expected to slow the market growth during the forecast period. Vaccines are likely to emerge as the second most popular product type owing to the growing need for vaccines for controlling zoonotic diseases and other diseases along with technological innovations.
In terms of region, North America is expected to lead the market during the forecast period with a share of 28.0% in 2024 owing to the high adoption of veterinary products. The region is also a domicile to many key players such as Elanco Animal Health and Zoetis, Inc. which further boosts the growth of the market in this region. Asia Pacific is also expected to perform well owing to high adoption of drugs, vaccines and medicated feed additives for the well-being of the extensively growing livestock population in the region.
Rising Ownership of Companion Animals to Fuel Market Growth
With the ownership of companion animals rising, the demand for facilities that cater to the wellness of animals is also rising substantially. Pet ownership is growing in developed and emerging markets, and as a result, expenditure on companion animals is rising globally. The global market for animal health care continues to prosper at a high growth rate. This growth is driven in developed countries by improved surgical and medical capabilities for companion animals. Improved demand for meat protein of high quality is likely to drive the livestock animal products market in developing countries. Increased longevity of pet animals due to improvement in diagnostics, greater emphasis on wellness and prevention by veterinarians, and enhanced nutrition has expanded the use of veterinary services and medications. However, strict government regulatory policies in some of the major markets could be a major restraint of the veterinary therapeutics market.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Veterinary Therapeutics Market (Product Type - Drugs (Anti-invectives’, Anti-inflammatory, Parasiticides), Vaccines (Inactivated Vaccines, Live Attenuated Vaccines, Recombinant Vaccines), Medicated Feed Additives (Amino Acids, Antibiotics); Animal Type - Companion Animals, Livestock Animals; Route of Administration - Oral, Parenteral, Topical; Distribution Channel - Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For this study, the market global veterinary therapeutics market has been segmented as follows:
Global Veterinary Therapeutics Market, by Product Type
Global Veterinary Therapeutics Market, by Animal Type
Global Veterinary Therapeutics Market, by Route of Administration
Global Veterinary Therapeutics Market, by Distribution Channel
Global Veterinary Therapeutics Market, by Geography
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