Saudi Arabia Veterinary Therapeutics Market to Reach US$ 805.5 Mn by 2031: Transparency Market Research

Saudi Arabia Veterinary Therapeutics Market: Introduction

According to the report, the veterinary therapeutics market in Saudi Arabia was valued at US$ 452.7 Mn in 2020 and is projected to expand at a CAGR of 5.5 % from 2021 to 2031. The medical field, in which veterinary medications play a vital role, continues to evolve at a steady rate. Currently, technological developments and research & development activities are responsible for breakthroughs in the veterinary therapeutics market. Veterinary therapies have witnessed significant advancements in the last decade, as drug developers strive to increase the overall performance of their products. Moreover, cost-effectiveness, convenience of administration, and suitability for mass immunization are the other factors that have got attention throughout the drug development phase.

Government Support for Animal Feed Import

The Government of Saudi Arabia implemented various policies that support agriculture and encourage private players, resulting in overall improvement of the agricultural sector. Cultivated corn is primarily utilized as animal feed in the poultry segment. Apart from local production, the country imports large quantities of corn. The government provides subsidies to those that export corn. The private sector has played a major role in the development of the agriculture sector in the country. This is primarily due to government programs that offer long-term, interest-free loans, technical & support services, and incentives, such as free seeds and fertilizers, low-cost water, fuel and electricity, and duty-free imports of raw materials & machinery.

Drugs Segment to Lead Saudi Arabia Veterinary Therapeutics Market

In terms of product, the veterinary therapeutics market in Saudi Arabia has been classified into drugs, vaccines, and medicated feed additives. The drugs segment has been split into anti-infective, anti-inflammatory, parasiticides, and others. The rise in demand for high quality protein is accompanied by a surge in demand for drugs to keep livestock animal-disease free. On the other hand, ownership of companion animals is expected to increase in the near future. The surge in pet ownership is expected to drive the parasiticides segment. However, growing restrictions on usage of antibiotics is likely to restrain the drugs segment.

The demand for vaccines is likely to increase to prevent zoonotic diseases. The new trend of administering medicines through medicated feed additives is likely to boost the medicated feed additives segment during the forecast period.

Livestock Animals Segment to Dominate Saudi Arabia Veterinary Therapeutics Market

Based on animal type, the veterinary therapeutics market in Saudi Arabia has been bifurcated into livestock animals and companion animals. Increase in production of livestock animals to meet the animal food demand augments the veterinary therapeutics market. Companion animals are increasingly becoming a vital part of every family. This presents significant opportunities in the veterinary therapeutics market in Saudi Arabia.

Oral Route of Administration Segment to Lead Market

In terms of route of administration, the veterinary therapeutics market in Saudi Arabia has been divided into oral, parenteral, and others. The oral segment dominated the veterinary therapeutics market in Saudi Arabia, as most antibiotics and amino acids are administered through the oral route together with feed additives. The parenteral segment is likely to grow at a high CAGR due to increase in government initiatives for the betterment of animal health through vaccination.

The rise in prevalence of chronic conditions in pets is anticipated to drive the veterinary therapeutics market. For instance, in July 2020, Merck received the U.S. FDA approval for Bravecto monthly chews for dogs and puppies, thereby expanding its product portfolio.

Veterinary Hospitals & Clinics Segment to Dominate Market

In terms of distribution channel, the veterinary therapeutics market in Saudi Arabia has been divided into veterinary hospitals & clinics, pharmacies & drug stores, and others. The increase in the number of hospitals and range of services available at one site drive the segment. In addition, rise in pet ownership has increased the number of companion animal visits to veterinary clinics. This propels the veterinary therapeutics market. The number of pharmacies is anticipated to increase in the near future as it is a key dispenser of over-the-counter veterinary drugs and other products.

Competition Landscape

The veterinary therapeutics market in Saudi Arabia is fragmented due to the presence of large number of leading players. Key players operating in the market include Boehringer Ingelheim International GmbH, Ceva Santé Animale, Dechra Pharmaceuticals plc, Elanco, Al-Takamul Agriculture Co., Virbac, Vetoquinol S.A., Zoetis Health, and Saudi Pharmaceutical Industries (SPI).

Saudi Arabia Veterinary Therapeutics Market: Segmentation

  • Saudi Arabia Veterinary Therapeutics Market, by Product
    • Drugs
      • Anti-infective
      • Anti-inflammatory
      • Parasiticides
      • Others
    • Vaccines
      • Inactivated Vaccines
      • Live Attenuated Vaccines
      • Recombinant Vaccines
      • Others
    • Medicated Feed Additives
      • Amino Acids
      • Antibiotics
      • Others
  • Saudi Arabia Veterinary Therapeutics Market, by Animal Type
    • Companion Animals
    • Livestock Animals
  • Saudi Arabia Veterinary Therapeutics Market, by Route of Administration
    • Oral
    • Parenteral
    • Others
  • Saudi Arabia Veterinary Therapeutics Market, by Animal Type
    • Veterinary Hospitals & Clinics
    • Pharmacies & Drug Stores
    • Others

About Pharmaceutical Industry at Transparency Market Research

TMR’s business intelligence reports on the pharma sector is a lucid analysis to include the influence of double-digit growth of the healthcare sector. Experts engage in aspects of clinical research, novel scientific approach, and pipeline products to evaluate the vast scope of growth of the pharma sector. The anticipated heavy dependence on next-gen technologies from the start of clinical research for drugs to manufacturing and distribution is discussed extensively in our reports.

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