The top ten companies in the global veterinary drugs market hold more than 70% of the overall market share. In 2015, companies such as Merck Animal Health, Zoetis, Inc., Merial Animal Health, Elanco Animal Health, and Bayer Animal Health dominated the overall landscape thus rendering the market highly consolidated. Despite this, fierce competition exists among the leading players in the global veterinary drugs market.
To enhance brand value, a majority of them are substituting mass marketing strategies by direct assistance, finds Transparency Market Research (TMR) in a new report. Besides this, multi-product purchases are encouraged by offering lucrative discounts. “Competition is stirred further, as companies jumpstart research pipeline through acquisition of start-ups,” observed the TMR report’s author.
TMR made forecasts for the global veterinary drugs market to exhibit a CAGR of 5.1% between 2016 and 2024. At this pace, the market’s valuation is projected to reach US$26.7 bn by the end of 2024, from US$17.2 bn in 2015. Based on products, the parasiticides segment will prove the most lucrative, exhibiting a CAGR of 6.1% during the forecast period. The high demand for parasiticides drugs for the treatment of livestock will aid the growth of the segment.
Regionally, North America held the dominant value-based share of 30.9% in the overall market in 2015. “Despite losing its market share in the coming years, the region will continue to helm the global veterinary drugs market through the course of the report’s forecast period,” said a lead TMR analyst.
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Growth of the global veterinary drugs market will correspond directly to the greater spending on companion animals. In addition improved surgical and medical capabilities for companion animals will create growth prospects for the overall market. It is also forecast to gain from recent innovations in the field of surgery for companion animals. Due to such greater emphasis on the health and wellness of our companion animals, their life-span has increased. Veterinarians and owners these days are looking for better nutrition of their four-legged companions, which in turn has expanded the use of veterinary medications and services.
Besides this, the evolution of novel therapeutics aimed at helping companion animals combat and cope with zoonotic diseases will help in growth of the overall market. According to experts, the incidence of various zoonotic and vector-borne diseases is likely to increase in the coming years. With this, the demand for effective veterinary drugs will increase as well. The market is also expected to gain from the increasing meat consumption and the demand for high quality proteins for livestock animals.
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On the downside, the absence of novel veterinary drugs will have a negative impact on the overall market. Despite high investment in research and development activities, the global veterinary drugs market is yet to receive fruitful returns. With stringent approval norms, the challenges for the market players are bound to increase in the coming years. Also, rising concerns related to the use of antibiotics and growth promoters in food producing livestock pose threat to the market. Evidences have shown negative effects of these hormonal constituent administered to livestock on human. With growing awareness regarding the same, negative influence on the veterinary drugs market is very likely. Besides these challenges, the market players are reeling under the presence of counterfeit products. This is more common across emerging nations of Asia Pacific and Africa. These medicines are cheap and low-quality substitutes of original products and are not adequately tested.
Nevertheless, robust growth is on cards as biologics and specialty care offer potential opportunities for players. Besides this, the market is also expected to gain from the growing awareness about the availability of veterinary drugs and that they are available for affordable price.
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