The global market for veterinary drugs has grown leaps and bound over the last decade due to increasing awareness about animal health care. Growing importance of both livestock and companion animals in the lives of humans is an underpinning factor for the growth of the market and continues to compel owners to adhere to proper therapeutic methods to ensure health and wellness of their animals. Rising prevalence of zoonotic diseases is another important factor fuelling the veterinary drugs market, leading to a vast rise in the number of companies operating in this area owing to the rising demand and a vast surge in government, especially in emerging economies, with the aim of providing subsidized products to livestock farmers in rural areas.
Some of the other key factors driving the global veterinary drugs market are:
• Increase in ownership of companion animals globally
• Evolution of new products combating emergence of new diseases in animals
• Increasing affordability and expenditure on animal health
• Greater emphasis on prevention and wellness by veterinarians and owners
According to a recent market research report by Transparency Market Research, the global veterinary drugs market will register a healthy 5.1% CAGR from 2016 and 2024, rising from a valuation of US$17.2 bn in 2015 to a revenue opportunity of US$26.7 bn by 2024.
Demand for Anti-inflammatory Drugs Radically Increases
Anti-infectives and parasiticides accounted for largest share of the drugs segment and are estimated to dominate the market during the forecast period due to high demand for preventive measures against various infectious ailments as well as endoparasites and ectoparasites. Demand for anti-inflammatory drugs is also expected to rise during the forecast period as the need for adopting effective pain management measures and the use of NSAIDs in animals has increased radically in current times, with use of NSAIDs for a variety of ailments in companion animals being a routine measure of healthcare. The other drugs segment including specialty pharmaceuticals used to treat cardiovascular, metabolic, and respiratory conditions is poised to offer lucrative opportunities in the near future.
North America and Europe Remain Leading Regional Markets
Increasing pet population and new product introduction by global players for the betterment of animals are key factors attributed to the dominance of North America in the global veterinary drugs market. The U.S. held a significant share of the market in North America as well as globally. In addition, rise in insurance of pet animals plays a vital role in increasing expenditure on companion animals in the region.
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The market is also well-developed in Europe; Europe accounted for the second largest share of the global veterinary therapeutics market in 2015 due to well-established veterinary health care network in the region. Despite the ongoing debate about restrictions on the use of antibiotics, the market size is likely to expand during the forecast period. However, regions such as Latin America and Asia Pacific exhibit potential for high market growth. The market in South Africa is growing at a steady rate due to increasing number of pet animals. Saudi Arabia and the UAE are growing due to increase in poultry production. Rising demand for high quality proteins is driving demand from the livestock animals segment.