Growing awareness about the well-being of livestock as well as companion animals has emerged as one of the key drivers of the global veterinary therapeutics market. Moreover, the increasing demand for a variety of meat owing to changing eating habits has given a significant push to the demand for veterinary therapeutics. Other factors bolstering the growth of the global market are the development of new products capable of combating new varieties of diseases in animals, increasing ownership of companion animals, growing expenditure on animal health, and improved treatments coupled with increased affordability.
Latin America to Emerge as Most Promising Market
Presently, North America is the leading regional market for veterinary therapeutics. The growth of this region can be attributed to the rising trend of pet ownership, strong economic growth, superior animal health care base, and growing awareness regarding the prevention of diseases by veterinarians and owners.
However, Latin America is expected to expand at the most promising growth rate. In countries such as Brazil, steady growth in the capacity of meat production has attracted several global players to increase their presence to capitalize on the abundant growth opportunities present in the region. Moreover, the Latin America region is anticipated to emerge as one of the top global meat exporters in the forthcoming years. Hence, large companies are investing heavily in the region to benefit from the potential rise in demand for medicated feed additives, vaccines, and drugs for the growing population of livestock animals. Furthermore, many domestic vendors in the region have increased their focus on specialized therapeutics and vaccines such as swine therapeutics.
New Chemical Entities (NCE) Approvals to Hamper Growth of Global Veterinary Therapeutics Market
The global veterinary therapeutics market is adversely affected by concerns such as an aging product portfolio and lower returns on the substantial investments made on research and development projects. Declining new chemical entities (NCE) approvals due to stringent regulatory requirements have left vendors with less growth through lifecycle extension strategies. For instance, according to the amendments in the U.S. Animal and Plant Health Inspection Service, companies can only claim a single level of efficacy, which was four prior to July 2015.