Rising Inclination towards Pet-ownership Leads to Increased Need for Effective Veterinary Drugs in Global Market
Government interventions, increased investment aimed at the research and development of new drug varieties to cope with a variety of zoonotic diseases, and stringent regulations regarding safety and hygiene of animal source foods continue to drive the market for veterinary drugs. In the near future, while the market will continue to reel under the threat of generics and low-quality counterfeits, the increased affordability of a variety of drugs will keep the market pacing at a healthy pace.
Transparency Market Research states that the market will exhibit a 5.1% CAGR over the period between 2016 and 2024, rising to a valuation of US$26.7 bn by 2024 from US$17.2 bn in 2015.
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Q. Which target group contributes major chunk in revenue of global market?
From the perspective of the target group of animals, the veterinary drugs market can be segmented into livestock animals and companion animals. Of these, the segment of livestock animals presently accounts for the dominant share in the overall market, chiefly owing to the significant global rise in the demand for high quality animal protein and poultry products. The constant rise in pet owners across developed as well as developing countries is presenting the need for effective treatment methods for companion animals as well. Thus, the segment of veterinary drugs for companion animals is expected to exhibit growth at a robust pace over the next few years.
On the basis of product, the market has been examined in the report for parasiticides, anti-infective drugs, and anti-inflammatory drugs. Of these, the segment of anti-infective drugs accounted for the dominant share in the global market in 2015 and is expected to witness healthy growth over the next few years owing to the rising prevalence of zoonotic disease epidemics. However, the segment of parasiticides is expected to exhibit the most promising progression. The segment is expected to exhibit a 6.1% CAGR, higher than other product varieties, over 2016 and 2024.
Q. Which regional market will present most fruitful growth opportunities to the market?
North America and Europe are presently the leading contributors of revenue to the global veterinary drugs market. North America leads, with a 30% share in the market in 2015. The huge number of households owning pets and pet population as well as the vast expenditure on wellness of pets in these regions are key to the excellent growth opportunities offered to the market for veterinary drugs. In the next few years as well, these regions will continue to account for a significant share in the global veterinary drugs market. The markets across Asia Pacific and Latin America will also witness promising growth prospects owing to the rising numbers of pet-owners and rising disposable incomes.