The veterinary drugs market is prognosticated to observe considerable growth during the forecast period of 2016-2024. The animal ownership rate is increasing at a rapid pace. Furthermore, the livestock adoption rate is also growing exponentially. These factors will help in expanding the growth landscape of the veterinary drugs market during the forecast period.
Veterinary drugs are used for treating numerous conditions in animals. These drugs are given to the animals via drinking water, animal feed, or injection. Prominent types of veterinary drugs are parasiticides, anti-infective, anti-inflammatory, and others. They are vitally used in companion animals and livestock. Veterinary drugs improve the quality of life of the animals, and hence, these factors help form a positive growth trajectory.
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One of the vital aspects of veterinary drugs is research and development activities. The players in the veterinary drugs market invest extensively in these activities. They help in the overall development of the drugs, eventually increasing the revenues. Thus, an enhanced focus on research and development activities helps in boosting the growth prospects of the veterinary drugs market.
Strategic collaborations have an important part in the growth structure of the veterinary drugs market. The players are involved in mergers, acquisitions, partnerships, and joint ventures. These activities serve as growth accelerators as they strengthen the position of the players in the veterinary drugs market and help them in expansion activities.
Transparency Market Research’s (TMR’s) research report on the veterinary drugs market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on veterinary drugs by TMR suggests a stable growth period.
According to the TMR experts, the market for veterinary drugs is prognosticated to expand at 5.1 percent CAGR during the forecast period of 2016-2024. In the context of valuation, the veterinary drugs market is estimated to reach a valuation of US$ 26.7 bn by 2024, and was valued at US$ 17.2 bn in 2015.
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Countries Having Agriculture as Main Occupation to Bring Substantial Growth for Veterinary Drugs Market
The countries having agriculture as their main profession like India will bring tremendous growth opportunities for the veterinary drugs market. The use of veterinary drugs in livestock will serve as great contributors of growth. Furthermore, enhanced government support from various countries in promoting veterinary drugs helps in accelerating the growth cycle. The signing of an agreement between the Government of India’s AYUSH Ministry and the Animal Husbandry Department for exploring the different aspect for developing quality veterinary drugs through medicinal herbs is a classic instance of government support. Such developments will bring brilliant growth prospects.
Rising Pet Adoption Numbers to Increase Growth Rate of Veterinary Drugs Market
The trend of pet ownership is on the rise in many countries. The American Society for the Prevention of Cruelty to Animals (ASPCA), over 85.8 mn cats and 78 mn dogs are owned in the U.S. alone. These statistics reveal the rising influence of pet ownership. All these aspects bode well for the growth of the veterinary drugs market.
Livestock Segment to Gain Substantial Growth Share
The livestock segment is expected to garner a dominating share during the forecast period. The high adoption rate of livestock in countries having agriculture as the main occupation will prove to be a profitable growth booster. Furthermore, healthcare expenditure has expanded substantially in the veterinary industry. The demand for meat is also on the rise. All these factors will have a profound impact on the growth of the veterinary drugs market.
Some well-established players in the veterinary drugs market are Dechra Pharmaceuticals PLC., Boehringer Ingelheim GmbH, Virbac, Vetoquinol, Bayer AG., Ceva Santé Animale, and Elanco Animal Health (Eli Lilly and Company).
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