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Demand for Quality Meat and Livestock Products Driving Global Veterinary Therapeutics Market

Blog Description

Acutely aware of the benefits of the sound health of livestock animals, stockmen these days are ensuring their well-being in every possible way. This has significantly filliped the global market for veterinary therapeutics in the past few years. The market has also been boosted by a growing trend of owing pets or companion animals, the emergence of new products to counter various maladies in animals, higher affordability of treatments, and greater budget allocation for the sound health of animals. 

Browse the full Fine Global Veterinary Therapeutics Market Report

On account of so many drivers, the global market for veterinary therapeutics is predicted to exhibit a healthy CAGR of 6.7% from 2016 to 2024. Expanding at this pace, it is slated to be worth US$50.2 bn by 2024 from US$26.9 bn in 2015. So far, North America and Europe have dominated the market by controlling a major chunk of it – about 28% each. Depending upon the product type, the drugs segment has outperformed the vaccines and feed additives segments till now by commanding well over 50% of the revenue in the global market. 

Top-Notch Players Leverage Consolidation and Expansion Strategies 

With the top 10 leading players holding a share of over 75.0%, the global market for veterinary therapeutics looks moderately consolidated. Among the big-ticket companies operating in the space, Zoetis, Inc., for example, has outperformed others with its wide array of products, geographical outreach, and astute acquisition strategies. In fact, not just the company in question, but most other top-notch players have leveraged carefully considered consolidation and expansion strategies, especially in regions having high potential for growth. 

A recent example in this direction is the well-thought-out swap of Boehringer Ingelheim’s over-the-counter (OTC) medicines business for Merial – Sanofi’s animal health business segment – in late 2015. The move would enable the two entities to become leaders in two different fields in the global veterinary therapeutics and pharmaceuticals market. 

Low Returns of Research and Development Deter Growth 

The demand for various types of quality meat and livestock products at affordable prices across the world has been the single-most important growth driver in the global market for veterinary therapeutics. Going forward, these factors will continue upping the demand along with rapid improvement in treatments and surgeries for companion animals and the creation of innovative products to combat new diseases in animals. 

Browse the full Press Release of Global Veterinary Therapeutics Market at :

Growth generated by the aforementioned factors in the global market for veterinary therapeutics, however, will be hobbled by the discouragingly low returns on research and development projects. Further, a reduction in approvals for new chemical entities (NCE) due to strict regulatory norms and an aging product portfolio would also likely hobble growth. Take, for example, the U.S. Animal and Plant Health Inspection Service, which changed its regulations on product labels in July 2015. Prior to the new regulations being implemented, brands could claim any of four levels of efficacy, but now, just a single claim can be used. Fewer NCE approvals in the past few years have especially left vendors with less growth through lifecycle extension strategies.