Published on : Nov 29, 2016
The global market for veterinary therapeutics has seen good growth so far and going forward too it is expected to clock a CAGR of 6.7% from 2016 to 2024. The growth so far has been facilitated by rising concerns about the sound health of livestock animals and also a trend of owing pets or companion animals. As far as the current landscape is concerned, the global veterinary therapeutics market is markedly consolidated. The topmost 10 companies together control a whopping 75% of the global market.
Among the main players, Zoetis, Inc. emerged as the leader in 2015 with 18.5% market share. It stole a march over its competitors with its wide array of product offerings, geographical outreach, and well-thought-out acquisition strategies. In fact, most prominent companies operating in the industry have resorted to acquisitions to further enhance their market share. Geography-wise, North America and Europe hold a dominant chunk of the market.
Drug Segment Leads Market
The global market for veterinary therapeutics can be segmented on the basis of product type into drugs, vaccines, and feed additives. The drugs segment can be further subdivided into anti-inflammatory, anti-infective, parasiticides, and others. Similarly, the vaccine and feed additives segments can be again sub-segmented into other categories. Among the three, the drugs segment has outperformed the other two segments up until now by commanding well over 50% of revenue in the global market.
The global market for veterinary therapeutics can be also divided on the basis of route of administration into topical, oral, and parenteral. Depending upon the distribution channel, it can be segmented into pharmacies and drug stores, veterinary hospitals, veterinary clinics, and others.
Low Returns on Research and Development Discourages Market Growth
A rising demand for reasonably priced better quality animal meat and livestock products, which are a rich source of protein, has been at the forefront of driving the global market for veterinary products. This would continue augmenting growth in the upcoming years too. Pitiably low returns on extensive research and development alongside stringent regulatory norms, however, is thwarting the market considerably.