Global Veterinary Drugs Market: Snapshot

Across developed countries the ownership of companion or livestock animals of various known and exotic breeds has remained high since the last few decades. Developing countries are catching up in this regard as well. Across the world, livestock animals are majorly domesticated for their economic value. Dairy products, meat, fibers, and fertilizers derived from companion animals have considerable market value. In addition, their labor is put to use in agriculture and farming. Besides this, humans have grown fond of petting companion animals. Spurred by these factors the demand for veterinary drugs has increased as veterinarians and owners focus more on ensuring the health and wellness of companion pets.

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While the market continues reeling under threat from the availability of low quality counterfeit products, the growing affordability of veterinary drugs will keep their demand pacing higher in the coming years. Given the scenario, Transparency Market Research (TMR) forecasts the market to exhibit a CAGR of 5.1% between 2016 and 2024. At this pace, the market which stood at US$17.2 bn in 2015, is forecast to reach US$26.7 bn by the end of 2024.

Propensity to Spend More on Companion Animals Fuels Demand for Veterinary Drugs

Improved surgical and medical capabilities for companion animals will create growth prospects for the overall market. It is also forecast to gain from recent innovations in the field of surgery for companion animals. Due to such greater emphasis on the health and wellness of our companion animals, their life-span has increased. Veterinarians and owners these days are looking for better nutrition of their four-legged companions, which in turn has expanded the use of veterinary medications and services.

Besides this, the evolution of novel therapeutics aimed at helping companion animals combat and cope with zoonotic diseases will help in growth of the overall market. According to experts, the incidence of various zoonotic and vector-borne diseases is likely to increase in the coming years. With this, the demand for effective veterinary drugs will increase as well. The market is also expected to gain from the increasing meat consumption and the demand for high quality proteins for livestock animals.

Market Reeling Under Availability of Counterfeit Products

On the downside, the absence of novel veterinary drugs will have a negative impact on the overall market. Despite high investment in research and development activities, the global veterinary drugs market is yet to receive fruitful returns. With stringent approval norms, the challenges for the market players are bound to increase in the coming years. Also, rising concerns related to the use of antibiotics and growth promoters in food producing livestock pose threat to the market. Evidences have shown negative effects of these hormonal constituent administered to livestock on human. With growing awareness regarding the same, negative influence on the veterinary drugs market is very likely. Besides these challenges, the market players are reeling under the presence of counterfeit products. This is more common across emerging nations of Asia Pacific and Africa. These medicines are cheap and low-quality substitutes of original products and are not adequately tested.

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Nevertheless, robust growth is on cards as biologics and specialty care offer potential opportunities for players. Besides this, the market is also expected to gain from the growing awareness about the availability of veterinary drugs and that they are available for affordable price.

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