The global veterinary drugs market is reasonably consolidated, with the top ten companies accounting for more than 70% of the overall market in 2015. Leading companies in the global veterinary drugs market include Merck Animal Health, Elanco Animal Health, Zoetis Inc., Bayer Animal Health, and Merial Animal Health. Fierce competition is the norm in the global veterinary drugs market due to the increasing commercial potential of the market and the lucrative opportunities on offer in developing regions, where specialty medical sectors such as the veterinary drugs market are yet to undergo smooth development and widespread adoption.
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Many companies in the global veterinary drugs market are likely to focus on fostering closer relationships with individual customers in the coming years instead of developing a vast consumer base. This has emerged as a successful strategy in the global veterinary drugs market due to the intensifying competition; direct assistance is likely to remain a key tool in the repertoire of successful veterinary drugs market players in the coming years.
According to Transparency Market Research (TMR), the global veterinary drugs market is expected to exhibit a steady 5.1% CAGR from 2016 to 2024. The valuation of the veterinary drugs market is likely to rise from US$17.2 bn to US$26.7 bn over the timeframe.
The global veterinary drugs market is segmented into livestock animals and companion animals in terms of animal type. Of these, livestock animals are likely to remain the dominant consumers in the global veterinary drugs market due to the growing demand for high-quality protein and several other animal products. Rising meat consumption in new regional markets is likely to remain a key driver for the global veterinary drugs market over the 2016-2024 forecast period. Nevertheless, companion animals are also likely to account for a growing share in the global veterinary drugs market due to the rising demand for pet animals among urban consumers. The growing use of advanced pet care products in developing countries is likely to be a key driver for the global veterinary drugs market.
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By product type, the global veterinary drugs market is segmented into anti-infective drugs, anti-inflammatory drugs, parasiticides, and others. Anti-infective drugs dominate demand from the global veterinary drugs market and are likely to remain the leading contributor to the global market over the coming years. However, parasiticides are likely to emerge with renewed importance in the global veterinary drugs market and are expected to exhibit a strong 6.1% CAGR from 2016 to 2024.
Regionally, North America is likely to remain the leading contributor to the global veterinary drugs market. This is mainly due to the widespread presence of veterinary drugs market players in the region, the growing popularity of a variety of companion animals, and the steady demand for a variety of meat and other animal products. The high disposable income of consumers in the region has also allowed for increased expenditure on animal care, which is likely to remain a key driver for the veterinary drugs market in North America. The North America accounted for more than 30% of the global veterinary drugs market in 2015 and is likely to retain a similarly dominant share through the 2016-2024 forecast period.
The rapid entry of new products in the veterinary drugs market has led to a risk of counterfeit products establishing dominant shares in the market. The increasing awareness about the adverse effects of some veterinary drugs on humans has also restricted the global veterinary drugs market in some regions.
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