The global veterinary therapeutics market features a largely
consolidated competitive landscape, with the leading 10 companies
accounting for a share of more than 75.0% of the global market,
reports Transparency Market Research in a recent report. Zoetis, Inc.
dominated, accounting for a share of 18.5% in the global market in
2015. The company outperformed competitors with the help of its
diversified product portfolio, extensive geographical presence, and
acquisition strategies. Strategic consolidation and expansion across
high growth potential regions are some of the most popular strategies
adopted by leading market players in the rapidly growing animal
health care market.
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A recent instance of such activities is the strategic swap of
Boehringer Ingelheim’s over-the-counter (OTC) medicines business
for Sanofi’s animal health business segment Merial in December
2015. With the exchange, these two companies will become leading
competitors in two different disciplines in the global veterinary
therapeutics and the overall pharmaceuticals market.
Transparency Market Research states that the global veterinary
therapeutics market will expand at a healthy CAGR of 6.7% over the
period between 2016 and 2024. As a result, the market, which held an
opportunity of US$26.9 bn in 2015, is expected to rise to US$50.2 bn
by 2024. In terms of the key product types that come under the
purview of the market, the segment of drugs holds the leading
position, accounting for a revenue-wise share of 56.2% in the global
market in 2015. Geography-wise, North America dominated the global
market in 2015, accounting for a share of 28.9%. Europe closely
followed the region in the same year with a 28.1% share.
The global rise in demand for food has led to an increased focus on
cost-effective and high-quality production of animal protein.
Changing eating habits of the global population have also led to an
increased demand for a variety of meat and livestock products
globally. This factor has emerged as one of the most impactful
drivers of the global veterinary therapeutics market of late. This
factor will continue to be a leading demand driver of the market and
is expected to increase focus of leading companies on regional
markets with flourishing livestock markets and excellent animal
products export capabilities.
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Along with this, the vast rise in research and development activities
and advancements in the field of veterinary therapeutics have
resulted in substantial improvement in treatment and surgical
capabilities for companion animals and the development of new
products capable of combating new diseases in animals. In the past
few years, a plethora of factors including climate changes,
increasing import of animals from endemic areas, and the rise in
international travels by companion animal owners have triggered the
rise in vector-borne infections outside traditional endemic areas.
These factors are also key drivers of the market for animal
pharmaceuticals and parasiticides.
The global veterinary therapeutics market is plagued by concerns such
as the need for substantial investments on research and development
projects but the comparatively lower returns, decline in new chemical
entities (NCE) approvals owing to stringent regulatory requirements,
and an aging product portfolio. The factor of fewer NCE approvals in
the past few years, has, especially, left vendors with less growth
through lifecycle extension strategies. Stringent government
regulatory and approval policies in some of the key regional markets
could also be a major restraint for the market. For instance, the
U.S. Animal and Plant Health Inspection Service revised regulations
on product labels in July 2015. Prior to the implementation of these
regulations, brands could claim any of four levels of efficacy, but
now, only a single claim may be used.
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