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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