Veterinary Therapeutics Market to Rise at a 4.7% CAGR During the Forecast Tenure

Posted by Sachin Darakhe on October 1st, 2019

The Kingdom of Saudi Arabia veterinary therapeutics market is anticipated in a report by Transparency Market Research (TMR) to witness a high level of competition in the near future. The degree of competition could increase as a result of the entry of new companies in the market. In 2016, an over 50.0% of the total market share was secured by leading companies Boehringer, Bayer Animal Health, Merck Animal Health, Elanco Animal Health, and Zoetis, Inc. With new companies entering the market, there could be a range of products available for end users. The whole of Middle East is expected to find an increase in the count of public-private partnerships.

TMR prognosticates the Kingdom of Saudi Arabia veterinary therapeutics market to rise at a 4.7% CAGR during the forecast tenure 2017-2025 to reach to a US--content--.5 bn valuation by 2025. In 2016, the market was worth a US--content--.3 bn. On the basis of type of product, pharmaceuticals could gather pace to lead the market with its 58.5% share expected by the final forecast year.

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• Need to Treat and Prevent Bacterial Infections in Animals Draws Strong Demand

Rising awareness about animal healthcare is predicted to emerge as a powerful factor augmenting the demand in the Kingdom of Saudi Arabia veterinary therapeutics market. Nutritional feed, vaccines, and drugs included in veterinary therapeutics are used to maintain the overall health of animals. They are used for treating and preventing different types of bacterial and infectious conditions in animals. Demand for veterinary therapeutics could increase on the back of rising use of livestock and companion animals for domestication and food.

Other factors envisaged to set the tone for valuable growth in the Kingdom of Saudi Arabia veterinary therapeutics market are increase in animal healthcare spending, improving affordability, introduction of groundbreaking products for battling new animal diseases, and growing ownership of companion animals.

• Low Returns on Research and Development Investment Delay Growth in Market

Undesirable returns on investment in research and development is foreseen to hamper the growth of the Kingdom of Saudi Arabia veterinary therapeutics market. The returns are observed to be not as fruitful despite heavy investment made in the development of advanced medicines. Moreover, owing to their detrimental side effects, some antibiotics have been banned in the market. This is also expected to cause problems to players operating in the industry.

However, drastic increase in zoonotic diseases improving demand for veterinary therapeutics is foretold to set the Kingdom of Saudi Arabia market for positive growth. Sales of veterinary therapeutic products could surge while riding on the need to ensure the wellbeing of animals and prevent animal diseases. Swelling consumption of dairy and poultry products could be another factor helping with market growth.