The global veterinary therapeutics market has witnessed growth at a significant rate in the past few years, owing chiefly to the rising awareness about health and well-being of companion as well as livestock animals. The market is driven by factors such as the increase in ownership of companion animals, rapid introduction of new products capable of combating new varieties of diseases in animals, increased affordability of treatments, and rising expenditure on animal health.
Get Report Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=14048
Transparency Market Research estimates that the global veterinary therapeutics market will exhibit a healthy 6.7% CAGR over the period between 2016 and 2024. Expanding at this pace, the market, which had a valuation of US$26.9 bn in 2015, is projected to reach US$50.2 bn by 2024.
Rising Global Demand for Improved Veterinary Therapeutic Capabilities to Stimulate Market’s Growth
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.
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.
Low Returns on R&D and Stringent Regulations Hinder Growth Prospects
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.