Transparency Market Research (TMR) has observed that the degree of competition in the Saudi Arabia veterinary therapeutics market is likely remain high in the coming years. The introduction of new players is expected to intensify the competition. The leading players, Zoetis, Inc., Elanco Animal Health, Merck Animal Health, Bayer Animal Health, and Boehringer, held a share of more than 50% in the overall market in 2016.
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According to the research report, the Saudi Arabia veterinary therapeutics market is estimated to be worth US$ 575.3 mn by the end of 2025 from US$ 384.2 mn in 2016. During the forecast years of 2017 and 2025, the global market is projected to surge at a CAGR of 4.7%. The pharmaceuticals segment holds the leading share in the overall market and it is expected to maintain its stance in the coming years as well. The demand for preventive measures against various ailments that can affect animals is expected to help the pharmaceutical segment acquire a share of 58.5% by 2025 in the overall market.
Growing Adoption of Companion Animals to Drive Saudi Arabia Veterinary Therapeutics Market
The veterinary therapeutics market of Saudi Arabia includes drugs, vaccines, and nutritional feed. These are extensively being used for treating animals, prevention of various infectious and bacterial conditions, and for overall health of the animals. In the past few years, this market has witnessed a rapid rise due to growing awareness about animal health care. The increasing importance of both companion and livestock animals for food and domestication have been driving the demand for veterinary therapeutics.
Some of the other factors responsible for the growth of the overall market are ownership of companion animals, evolution of advanced products for combating newer diseases in animals, improving affordability, and growing expenditure on animal health. The growing emphasis on preventing diseases and ensuring wellness is also expected to a key market driver for the increasing sales of veterinary therapeutics. Additionally, the sudden rise in zoonotic diseases has also been identified as a responsible factor driving the soaring revenue of the market. The exponentially increasing consumption of poultry and dairy are also slated to play an instrumental role in defining the trajectory of the overall market. The easy availability of antibiotics and increasing ownership of companion animals are also projected to bolster the Saudi Arabia veterinary therapeutics market growth in the foreseeable future.
Low Return on Investments to Hamper Overall Market
On the flip side, the Saudi Arabia veterinary therapeutics market is likely to be affected by the low returns on research and development. Though the players are investing a significant amount in developing better and advanced medicines, the returns are not as fruitful. This is expected to restrain the market growth in the coming years. Additionally, ban on antibiotics due to their harmful side-effects is also slated to hamper the market growth in the coming years.