Saudi Arabia Veterinary Therapeutics Market Growth Forecast 2031

Saudi Arabia Veterinary Therapeutics Market Outlook 2031

• The Saudi Arabia veterinary therapeutics market was valued at US$ 452.7 Mn in 2020
• It is estimated to expand at a CAGR of 5.5% from 2021 to 2031
• The Saudi Arabia veterinary therapeutics market is expected to reach the value of US$ 805 Mn by the end of 2031

Analysts’ Viewpoint on Saudi Arabia Veterinary Therapeutics Market Scenario

The rise in prevalence of chronic conditions in pets is expected to drive the Saudi Arabia veterinary therapeutics market. The Saudi Arabia veterinary therapeutics market is majorly driven by increasing innovations and research & development activities in veterinary medicines. Players are continuously focusing on drug development by considering the overall efficacy of their products. Some of the factors responsible for the rapid expansion of the market are rising awareness among consumers, cost-efficiency of products, easy availability, etc. The policies implemented by the Saudi Arabia Government to support the agricultural sector are driving the global market.

Increase in Demand for High Quality Proteins to Drive Global Market

In the recent years, there has been an increase in demand for high quality proteins in the veterinary drugs. Increase in demand animal proteins, awareness about the nutrition, and food safety are some of the factors responsible for the improvement in livestock medicines. These factors are anticipated to boost the demand for high quality proteins. The growing administration of veterinary drugs, antibiotics, and amino acids through oral route, along with feed additives is rapidly adopted in Saudi Arabia. Veterinary medications field is continuously evolving, as it plays an important role in the medical field. The rising support from the Saudi Arabia Government to promote agricultural acclivities is encouraging manufacturers to develop technologically advanced and highly-efficient products.

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Role of Private Players and Increase in Support by Government

The veterinary therapeutics market players in Saudi Arabia are expected to witness incremental opportunities to pave their way in the market.  Various policies offered by the Saudi Arabia Government to encourage private players in the veterinary therapeutics market are expected to boost the market in the upcoming years. Services such as technical support, long-term, interest-free loans, incentives, free seeds & fertilizers, low-cost water, fuel, and electricity are provided by the Saudi Arabia Government to promote the agriculture industry. In addition, duty-free imports of raw materials & machineries are given to farmers to increase the production. Subsidies are being provided by the Government to export corn, as corn is widely used in the animal feed in poultry. The private sector has played a major role in the development of the agriculture sector in the country.

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Rise in Number of Veterinary Hospitals & Clinics in Saudi Arabia to Fuel Market Growth

Increase in the number of veterinary hospitals and clinics in Saudi Arabia is expected to drive the veterinary therapeutics market during the forecast period. Improvements in services offered by such hospitals and clinics are projected to propel the growth of the market. The Saudi Arabia veterinary therapeutics market is significantly driven by rise in pet ownership in the country. This has increased the demand for veterinary clinics in the region. In addition, the rising number of veterinary pharmacies is also expected to boost the market.

In addition, rising sales of over-the-counter veterinary drugs and other pharmaceutical products is anticipated to create lucrative opportunities for market players. Companies operating in the Saudi Arabia veterinary therapeutics market are increasing day-by-day. These players are more likely to gain potential revenue benefits during the forecast period.

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Veterinary Drugs Segment to Create Growth Opportunities

The growing demand for products such as veterinary drugs, vaccines, and medicated feed additives in Saudi Arabia is expected to drive the global market. Rise in demand for anti infective, anti-inflammatory drugs, and parasiticides is creating opportunities for the market players. These drugs are used to keep livestock disease-free. There is tremendous rise in the adoption of companion animals. The ownership of companion animals is expected to rise in the near future, which, in turn, is likely to drive the veterinary therapeutics market in Saudi Arabia. Increasing regulations on the usage of antibiotics in Saudi Arabia hampers the expansion of the market. Vaccines are also high in demand due to rising prevalence of zoonotic diseases. Market players in the Saudi Arabia veterinary therapeutics market are accelerating their services and unlocking revenue opportunities to gain competitive benefits.

Saudi Arabia Veterinary Therapeutics Market: Overview

• The medicine sphere, wherein veterinary medicines constitutes a significant share, continues to evolve at a consistent pace. Presently, innovations in the veterinary therapeutics market are largely made possible through advancements in technology and research & development activities.
• In the last decade, a number of promising breakthroughs in the veterinary therapeutic field have paved the way for a host of specialty medicines
• Veterinary therapeutics have evolved at a considerable pace in the last decade, as drug developers continue to improve the overall efficacy of their products. Moreover, cost-efficiency, ease of administration, and suitability for mass vaccination are some of the other areas that have gained consideration during the drug development phase.

Saudi Arabia Veterinary Therapeutics Market: Key Drivers

• The Government of Saudi Arabia implemented various policies that support agriculture and encourage private players, resulting in an overall improvement of the agricultural sector
• Cultivated corn is primarily utilized as animal feed in the poultry segment. Apart from local production, the country imports large quantities of corn. The Government provides subsidies to those that export corn.
• The private sector has played a major role in the development of the agriculture sector in the country. This is primarily due to government programs that offer long-term, interest-free loans, technical & support services, and incentives, such as free seeds and fertilizers, low-cost water, fuel & electricity, and duty-free imports of raw materials and machinery.
• Moreover, the Government of Saudi Arabia contributes significantly to the expansion of the food manufacturing and processing sector in order to cater to the demand for good quality production of meat
• More veterinary drugs are required to meet the demand for healthy and high quality proteins
• Rise in demand for improved nutrition (particularly animal protein), natural resource limitations, and widened focus on food safety are the key factors influencing the growing importance of livestock medicines, which are anticipated to boost the demand for high quality proteins

Market Segmentation: Saudi Arabia Veterinary Therapeutics Market

• In terms of product, the veterinary therapeutics market in Saudi Arabia has been classified into drug, vaccines, and medicated feed additives
• Based on animal type, the veterinary therapeutics market in Saudi Arabia has been bifurcated into companion animals and livestock animals
• In terms of route of administration, the veterinary therapeutics market in Saudi Arabia has been categorized into oral, parenteral, and others
• Based on distribution channel, the veterinary therapeutics market in Saudi Arabia has been divided into veterinary hospitals & clinics, pharmacies & drug stores, and others
• Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The veterinary therapeutics market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2021 to 2031 along with market size estimations.

Regional Overview: Saudi Arabia Veterinary Therapeutics Market

• The veterinary therapeutics market in Saudi Arabia (KSA) has witnessed significant developments in the past few years, and the demand for vaccines, veterinary drugs, and nutritional feed additives in order to prevent, treat, and manage various animal diseases has increased significantly.
• Moreover, the market is likely to be driven by increase in the ownership of companion animals and recent livestock disease outbreaks in the country

Major Players

• The veterinary therapeutics market report concludes with company profiles section, which includes key information about major players in Saudi Arabia
• Leading players analyzed in the report include
  • Boehringer Ingelheim International GmbH
  • Ceva Santé Animale
  • Dechra Pharmaceuticals plc
  • Elanco
  • Al-Takamul Agriculture Co
  • Virbac
  • Vetoquinol S.A.
  • Zoetis Health
  • Saudi Pharmaceutical Industries (SPI)
• Each of these players has been profiled in the veterinary therapeutics market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments

Saudi Arabia Veterinary Therapeutics Market Snapshot

Saudi Arabia Veterinary Therapeutics Market – Segmentation

TMR’s study on the veterinary therapeutics market in Saudi Arabia includes information divided into five segments: product, animal type, route of administration, distribution channel, and country. Changing industry trends and other market dynamics associated with these segments of the veterinary therapeutics market in Saudi Arabia are discussed in detail.