Increasing investment in animal healthcare is driving the growth of the Saudi Arabia Veterinary Medicine Market, in the forecast period, 2023-2027F.
According to TechSci report on, “Saudi Arabia Veterinary Medicine Market - By Region, Competition, Forecast & Opportunities, 2017-2027F” In 2021, the Saudi Arabia veterinary market stood at USD152.01 million and is expected to grow at CAGR of 5.00% during the forecast period. The growing veterinary medicine market in Saudi Arabia can be attributed to the developing animal healthcare sector. Raw and processed meat consumption is rapidly increasing. In the next five years, the Saudi Arabia veterinary medication industry will be fuelled by an increase in demand for milk and dairy products from cattle. Increased animal farming for the supply of animal consumable items will help the Saudi Arabia veterinary pharmaceutical industry expand during the next five years. Concerns over animal health and the desire for nutritious food are also expected to drive the Saudi Arabia veterinary medicine industry forward in the next five years. In the predicted years, until 2027, increasing exports of animal products, companion animals, and poultry to the neighboring countries would also help the Saudi Arabia veterinary medicine market grow. Furthermore, rising healthcare spending and real investments in the animal healthcare sector would help the Saudi Arabia veterinary medicine market grow over the forecast period.
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The Saudi Arabia veterinary medicine market segmentation is based on animal type, product type, end user, source, competitional landscape, and regional distribution. Based on animal type, the market is differentiated between production animals and companion animals. Production animals support the demand for foods such as poultry, sheep and goats, cattle, and others. Companion animals are the pet animals that includes dogs, cats, horses, and others. Production animals are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of animal food products, such as milk and dairy goods, chicken products, and so on. In the next five years, the Saudi Arabian veterinary medicine industry is expected to rise due to rising need for protein-rich food products derived from poultry or fish. Based on product type, the market is bifurcated into vaccine, pharmaceuticals, and medicated feed additives. Vaccines are categorized into inactive vaccines, attenuated vaccines, recombinant vaccines, and others. Pharmaceuticals sub-segment includes parasiticides, analgesics, anti-inflammatory, anti-infectives, and others. Whereas medicated feed additives segment consists of amino acids, antibiotics, and others. Pharmaceuticals are anticipated to hold the largest revenue shares and dominate the market segment in the upcoming five years on account of increasing instances of animal diseases. Developing cases of chronic diseases such as cancer and hemorrhoids among animals of a later age are increasing at an alarming rate, resulting in a demand for best-suited medicines, boosting the Saudi Arabia veterinary medicine industry in the next five years.
Vaccines are also expected to see significant growth in the next five years, due to increasing concerns about animal health. Developing vaccinations for animals is driving market expansion as therapies advance to prevent diseases. The pharmaceuticals industry is expected to rise significantly in the next five years due to an increase in the number of animal diseases. Incidences of chronic diseases such as cancer and haemorrhoids among animals of advanced age are increasing at an alarming rate, resulting in increased demand for best-suited medicines, consequently supporting the Saudi Arabia veterinary medicine market's growth in the next five years.
A partial list of major market players of the Saudi Arabia veterinary medicine market includes
· MAS Group
· Saudi Pharmaceutical Industries
· The Arab Pesticides and Veterinary Drugs Mfg.Co (Mobedco)
· Merck Animal Health (MSD)
· Boehringer Ingelheim GmbH Saudi Arabia
· Elanco Animal Health Saudi Arabia
· Virbac Saudi Arabia
· Montajat Pharmaceuticals
· Pharma Care Limited
· Al-Takamul Agriculture Company
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“The Saudi Arabian animal healthcare sector is increasing because of recent technology and pharmaceutical product improvements. The country is one of the key economies in the Middle East and Africa supporting the expansion of the animal husbandry industry. Saudi Arabia is also a big supplier of poultry products. In the next five years, the Saudi Arabian veterinary pharmaceutical market will benefit from the country's growing population and increased export demand. For the future growth of the Saudi Arabia veterinary medicine market in the predicted years, major market players have boosted their investment in the industry and research and development sector. Increased consumption of cattle and raw meat supports the market's expansion. New market participants may invest in animal husbandry methods and production of nutritional veterinary medication products, assisting their brands' growth in the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Veterinary Medicine Market By Animal Type (Production {Poultry, Swine, Cattle, Others} v/s Companion {Dogs, Cats, Horses, Others}), By Product Type (Vaccine {Inactive Vaccines, Attenuated Vaccines, Recombinant Vaccines, Others}, Pharmaceuticals {Parasiticides, Analgesics, Anti-Inflammatory, Anti-infectives, Others}, Medicated Feed Additives {Amino acids, Antibiotics, Others}), By End User (Veterinary Hospitals & Clinics, Reference Laboratories, Others), By Source (Domestic v/s Import), By Region, Competition Forecast & Opportunities, 2017-2027” has evaluated the future growth potential of Saudi Arabia veterinary medicine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia veterinary medicine market.
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