The global market for veterinary drugs is consolidated in nature with several players operating in it across the globe, states a new market research study by Transparency Market Research. In 2015, the top ten companies operating in the global veterinary drugs market held a share of more than 70% of the total share.
The rising commercial potential of the market and several lucrative opportunities in emerging economies are the key factors that are projected to enhance the level of competition among the key players in the next few years. In addition to this, the leading players in the market are expected to emphasize on fostering closer relationships with customers in the next few years, thus encouraging the growth of the overall market in the next few years.
According to a market research study by Transparency Market Research, in 2015, the global market for veterinary drugs was worth US$17.2 bn. The market is estimated to reach a value of US$26.7 bn by the end of 2024, exhibiting a healthy 5.10% CAGR between 2016 and 2024.