The Saudi Arabian veterinary pharmaceutical market is projected to witness a compound annual growth rate of 7.36% to grow to US$43.318 million by 2028, from US$26.348 million in 2021.
The increased frequency of chronic diseases in pets is projected to be the main driver of the Saudi Arabian market for veterinary medications. The Saudi Arabian veterinary pharmaceutical market growth is also being driven by rising advancements and R&D efforts in veterinary medicines. Players constantly prioritize drug research as they evaluate the overall efficacy of their offerings. The market is expanding rapidly due to several factors, including increasing consumer awareness, cost-effective products, and ease of access.Growing poultry production
According to the USDA Foreign Agricultural Service, Saudi Arabia produced 900, 000 metric tonnes (MT) of chicken in 2020, and that number would increase to 910, 000 MT in 2021 based on information provided by the Saudi Ministry of Environment, Water, and Agriculture (MEWA) and consultations with significant poultry producers. This production growth will positively impact the Saudi Arabian veterinary pharmaceutical market. The demand is impacted by the increase in the export of animals and animal-based goods to other nations as well as continued animal husbandry practices. the growing consumption of meat in the nation impacts consumers' awareness about the health of the livestock which is fueling the veterinary pharmaceutical market in Saudi Arabia. For instance, according to OECD.org, the poultry meat consumption in 2022 was 34.712 kilograms/capita making it the highest consumed meat in the year.Popularity for pet ownership
As per estimates from the National Institutes of Health (NIH), in 2021, there is a larger preference for cat ownership among the people of Saudi Arabia as around 77.4% preferred the adoption of a cat. This presents favorable prospects for Injectables among pets as regular vaccination will ensure prevention from different viruses such as Feline rhinotracheitis virus/herpesvirus 1 (FVR/FHV-1) in the case of cats and rabies virus Injectables for prevention of dogs. Therefore, the growing adoption of animals among Saudi Arabia's population will result in a significant boost in the Saudi Arabian veterinary pharmaceutical industry during the forecast period.Rise in government initiatives
The Saudi Food and Drug Authority (SFDA) sets the standards for the registration of pharmaceutical (drug) goods in Saudi Arabia. Additionally, to secure the long-term expansion of the region's aquaculture business, the network strives to develop the aquaculture sector, the importance of aquatic and marine species in food production, and disease management. For instance, in November 2022, The Aquatic Animal Diseases Network in the Middle East was established in Riyadh by Saudi Arabia's Minister of Environment, Water, and Agriculture, Abdul Rahman bin Abdul Mohsen Al-Fadhli.Furthermore, in 2023, The Royal Commission for AlUla (RCU) in Saudi Arabia started a new program to improve the welfare of household animals and appropriately control the number of stray cats and dogs in AlUla County. The center of this plan has been announced as the AlUla Animal Welfare Centre, which offers crucial veterinary services to the neighborhood's cat and dog population. The facility's main goals will be to promote responsible pet ownership, establish a Trap-Neuter-Vaccinate-Return (TNVR) clinic, and promote pet adoption further fueling the Saudi Arabian veterinary pharmaceutical market.
Increase in the number of veterinary hospitals and clinics
During the projection period, Saudi Arabia is anticipated to see a rise in the number of clinics and veterinary hospitals. For instance, Prince Faisal bin Mishaal, the governor of Qassim in Saudi Arabia, inaugurated the largest camel hospital in the world in July 2022. The Saudi Arabian veterinary facilities strive to treat animals as effectively as possible by utilizing a variety of approaches and technical advancements. The Saudi Arabian veterinary pharmaceutical market expansion is anticipated to be propelled by ongoing improvements to the facilities and services supplied, such as central laboratories equipped with cutting-edge technology. With a projected cost of SR100 million ($26.66 million), the Salam Veterinary Camel Hospital in the Qassim area seeks to enable the private sector to offer camel breeders veterinary services and assure the sector's viability and growth. Additionally, in 2023, the University of Liège spin-off started building its first veterinary stem cell manufacturing facility in Saudi Arabia at the Riyadh Equine Hospital, which treats more than 18, 000 thoroughbred horses.The use of injectables is anticipated to propel
Veterinary injections are a means to administer the vaccination to animals such as pet dogs, livestock, cattle, and farm animals among others positively impacting the Saudi Arabian veterinary pharmaceutical industry. These Injectables help to protect the immune systems of animals from possible infections or agents that trigger diseases. Moreover, key products by the market players are expected to impact the market growth positively. For instance, Tonophosphan® Vet offered by MSD includes a drug dose to be given to animals in the form of an intravenous injectable. It is widely administered by veterans for species such as cattle, horses, pigs, goats, sheep, dogs, and cats and helps greatly to overcome magnesium, calcium, and phosphorus imbalances in animals. Similarly, another popular Injectable solution, by Saudi Pharmaceutical Industries includes Cyanosav B12 which helps to overcome vitamin B12 deficiency in animals such as sheep, foals, and calves.Market Key Developments
- In September 2023, The major worldwide food and agrotech business, MHP SE signed a shareholder agreement with Tanmiah Food Company completely owned subsidiary, of Desert Hills Veterinary Services Company Limited (DHV). This agreement is expected to greatly increase Saudi Arabia's chicken product self-sufficiency and food security.
- In April 2022 Revatis, a Marche-en-Famenne-based company that focuses on cell therapy and regenerative medicine, disclosed that it has secured 800, 000 euros in investment which will impact the vet pharmaceutical market.
Segmentation:
By Type
- Injectables
- Oral
- Topical
- Auricular, Ophthalmic, and Nasal
By Animal Type
- Companion Animals
- Canine
- Feline
- Equine and Others
- Production Animals
- Poultry
- Cattle
- Others
By End User
- Vet Hospitals
- Animal Farms
- Others
Table of Contents
Companies Mentioned
- Alemar International (Arasco)
- Vetoquinol India Animal Health Pvt Ltd.
- Saudi Pharmaceutical Industries SPI
- Pharma Care Leading Manufacturing Co. Ltd.
- Salehiya
- Merck & Co., Inc
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 110 |
Published | October 2023 |
Forecast Period | 2021 - 2028 |
Estimated Market Value ( USD | $ 26.35 Million |
Forecasted Market Value ( USD | $ 43.32 Million |
Compound Annual Growth Rate | 7.3% |
Regions Covered | Saudi Arabia |
No. of Companies Mentioned | 6 |