Global Animal Medicine Market Size 2024, Forecast To 2033
11 Mar, 2024
The animal medicine market size has witnessed robust growth in recent years, escalating from $51.18 billion in 2023 to $55.1 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.7%. This surge in the historic period can be attributed to increased expenditure on pets, a surge in animal healthcare spending, and the growing prevalence of pet insurance. Looking ahead to 2028, the market is anticipated to further expand, reaching $72.95 billion at a CAGR of 7.3%. Factors fueling this growth in the forecast period include a rise in animal diseases, increased pet ownership, a higher consumption of animal-derived products, and supportive government initiatives, marking key trends such as super-combo parasiticides, strategic collaborations, and a focus on e-commerce within the pet care sector.
Global Animal Medicine Market Key Driver
The animal medicine market is poised for growth driven by the increasing penetration of pet insurance globally. The pet insurance market, which remains largely untapped with extremely low penetration rates on a global scale, presents a significant market opportunity. In developed economies like the USA, the pet insurance penetration rate stands at around 1%, while Western European countries, such as the UK, boast a higher penetration rate of around 20%. Forecasts indicate that the pet insurance market in the USA is expected to grow by $2 billion in 2022, with a compound annual growth rate of 14%. This growth is primarily attributed to the rising consumer awareness and increased disposable income among owners of companion animals. The anticipated increase in pet insurance penetration is expected to drive more visits to veterinary clinics, consequently supporting the utilization of animal medicine for the treatment of various diseases.
Get A Free Sample Of The Global Animal Medicine Market ReportGlobal Animal Medicine Market Segments
The animal medicine market covered in this report is segmented –
1) By Medicine: Veterinary Pharmaceuticals, Feed Additives
2) By Type Of Animal: Companion Animal, Livestock Animals
3) By Type Of Prescription: OTC, Prescription
4) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration
5) By Distribution Channel: Veterinary Services, Online, Other Distribution Channels
Sub segments: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Others Veterinary Pharmaceuticals, Medical Feed Additives, Nutritional Feed Additives
By Geography:The regions covered in the animal medicine market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
North America was the largest region in animal medicine market in 2023. Asia-Pacific was the second-largest region in the animal medicine market. The regions covered in the animal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Animal Medicine Industry Players
Zoetis, Inc, Boehringer Ingelheim GmbH, Merck & Co Inc, Elanco Animal Health Incorporated, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, China Animal Husbandry Industry Co., Ltd, Vetoquinol S.A., Neogen Corporation, Century Pharmaceuticals Limited, BASF India Ltd., Cargill India Pvt. Ltd., Intervet Australia Pty Ltd, Jurox Pty Ltd, SeQuent scientific ltd, Guangdong Wens Dahuanong Biotechnology Co. Ltd, Shandong Lukang, Bayer Animal Health Cadila Pharmaceuticals Ltd., Novasep, Koninklijke DSM n.v, Novartis AG, Nutreco N.V., Sanofi S.A, Merial Pulike Biological Engineering, Bad Oldesloe, CP-Pharma Handelsgesellschaft mbH, SaluVet GmbH, KRKA UK, Interfeed, Biotex Plus Ltd., Belfarmacom, Cymedica, vet resolution, Vetruus Ltd, Nimrod Veterinary Products Ltd., Bimeda, Animalcare, Medco-ERP Ltd. Holland, Brouwer, IDT Biologika, Vetiquinol S.A, UCBVET, Biowet Pulawy, Esculap, Pasteur Romania, Vector-Vita-LLC, NITA-FARM, Bioveta, Heska, Dechra Veterinary Products, Eli Lilly and company, IDEXX Laboratories, Agrodan CA, Agrovet Market S.A, Interchem Ltda, Invesbio S.A, Syntec, Sauvet, Vetanco, Chemo Argentina, Saudi Pharmaceutical Industries SPI, Montajat Pharmaceuticals Co. Ltd., ALKE SAGLIK URUNLERI San. ve Tic. A.S., MISTAV Ilac ve Tavukculuk San.Tic.Ltd, DBK Pharma S.A.E., Kahmavet, Lemavet, Abpharma, ASVET, Ekinos - Veterinary Products, Lanrex Pharmaceuticals Nig Ltd, Emzor Pharmaceutical Ltd.
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Animal Medicine Market Overview
Animal medicines refer to a collective term for drugs and therapies, including veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals, that are used to treat animal diseases to improve animals’ performance and health by identifying disease symptoms and drugs for the cure of illness.
Animal Medicine Global Market Report 2023 provides data on the global animal medicine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The animal medicine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.