What Has Been The Historical And Current Growth Of The Veterinary Medicine Market?
The veterinary medicine market has seen considerable growth due to a variety of factors.
• There has been steady and strong growth in the size of the veterinary medicine market in recent years. The market will climb from $31.08 billion in 2024 to $33.29 billion in 2025, representing a compound annual growth rate (CAGR) of 7.1%. Various factors have contributed to this growth in the historic period including progress in veterinary science, heightened awareness and concern about zoonotic diseases, emphasis on animal welfare, the internationalization of pet trade, veterinary care specialization and the rise in healthcare spending on pets.
What Is The Forecast For The Veterinary Medicine Market?
The Veterinary Medicine market is expected to maintain its strong growth trajectory in upcoming years.
• Strong growth is anticipated in the veterinary medicine market over the next few years, with its size set to reach $44.84 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.7%.
The predicted expansion during the forecast period can be linked to factors such as customised veterinary treatment, globalised veterinary research, the adoption of telehealth in animal care, the effects of climate change, and preparation for zoonotic diseases. The forecast period is also expected to see major trends such as emphasis on preventive healthcare, innovation in animal pharmaceuticals, biotechnology and biopharmaceuticals, the use of digital health technologies, the globalisation of veterinary medicine, commitment to sustainable and ethical practices, and adherence to regulatory compliance and safety.
What Are The Essential Drivers Behind The Growth Of The Veterinary Medicine Market?
The surge in pet ownership is predicted to fuel the expansion of the veterinary medicine sector. People who acquire or adopt pet animals are referred to as pet owners. They are responsible for their pets' wellbeing, hence they ensure to provide all essential health services for their pets, causing a boost in demand for veterinary medications and propelling the veterinary medicine industry. For example, a US-based non-governmental organization, Shelter Animals Count, stated that in 2023, dog adoptions rose by 109,000 compared to 2022, showing a promising surge in adoption figures. However, the total adoptions for dogs in 2023 were almost 108,000 less than the previous year. Therefore, the increasing number of pet owners is fostering the growth of the veterinary medicine market.
How Is The Global Veterinary Medicine Market Divided Into Key Segments?
The veterinary medicine market covered in this report is segmented –
1) By Product: Drugs, Vaccines, Medical Feed Additives
2) By Animal Type: Companion Animals, Livestock Animals
3) By Route Of Administration: Oral Route, Parental Route, Topical Route
4) By Distribution Channel: Veterinary Hospital Pharmacies, Retail Veterinary Pharmacies
5) By End-Use: Reference Laboratories, Point-Of-Care Testing Or In-House Testing, Veterinary Hospitals And Clinics, Other End-users
Subsegments:
1) By Drugs: Antimicrobials, Anti-inflammatory Drugs, Pain Management Drugs, Hormonal Drugs, Anesthetics
2) By Vaccines: Inactivated Vaccines, Live Attenuated Vaccines, Recombinant Vaccines, DNA Vaccines, Multivalent Vaccines
3) By Medical Feed Additives: Nutritional Supplements, Antimicrobial Feed Additives, Probiotics And Prebiotics, Enzymes, Growth Promoters
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What Trends Are Reshaping The Future Of The Veterinary Medicine Market?
Leading companies in the veterinary medicine market are introducing innovative products like ethno-veterinary medicines to secure a competitive advantage. These ethno-veterinary medicines leverage Ayurvedic formulations to treat animal illnesses. For example, in August 2023, the India-based dairy company, Milma, introduced its own range of ethno-veterinary medicines. These medicines present a cheaper alternative to traditional veterinary drugs, offering a relief in veterinary expenses for farmers while delivering an affordable way to manage animal health. They provide a straightforward, budget-friendly solution that can be used for both prevention and treatment of animal diseases.
Who Are the Key Players In The Veterinary Medicine Market?
Major companies operating in the veterinary medicine market include:
• Zoetis Inc.
• Merck & Co. Inc.
• Elanco Animal Health Incorporated
• Dechra Pharmaceuticals PLC
• Ceva Sante Animale
• Virbac
• Boehringer Ingelheim International GmbH
• Kindred Biosciences Inc.
• Biogenesis Bago SA
• Indian Immunologicals Limited
• Neogen Corporation
• Hester Biosciences Limited
• Phibro Animal Health
• Vetoquinol S.A.
• IDEXX Laboratories Inc.
• Heska Corporation
• Henry Schein Animal Health
• Patterson Companies Inc.
• Covetrus Inc.
• VetPartners
• National Veterinary Associates
• Pathway Vet Alliance
• VetCor
• PetVet Care Centers
• BluePearl Veterinary Partners
• Banfield Pet Hospital
• VCA Animal Hospitals
• Mars Veterinary Health
What Are The Regional Insights Into The Veterinary Medicine Market?
North America was the largest region in the veterinary medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the veterinary medicine market report during the forecast period. The regions covered in the veterinary medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
