Veterinary Medicine Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 47.97 Billion |
| Market Size (2029) | USD 69.12 Billion |
| CAGR (2024 - 2029) | 7.58 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Veterinary Medicine Market Analysis
The Veterinary Medicine Market size is estimated at USD 47.97 billion in 2024, and is expected to reach USD 69.12 billion by 2029, at a CAGR of 7.58% during the forecast period (2024-2029).
Megatrends and Macro Growth Drivers: The Veterinary Medicine Market is witnessing substantial expansion, propelled by several critical megatrends. Chief among these is the increasing humanization of pets, which elevates the importance of pet healthcare, along with a growing awareness of animal health. Rising demand for animal-derived products—both in agriculture and human healthcare—further drives this market. These factors are supported by additional growth drivers such as the increasing burden of chronic diseases in animals, a shift toward pharmaceutical interventions by pet and poultry farm owners, and a heightened demand for meat and other animal-based products.
Growing Burden of Chronic Disease Conditions in Animals, Coupled with the Increasing Adoption of Animals: Chronic diseases in companion animals are becoming more prevalent, with one in four dogs now expected to be diagnosed with cancer during their lifetime. Conditions like osteoarthritis affect an estimated 20% of dogs older than one year. This increase in chronic conditions aligns with a growing rate of pet ownership. In the U.S., approximately 70% of households own a pet, further driving the demand for veterinary pharmaceuticals, diagnostics, and treatments. Pet owners, concerned with the health and longevity of their pets, are actively seeking advanced animal healthcare products.
Increase in Drug Preferences by Pet and Poultry Farm Owners: Pet owners and poultry farmers are increasingly turning to pharmaceutical solutions for treating both infectious and chronic diseases. Non-steroidal anti-inflammatory drugs (NSAIDs) are widely used to manage osteoarthritis in dogs, while glucocorticoids are becoming more common in treating chronic respiratory conditions in companion animals. In poultry farming, systemic ectoparasitic drugs like fluralaner are preferred for addressing infestations. This shift towards pharmaceutical interventions for animal disease treatment is spurring growth in the veterinary drug market, especially in sectors focusing on livestock health management and pet medication.
Increased Demand for Meat and Animal-based Products in Agriculture and Human Healthcare: The global demand for meat is on the rise, with beef and veal consumption projected to reach 76,386 kt cwe by 2031, according to the OECD-FAO Agricultural Outlook Report. Similarly, pig meat consumption is expected to grow by over 18,000 kt cwe in the same period. This growth demands healthier livestock, which fuels the need for veterinary healthcare products, including vaccines and nutritional supplements. The rise of animal-derived products in human healthcare, such as pharmaceuticals like enoxaparin and lactose, also underscores the importance of maintaining animal health to meet industry needs.
Veterinary Medicine Market Trends
Drugs: Dominating the Veterinary Medicine Landscape Segment Overview:
The Drugs segment is at the forefront of the Veterinary Medicine Market, representing 51% of the market's total size. This segment includes a broad spectrum of veterinary pharmaceuticals, such as antibiotics, anti-inflammatory medications, and parasiticides, all essential for addressing the health issues faced by both companion animals and livestock. This focus on veterinary drugs for disease treatment and prevention is key to ensuring the wellbeing of animals globally.
Growth Drivers: The increasing prevalence of chronic conditions in animals, such as cancer, osteoarthritis, and respiratory diseases, has created a growing demand for pharmaceutical interventions. Pet owners and livestock producers alike are seeking solutions to manage these conditions, pushing the veterinary pharmaceutical market to expand. In livestock farming, the need to ensure the safe production of meat and animal-based products also supports the demand for veterinary pharmaceuticals, especially in regions focused on livestock health management.
Competitive Landscape: As the Drugs segment continues to dominate, market players are focusing on innovation. Research and development efforts are being directed toward creating novel drug formulations with better efficacy and fewer side effects. Moreover, companies are exploring alternatives to antibiotics and developing more sustainable and eco-friendly products. These efforts, coupled with a focus on expanding product portfolios through acquisitions, are critical for maintaining market competitiveness.
Asia-Pacific: The Epicenter of Veterinary Medicine Growth Regional Dynamics:
Asia-Pacific is emerging as the fastest-growing region for veterinary medicine, with a projected CAGR of 8.5% through 2029. This surge in demand is driven by rapid urbanization, increased disposable incomes, and shifting attitudes toward pet ownership in countries like China, India, and Japan. The growing prevalence of zoonotic diseases has also heightened awareness of animal healthcare products, prompting government initiatives aimed at disease control and prevention.
Market Catalysts: The region's rapidly growing livestock industry is a major driver of demand for veterinary vaccines and pharmaceuticals. Countries like China and India are seeing increased consumption of meat products, which necessitates better livestock health management practices. Furthermore, the rise in pet humanization, particularly in urban centers, has resulted in higher spending on companion animal care, spurring the growth of the veterinary clinics and products market.
Strategic Imperatives: To succeed in the Asia-Pacific region, market players are increasingly localizing products to meet specific cultural preferences and health requirements. Partnerships with local distributors and investments in regional manufacturing facilities are helping global companies penetrate the market more effectively. Additionally, educating veterinarians and pet owners about advanced healthcare options is becoming a core component of market strategy, especially as consumers demand more comprehensive veterinary diagnostics and surgery options.
Veterinary Medicine Industry Overview
Market Characteristics: Global Players Dominate Consolidated Market The global Veterinary Medicine Market is characterized by a high level of consolidation, with several key players commanding a significant share of the market. Companies such as Zoetis, Merck & Co. Inc., Boehringer Ingelheim, and Elanco dominate, leveraging their global reach and extensive product offerings. These companies benefit from strong brand recognition and robust distribution networks, allowing them to maintain a competitive edge in the animal healthcare products market.
Major Players: Innovation and Diverse Product Offerings Key market players like Zoetis and Merck Animal Health continuously invest in research and development to address emerging health concerns and improve veterinary pharmaceuticals. Zoetis, for example, has diversified its portfolio with products ranging from respiratory vaccines to specialized pet medication like Convenia. Strategic acquisitions also play a pivotal role, with companies such as Virbac acquiring firms like iVet LLC to strengthen their companion animal care offerings. These efforts underline the importance of innovation and expansion in maintaining leadership in a competitive market.
Strategies for Future Success: Research and Market Expansion To sustain growth, leading players must continue investing in research and market expansion. Emerging markets, particularly in regions with rising pet adoption rates, offer substantial opportunities. Geographic diversification and a focus on developing veterinary telemedicine solutions will help companies meet the growing demand for accessible animal healthcare. Additionally, companies that prioritize sustainability and environmentally friendly practices in product development will be better positioned to capture a share of the Veterinary Medicine Market’s projected growth.
Veterinary Medicine Market Leaders
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Zoetis
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Merck & Co., Inc
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Elanco
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Ceva
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Boehringer Ingelheim
*Disclaimer: Major Players sorted in no particular order
Veterinary Medicine Market News
- September 2024: Elanco Animal Health Incorporated received approval from the U.S. Food and Drug Administration (FDA) for Zenrelia, a once-daily oral JAK inhibitor for control of pruritus (itching) associated with allergic dermatitis and control of atopic dermatitis in dogs at least 12 months of age.
- September 2024: Merck Animal Health received marketing authorization in the European Union from the European Medicines Agency for PORCILIS PCV M Hyo ID, a ready-to-use intradermal vaccine that offers protection against two of the most common swine pathogens: Porcine Circovirus Type 2 (PCV2) and Mycoplasma hyopneumoniae (M. hyo).
Veterinary Medicine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Disease Conditions in Animals, Coupled with the Increasing Adoption of Animals
4.2.2 Increase in Drug Preferences by Pet and Poultry Farm Owners
4.2.3 Increased Demand for Meat and Animal-based Products in Agriculture and Human Healthcare
4.3 Market Restraints
4.3.1 High Costs Associated with Animal Healthcare
4.3.2 Lack of Awareness about Animal Health in the Emerging Nations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product Type
5.1.1 Drugs
5.1.1.1 Anti-infectives
5.1.1.2 Anti-inflammatory
5.1.1.3 Parasiticides
5.1.1.4 Other Drugs
5.1.2 Vaccines
5.1.2.1 Inactive Vaccines
5.1.2.2 Attenuated Vaccines
5.1.2.3 Recombinant Vaccines
5.1.2.4 Other Vaccines
5.1.3 Medicated Feed Additives
5.1.3.1 Aminoacids
5.1.3.2 Antibiotics
5.1.3.3 Other Medicated Feed Additives
5.2 By Animal Type
5.2.1 Companion Animals
5.2.1.1 Dogs
5.2.1.2 Cats
5.2.1.3 Other Companion Animals
5.2.2 Livestock Animals
5.2.2.1 Cattle
5.2.2.2 Poultry
5.2.2.3 Swine
5.2.2.4 Sheep
5.2.2.5 Other Livestock Animals
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Boehringer Ingelheim
6.1.2 Ceva Animal Health LLC
6.1.3 China Animal Husbandry Co. Ltd
6.1.4 Dechra Pharmaceuticals PLC
6.1.5 Elanco
6.1.6 Merck & Co. Inc.
6.1.7 Neogen Corporation
6.1.8 Phibro Animal Health Corporation
6.1.9 Sanofi SA
6.1.10 Vetoquinol SA
6.1.11 Virbac
6.1.12 Zoetis
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Veterinary Medicine Industry Segmentation
As per the scope of the report, veterinary drugs are used by veterinary professionals to treat diseases and injuries and help to promote growth in animals. These are majorly used to cure diseases and prevent the spread of infectious diseases among animals. These drugs indirectly benefit human healthcare by restricting the spread of infectious diseases from animals to humans.
The market is segmented by product type, animal type, and geography. By Product Type, the market is segmented into drugs, vaccines, and medicated feed additives. By drugs, the market is segmented into anti-infectives, anti-inflammatory, parasiticides, and other drugs. By vaccines, the market is segmented into inactive vaccines, attenuated vaccines, recombinant vaccines, and other vaccines. By medicated feed additives, the market is segmented into amino acids, antibiotics, and other medicated feed additives. By animal type, the market is segmented into companion animals and livestock animals. By companion animals, the market is segmented into dogs, cats, and other companion animals. By livestock animals, the market is segmented into cattle, poultry, swine, sheep, and other livestock animals. By geography, the market is North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.
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Veterinary Medicine Market Research FAQs
How big is the Veterinary Medicine Market?
The Veterinary Medicine Market size is expected to reach USD 47.97 billion in 2024 and grow at a CAGR of 7.58% to reach USD 69.12 billion by 2029.
What is the current Veterinary Medicine Market size?
In 2024, the Veterinary Medicine Market size is expected to reach USD 47.97 billion.
Who are the key players in Veterinary Medicine Market?
Zoetis, Merck & Co., Inc, Elanco, Ceva and Boehringer Ingelheim are the major companies operating in the Veterinary Medicine Market.
Which is the fastest growing region in Veterinary Medicine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Veterinary Medicine Market?
In 2024, the North America accounts for the largest market share in Veterinary Medicine Market.
What years does this Veterinary Medicine Market cover, and what was the market size in 2023?
In 2023, the Veterinary Medicine Market size was estimated at USD 44.33 billion. The report covers the Veterinary Medicine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Veterinary Medicine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the biggest challenges for veterinary drug manufacturers in emerging markets?
The biggest challenges for veterinary drug manufacturers in emerging markets are a) Counterfeit drugs b) Navigating complex regulations c) Limited access to research facilities
What are the biggest challenges for veterinary drug manufacturers in emerging markets?
The biggest challenges for veterinary drug manufacturers in emerging markets are a) Counterfeit drugs b) Navigating complex regulations c) Limited access to research facilities
Veterinary Drugs Industry Report
The global veterinary medicine market is experiencing robust growth, spurred by advancements in pet medicine companies, a surge in animal protein demand, and a higher incidence of animal diseases. Noteworthy is the development of vaccines for Bovine Respiratory Diseases, underscoring innovations in veterinary care. Recovery from setbacks is fueled by increased pet adoptions and veterinary visits, despite macroeconomic challenges like inflation. Strategic mergers, acquisitions, and a focus on biosecurity are driving market expansion. The pharmaceutical segment leads in revenue, propelled by significant R&D investments and a rise in animal health expenditure. The production animals segment tops due to increased medicine uptake, while the injectable segment and e-commerce platforms are gaining traction, offering convenience and wider accessibility for veterinary medicines. Statistics for the Veterinary Healthcare market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Veterinary Healthcare analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
Veterinary Drugs Market Report Snapshots
