February 21, 2024
Veterinary Medicine Market

The global Veterinary Medicine Market Growth Accelerated by Rising Pet Population

Veterinary medicine includes a wide range of pharmaceuticals, vaccines, veterinary devices, and feed additives used for the prevention, diagnosis and treatment of animal disease. Growing demand for animal protein along with rising pet adoption in developed economies have been driving the veterinary medicine market. The global veterinary medicine market ensures proper animal care and prevents spread of zoonotic diseases.

The global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends witnessed in the veterinary medicine market is rising pet population globally. According to the American Pet Products Association, total domestic pet industry expenditures reached $103 billion in the United States in 2019 and is expected to grow annually. Growing pet ownership rates is attributed to increase in single person households and dual-income families preferring pets over children due to loneliness and social isolation. Rising disposable income levels in developing countries is also driving pet adoption. This factor makes medicines and vaccines more accessible to pets, thereby driving demand from the veterinary medicine market over the forecast period.

Segment Analysis
The global veterinary medicine market is dominated by the companion animal segment, which accounts for over 65% share of the total market. This is because companion animals such as dogs and cats are kept as pets by many households across the world. With rising pet ownership and growing awareness about animal health, the demand for veterinary medicines for companion animals is increasing steadily. The farm animal segment is another major segment in this market, as livestock health management is crucial for agriculture and food production.

Key Takeaways
The global veterinary medicine market is expected to witness high growth over the forecast period of 2024 to 2031. The global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Regional analysis shows that North America currently dominates the market due to high pet care expenditure and availability of advanced veterinary healthcare facilities in countries like the US and Canada. The Asia Pacific region is projected to be the fastest growing market during the forecast period, driven by increasing pet adoption, livestock population, and rising veterinary healthcare infrastructure in emerging economies of China and India.

Key players operating in the veterinary medicine market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries Holdings B.V., Reliance Industries Ltd., Royal Dutch Shell Plc., Saudi Arabian Oil Co., and TotalEnergies SE. These companies are focusing on developing innovative products to expand their product portfolios and strengthen market presence. Opportunities lie in expanding into emerging markets and catering to the rising demand for veterinary healthcare services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it