February 25, 2024
Veterinary Medicine Market

Veterinary Medicine Market to Reach US$ 32.08 Billion by 2023, with Rising Demand for Animal Health Products

The global Veterinary Medicine Market is estimated to be valued at US$ 32.08 billion in 2023, exhibiting a CAGR of 5.7% over the forecast period, 2023-2030.

The market for veterinary medicine is driven by the increasing demand for animal health products. With a growing focus on animal welfare and the rising prevalence of zoonotic diseases, there is a growing need for effective veterinary medicines to prevent and treat health conditions in animals. Veterinary medicine includes a wide range of products such as vaccines, antibiotics, antiparasitic drugs, and others. These products are essential for maintaining the health and well-being of livestock, companion animals, and wildlife.

Market Key Trends:

One of the key trends in the veterinary medicine market is the increasing demand for companion animal healthcare. The rising adoption of pets and the growing awareness about their health and wellness among pet owners have led to an increased expenditure on veterinary healthcare and medicines. This trend can be attributed to the changing lifestyle patterns, where pets are considered as family members and are provided with the same level of care and attention as humans. As a result, the demand for veterinary medicines for companion animals, such as dogs and cats, is expected to witness significant growth in the forecast period. This presents opportunities for market players to develop innovative and specialized veterinary medicines targeted towards companion animals.

Segment Analysis:

The veterinary medicine market can be segmented based on product type, animal type, and route of administration. Based on product type, pharmaceuticals dominate the market due to the wide range of medications available for various veterinary applications. Pharmaceuticals are further classified into drugs for companion animals, livestock, and poultry. Among these, drugs for companion animals have a dominating share, as pet ownership is increasing worldwide and people are more inclined towards providing healthcare to their pets.

Key Takeaways:

The Global Veterinary Medicine Market Demand is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period. This growth can be attributed to the increasing pet ownership and rising awareness about animal health. The market is driven by several factors, such as the increasing prevalence of zoonotic diseases, the growing demand for animal protein, and the advancements in veterinary healthcare infrastructure. For example, the outbreak of diseases like COVID-19 has emphasized the need to closely monitor the health of animals to prevent the transmission of infections to humans.

In terms of regional analysis, North America is the fastest-growing and dominating region in the veterinary medicine market. This can be attributed to the high pet adoption rate, well-established veterinary healthcare infrastructure, and increasing investments in research and development activities in the region. Additionally, the growing demand for animal protein and the presence of major market players in North America contribute to the region’s dominance.

Key players operating in the veterinary medicine market include Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International GmbH, among others. These key players have a significant market presence due to their extensive product portfolios, strong distribution networks, and strategic collaborations. For instance, Zoetis is a leading player in the market with a wide range of animal health products and services. These key players focus on product innovation, mergers and acquisitions, and partnerships to strengthen their market position and expand their product offerings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it