Veterinary Medicine Market

Veterinary Medicine Market Overview

The global Veterinary Medicine market is estimated to be worth over USD 93.78 Bn in 2033 and is expected to grow at CAGR of 7.5% during the forecast period (2024-2033).

The veterinary medicine market encloses an extensive gamut of pharmaceuticals and healthcare products customized to address the various healthcare needs of animals. This market stands as a crucial role in protecting animal health, welfare, and productivity across different species, comprising companion animals, livestock, and exotic animals.

In the past few years, the veterinary medicine market has experiencedsubstantial growth fuelled by various factors. One leading driver is the sharp rise in pet ownership rates across the globe, along with increasing awareness among pet owners with respect to theprominence of preventive healthcare and advanced treatment alternatives for their admired companions. This trend has encouraged demand for veterinary medicines scaling from routine preventive care products such as flea and tick treatments, vaccines, to specialized therapeutics for managing chronic conditions and infectious diseases in pets.

In addition to that, the amplification of animal agriculture practices to meet the soaring demand for protein-rich food has accelerated the demand for veterinary pharmaceuticals in livestock farming. Effective disease prevention and treatment solutions are critical for sustaining animal health, optimizing production efficiency, and ensuring food safety and security. As a consequence, veterinary medicines such as vaccines, antibiotics, growth promoters, and parasiticides hold a crucial role in facilitating animal welfare and sustainable agricultural practices.

Moreover, breakthroughs in veterinary healthcare technology and research have resulted in the development of innovative treatment modalities, diagnostic tools, and biopharmaceuticals, boosted market expansion. The consolidation of digital health solutions, telemedicine, and personalized medicine approaches in veterinary practice is improving diagnostic precision, treatment results, and overall patient care.

Moreover, regulatory initiatives emphasized at ensuring the efficacy, safety, and quality of veterinary pharmaceuticals are defining market dynamics. Stringent regulatory frameworks governing product registration, manufacturing standards, and pharmacovigilance activities are vital for maintaining consumer trust and compliance with industry standards.

By and large, the veterinary medicine market continues to evolve at a swift pace, spurred by evolving consumer preferences, technological progress, and regulatory developments, presenting opportunities for stakeholders across the value chain to innovate and address the evolving healthcare needs of animals globally.

Figure 1. Veterinary Medicine: Market Size

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Key Market Insights

Significant growth is being observed in the global veterinary medicine market, fuelled by variedcrucial market insights and advancements.Oneprominent trend is the growing adoption of companion animals, propelling demand for preventive healthcare and advanced treatment alternatives. This trend is complemented by surging awareness among pet owners regarding the significance of animal welfare, resulting in higher expenditure on veterinary services and products. In addition, the escalation of livestock farming to meet increasing food demands has stimulated the demand for veterinary pharmaceuticals, specifically in emerging economies.

In terms of the market panorama, leading players are emphasizing on strategic collaborations, mergers, and acquisitions to broaden their product portfolios and geographical presence. Moreover, there is a soaring focus on research and development of novel technologies, comprising biopharmaceuticals, gene editing, and precision medicine, to address unmet needs in veterinary healthcare. Digital health solutions, telemedicine, and wearable devices are also gaining prominence, allowing remote monitoring, diagnosis, and treatment of animals. All in all, the global veterinary medicine market offerfavorable opportunities for stakeholders, fuelled by evolving consumer preferences, technological breakthroughs, and regulatory developments.

Market Dynamics

Market Drivers

Rising Occurrences of Zoonotic Diseases Among Livestock Animals

Zoonotic diseases are infections that can be transmitted from animals to humans, presentingmajor public health risks. Since these diseases can have seriousrepercussions on both animal and human populations, there is an escalated emphasis on preventive measures and treatment strategies within the veterinary medicine sector. Veterinary pharmaceutical companies are essentially investing in the development of therapeutics, vaccines, and diagnostic tools to battle zoonotic diseases in livestock. In addition, regulatory authorities are carrying out stringent measures to oversee and regulate the spread of such diseases, further fuelling demand for veterinary medicines. Over and above, heightened public awareness about zoonotic diseases and their transmission pathways highlights the significance of effective veterinary healthcare practices. As a result, the market for veterinary medicines is witnessing growth as stakeholders strive to alleviate the impact of zoonotic diseases on animal and human health through advanced solutions and strategic intercessions.

Market Restraints

With regard to numerous advantages of veterinary medicine, the market faces several challenges due to the unique characteristics and requirements associated with these potent pharmaceutical products. Some of the key market challenges include:

1. Regulatory Challenges: The global veterinary medicine market witnesses stringent regulatory hurdles, comprisingintricate approval processes and evolving compliance requirements. These regulatory barriers can subtantiallylimit product development timelines and market entry strategies for veterinary pharmaceutical companies, resulting ingreater costs and delays in bringing new products to market.
2. Limited Access to Veterinary Services: In certain regions, particularly in rural areas of developing countries, there is limited access to veterinary services and healthcare infrastructure. This lack of accessibility restricts the adoption of veterinary medicines and hinders market growth opportunities. Additionally, inadequate veterinary training and education in these areas contribute to underutilization of veterinary products, presenting a limitation on market expansion efforts.

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Market Opportunity

Increasing Rate of Pet Owners

With a soaring number of households across the world welcoming pets into their homes, there is a parallel surge in demand for veterinary products and services. Pet owners are essentially invested in the health and well-being of their animal companions, fuelling demand for routine vaccinations, preventive care, and specialized treatments. This trend is specificallyprominent in developed economies where pet humanization is on the surge, resultinginincreased spending on premium veterinary healthcare products and services. Veterinary pharmaceutical companies can capitalize on this opportunity by providingadvanced solutions personalized to address the various healthcare needs of companion animals. In addition to that, the expanding pet market provides avenues for product diversification and market expansion, with opportunities to introduce novel therapeutic modalities, personalized treatments, and wellness products. By leveraging the soaring affinity towards pets and streamlining with evolving consumer preferences, the veterinary medicine market can unfastensignificant growth prospects and establish itself as an indispensable element of the global healthcare outlook.

Market Trends

1. Increasing Demand for Personalized Veterinary Medicine: There is a growing trend towards personalized veterinary medicine, driven by advancements in biotechnology, genetics, and digital health technologies. Pet owners are seeking tailored treatment options that consider individual animal characteristics, genetics, and lifestyle factors. This trend is leading to the development of customized therapeutic solutions, such as precision medicine approaches and targeted therapies, to address specific medical conditions in companion animals.
2. Expansion of Telemedicine and Digital Health Solutions: Telemedicine and digital health solutions are becoming increasingly prevalent in the veterinary medicine market, particularly in light of the COVID-19 pandemic and the need for remote healthcare services. Veterinarians are adopting telemedicine platforms and wearable devices to conduct virtual consultations, monitor animal health remotely, and facilitate client communication. This trend not only improves access to veterinary care, especially in underserved areas, but also enhances efficiency, convenience, and client engagement. Additionally, the integration of digital health technologies enables data-driven decision-making, disease surveillance, and preventive care strategies, driving greater adoption of digital solutions across the veterinary medicine sector.

Veterinary Medicine Market: Key Segments

By Animal Type

• Production
  • Poultry
  • Swine
  • Cattle
  • Sheep & Goats
  • Fish
• Companion
  • Dogs
  • Cats
  • Horses
  • Others

By Product

• Biologics
  • Vaccine
  • Live Attenuated Vaccines
  • DNA Vaccines
  • Recombinant Vaccines
  • Inactivated Vaccines
  • Others
• Pharmaceuticals
  • Parasiticides
  • Anti-infectives
  • Anti-inflammatory
  • Analgesics
  • Others
• Medicated Feed Additives
• Others

By Mode of Delivery

• Oral
  • Powder
  • Tablets
• Parenteral
  • Suspension
  • Topical
  • Carrier
• Other

By End-User

• Reference Laboratories
• Point-of-care Testing/In-house Testing
• Veterinary Hospitals & Clinics
• Others

By Key Geographical Regions

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• South America

Veterinary Medicine Market: Segmental Analysis

On the basis of animal type, in 2022, the production animal market segment held the top spot & accounted for more than 55.0% of worldwide revenue.Fish, swine, cattle, poultry, fish, sheep, and goats are other subcategories of the producing animal industry. The world's expanding dietary protein needs is the cause of producing animals capturing the lion's share of the market. 

On the basis of product, Pharmaceuticals held a market share of more than 60% in 2022 as a result of the rise in zoonotic diseases, brucellosis, and food-borne disorders. The biologics section is predicted to expand at the fastest rate over the forecast period because more livestock and companion animals are utilizing vaccines to avoid sickness. 

On the basis of mode of delivery, in 2022, the parenteral segment held the largest market share of around 45%. The rise can be attributed to the accessibility of the product and the prompt start of the action. It is favoured for speedier action because the therapeutic impact of parenteral medications is often realized an hour after delivery. Due to developments in the oral veterinary medication sector, such as chewable pills, the oral segment is anticipated to grow at the quickest CAGR over the forecast period.

Figure 4. Veterinary Medicine Market: Distribution by Region

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Veterinary Medicine Market: Regional Analysis

North America region dominated the market with a revenue share of 32.23% in 2023. This can be attributed to the presence of key companies, high expenditure on pets, pet humanization, and rising awareness about animal disease. For instance, key market players, such as Zoetis; Merck & Co., Inc.; Elanco Animal Health; and Vetbiologics, are headquartered in the U.S. and are undertaking various strategic initiatives to increase their market share. In September 2023, Elanco launched Varenzi-CA1- its U.S. FDA conditionally approved product- to control non-regenerative anemia in felines with chronic kidney disease (CKD).

Leading Veterinary Medicine Developers

Industry Trends and Global Forecasts, 2023-2035 report features an extensive study of the current market landscape, market size and future opportunities associated with the Veterinary Medicinemarket, during the given forecast period. Further, the market report highlights the efforts of several stakeholders engaged in this rapidly emerging segment of the biopharmaceutical industry. Key takeaways of the Veterinary Medicinemarket are briefly discussed below.

The report includes the list of players operating in the global Veterinary Medicine market. Some of the key players include:

• Bimeda Corporate
• Biogénesis Bagó
• Boehringer Ingelheim International Gmbh
• Ceva Santé Animale
• Dechra Pharmaceuticals PLC
• Elanco
• Merck & Co., Inc.
• Phibro Animal Health Corporation
• Virbac
• Zoetis Inc.

Veterinary Medicine Market: Key Developments

• In November 2023, Virbac acquired a majority stake in a leading Indian poultry vaccines company- Globion. This strengthened the company’s position as a leading animal health player in the Indian poultry vaccines market by extending Virbac India’s poultry portfolio.
• In October 2023, Merck Animal Health made available its caninized monoclonal antibody- gilvetmab, to board-certified veterinary oncologists in the U.S. The product has received conditional licensing from the USDA’s Center for Veterinary Biologics (CVB) to treat canine melanoma & mast cell cancers.

Scope of the Report

The market report presents an in-depth analysis of the various firms / organizations that are engaged in this market, across different segments, as defined in the below table: