The global veterinary medicine market size was valued at USD 48.25 billion in 2023, which is estimated to be USD 51.80 billion in 2024 and reach USD 91.42 billion by 2031, growing at a CAGR of 8.45% from 2024 to 2031.

The global veterinary medicine market has been experiencing significant growth over the past few years, driven by a combination of factors such as the increasing prevalence of animal diseases, rising pet ownership, and the growing demand for animal-derived food products. According to recent data from Kings Research, the market is poised for continued expansion, with projections indicating a robust compound annual growth rate (CAGR) over the forecast period. This growth is underpinned by advancements in veterinary healthcare, increased awareness of animal welfare, and the rising importance of livestock health in ensuring food security.

Market Growth and Trends

The veterinary medicine market has been on an upward trajectory, with Kings Research estimating that the market size will reach unprecedented levels in the coming years. This growth is fueled by the increasing adoption of pets, particularly in urban areas, where pets are increasingly seen as family members. As a result, pet owners are willing to spend more on the health and well-being of their animals, leading to higher demand for veterinary medicines, including vaccines, pharmaceuticals, and feed additives.

Another key trend driving market growth is the rising incidence of zoonotic diseases, which are diseases that can be transmitted from animals to humans. The COVID-19 pandemic has heightened awareness of the importance of animal health in preventing such diseases, leading to increased investment in veterinary medicine. Additionally, the growing focus on preventive healthcare for animals, rather than just treatment, is contributing to the expansion of the market. Preventive measures such as vaccinations, regular health check-ups, and the use of nutritional supplements are becoming more common, further driving demand for veterinary medicines.

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Market Dynamics

The veterinary medicine market is characterized by a dynamic and rapidly evolving landscape. One of the primary drivers of market growth is the increasing demand for animal-derived products, such as meat, milk, and eggs. As the global population continues to grow, so does the demand for these products, necessitating the need for healthy livestock. This, in turn, is driving the demand for veterinary medicines that can ensure the health and productivity of livestock.

However, the market is not without its challenges. One of the key restraints is the high cost of veterinary medicines, particularly advanced treatments and vaccines. This can be a barrier to market growth, especially in developing regions where affordability is a concern. Additionally, regulatory hurdles and the need for extensive clinical trials for new veterinary drugs can slow down the introduction of new products to the market.

Key Companies in Veterinary Medicine Market

• Zoetis Services LLC
• Merck & Co., Inc.
• Boehringer Ingelheim International GmbH
• Elanco
• Idexx
• Proclinica
• Dechra Pharmaceuticals Limited
• Vetoquinol
• Virbac
• Hester Biosciences Limited

Key Industry Developments

• July 2024 (Acquisition): Dechra Pharmaceuticals Limited, a market leader in animal health, acquired Invetx, a protein-based animal health therapeutics company, in July 2024. The company aims to expand its product portfolio in monoclonal antibody therapeutics for chronic diseases in cats and dogs.
• July 2024 (Partnership): The Veterinary Cooperative (TVC) partnered with Elanco Animal Health, a global leader in animal health to provide high-quality veterinary care to their clients. Through this partnership, TVC’s clients can leverage Elanco’s products and comprehensive support across several animal health aspects, including disease and pain management.
• March 2024 (Acquisition): Boehringer Ingelheim, a leading biopharmaceutical company in human and animal health, acquired Saiba Animal Health, a company focused on the development of novel therapeutic medicines. Through this acquisition, the company aims to strengthen its R&D in animal health, particularly in pet-therapeutics segment.

The global veterinary medicine market is segmented as:

By Product Type

• Pharmaceuticals
• Biologics

By Animal Type

• Companion Animals
• Livestock

By Distribution Channel

• Veterinary Clinics and Hospitals
• Pharmacies
• Online Retailers
• Pet Stores

By Route of Administration

• Oral
• Injectable

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Regional Analysis

The veterinary medicine market is geographically diverse, with significant growth opportunities in various regions. North America currently dominates the market, driven by the high prevalence of pet ownership, advanced veterinary healthcare infrastructure, and strong demand for animal-derived products. The United States, in particular, is a major contributor to the market, with a well-established veterinary medicine industry and a high level of awareness about animal health.

Europe is another key region in the veterinary medicine market, with countries such as Germany, France, and the United Kingdom leading the way. The region is characterized by a strong focus on animal welfare and stringent regulations governing the use of veterinary medicines. The increasing adoption of pets and the growing demand for organic and natural animal products are also driving market growth in Europe.

The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, driven by the rapidly expanding livestock industry and increasing pet ownership. Countries such as China and India are key contributors to the market, with a large population of livestock animals and a growing middle class that is increasingly adopting pets. The region also presents significant opportunities for market players, as awareness about animal health and the importance of veterinary medicine continues to grow.

Latin America and the Middle East & Africa are also emerging as important markets for veterinary medicine. In Latin America, countries such as Brazil and Argentina are leading the way, driven by the large livestock industry and increasing demand for animal-derived products. In the Middle East & Africa, the market is still in its nascent stages, but there is significant potential for growth, particularly in countries with a growing focus on animal health and welfare.

Conclusion

The global veterinary medicine market is on a path of sustained growth, driven by a combination of factors such as increasing pet ownership, rising demand for animal-derived products, and growing awareness of animal health. The market is characterized by dynamic trends, including the adoption of technology, the focus on preventive healthcare, and the increasing importance of personalized medicine for animals. While challenges such as high costs and regulatory hurdles exist, the market presents numerous opportunities for growth, particularly in emerging regions.

Key players in the market are focusing on innovation and strategic initiatives to strengthen their market position and meet the evolving needs of consumers. With significant growth potential in regions such as Asia-Pacific, Latin America, and the Middle East & Africa, the veterinary medicine market is poised for continued expansion in the coming years. As the importance of animal health in ensuring food security and preventing zoonotic diseases becomes increasingly recognized, the demand for veterinary medicines is expected to rise, driving further growth in this dynamic and rapidly evolving market.