Veterinary Medicine Market

The global Veterinary Medicine Market is valued at USD 49.96 Billion in 2024 and is projected to reach a value of USD 125.2 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 8.75% between 2025 and 2035.

Premium Insights

The Veterinary Medicine market is experiencing growth due to an increase in infectious diseases affecting both pets and farm animals. The emergence of new technologies, particularly biologics, is also contributing significantly to this expansion. Additionally, there is a rising demand for meat and animal-based products in both farming and human healthcare, further driving this growth. For instance, the outbreak of Lumpy Skin Disease (LSD), a virus that affects animals in certain regions worldwide. Consequently, companies are intensifying their efforts to develop vaccines and medications at an accelerated pace. Hester Biosciences Limited, an Indian company, has created a vaccine for LSD in cattle and has plans to launch it in the market.

• It is expected that such outbreaks and the dedicated endeavours of pharmaceutical companies will significantly propel the market
• North America generated more than 42.30% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Production Animals segment accounted for the largest market growth in 2022
• Pharmaceutical’s segment revealed the most significant market growth in 2022
• Injectable segment accounts for the largest market share in 2022
• Veterinary Hospitals & Clinics segment accounts for significant market growth in 2022

Economic Insights

The global populations increase and the rising trend of pet ownership lead to significant economic activity within the Veterinary Medicine market. Additionally, the growing awareness of animal health and the importance of preventive veterinary care result in higher pharmaceutical spending for companion and production animals. Furthermore, the livestock industrys economic impact, driven by the demand for animal-derived products, fuels the market as farmers invest in veterinary drugs to ensure the health and productivity of their herds. Technological advancements in veterinary medicine, including advanced pharmaceuticals and diagnostic tools, drive economic growth in the industry. Moreover, strict regulations governing the safety and efficacy of veterinary drugs foster a stable economic environment, ensuring consumer confidence and encouraging responsible use.

Top Market Trends

• Increased Focus on Preventive Care: The increasing focus on preventative animal healthcare has resulted in a higher need for veterinary medications that tackle preventive measures, like vaccines and parasite control, resulting in increased demand.
• Biologics and Specialty Pharmaceuticals: Advanced treatments, such as biologics and specialty pharmaceuticals, have become increasingly prevalent in the veterinary drugs market. These advancements are particularly beneficial for conditions like cancer in animals, leading to enhanced outcomes and an overall higher quality of life for both pets and livestock.
• Technological Advancements: The inclusion of technology in veterinary medicine, involving smart drug delivery systems and digital health monitoring, enables more accurate administration of medication and monitoring of animal well-being.
• Prevalence of Zoonotic Diseases and Antimicrobial Resistance: As worries about diseases that can be transmitted from animals to humans, such as rabies and avian influenza, continue to rise, there is a greater emphasis on vaccinating animals and using veterinary drugs to control these illnesses. The emergence of antimicrobial resistance in animals has become a concern for public health, which requires the creation of new antibiotics and alternative treatments to address this issue.
• Regulatory Landscape and Ethical Considerations: Market dynamics are influenced by strict regulations that dictate the safety and effectiveness of drugs, ultimately impacting research and development efforts. Industry practices are also shaped by ethical concerns surrounding animal welfare in drug testing and animal health practices.

Market Segmentation

Veterinary Medicine {{Segmentation_Ext}}

Based on Animal Type

Production Animals holds the largest share

The Veterinary Medicine market is dominated by production animals, such as cattle, poultry, and swine, due to the high demand for pharmaceuticals in the livestock and agricultural industries. These animals play a significant role in food production, so there is a strong emphasis on keeping them healthy and productive. Veterinary drugs for production animals are specifically designed to address issues like growth promotion, disease prevention, and herd or flock management.

Based on Product

Pharmaceuticals will dominate the market during Forecast Period

The Veterinary Medicine market is expected to be predominantly driven by the pharmaceuticals. This dominance emphasizes the crucial role of pharmaceuticals in addressing various health issues in animals, including both companion pets and production animals. Within the pharmaceutical category, there is a wide range of drugs available, including antibiotics, anti-parasites, vaccines, and specialty medications, all of which contribute to the comprehensive management of animal health. The increasing awareness of preventive healthcare measures for animals, along with ongoing advancements in pharmaceutical research and development, is projected to fuel the continuous demand for veterinary pharmaceuticals.

Based on Route of Administration

Injectable dominates the market

Injectable dominates the Veterinary Medicine market in 2022 because these drugs offer a fast and successful way to provide medication to animals, resulting in swift absorption and targeted therapeutic effects. This dominance is particularly noticeable in urgent situations like emergency treatments or specific medical interventions. The convenience of administering injectables and the ability to control dosage accurately contribute to their widespread use in veterinary practices for both companion and production animals.

Based on Distribution Channel

Veterinary Hospitals & Clinics lead the market

Veterinary hospitals and clinics emerge as leaders in the distribution of Veterinary Medicine, highlighting their crucial role in providing healthcare and pharmaceutical services. Their prominence as distribution channels reflects the close connection between healthcare professionals, veterinarians, and the supply chain of veterinary drugs. These facilities are key in diagnosing, treating, and prescribing drugs, which contributes to the significant market share they hold. The preference for veterinary hospitals and clinics as distribution channels is driven by the expertise of veterinarians in tailoring drugs to animals' specific needs. This trend emphasizes the essential link between veterinary healthcare providers and the distribution network, solidifying the position of veterinary hospitals and clinics as leaders in delivering veterinary drugs to the market.

Based on Region

North America led the market

North America led the Veterinary Medicine market because of major factors including its well-established healthcare infrastructure, advanced research capabilities, and strong regulations. The regions high rates of pet ownership and focus on companion animal health drive the demand for veterinary drugs. Furthermore, North Americas emphasis on livestock production and food safety standards contribute to the market, especially for drugs designed for production animals. The presence of major pharmaceutical companies, ongoing advancements in veterinary medicine, and a focus on preventive healthcare practices position North America as the leader in the veterinary drug market, shaping industry trends and innovations.

Competitive Landscape

The Veterinary Medicine market is highly competitive, Key players engage in intense competition, utilizing strategic initiatives and innovative product offerings to enhance their market presence. Dominated by major pharmaceutical companies like Zoetis, Elanco, and Boehringer Ingelheim, these companies leverage their research and development capabilities to introduce advanced veterinary drugs. Mergers, acquisitions, and collaborations are common strategies employed by these companies to expand their global reach and product portfolios. The shift towards biologics, specialty pharmaceuticals, and personalized medicine for animals has led to increased innovation and the development of more advanced treatment options. Regulatory compliance, quality standards, and ethical practices play vital roles in shaping the competitive landscape as companies compete for market share and cater to the evolving needs of companion and production animals.

The players in the global Veterinary Medicine market include Zoetis Inc. among others.

Recent Market Developments

• 2023: By acquiring a majority stake in Globion, a prominent Indian poultry vaccines company, Virbac enhanced its presence in the Indian poultry vaccines market and expanded its poultry portfolio within Virbac India.
• 2023: In the United States, board-certified veterinary oncologists now have access to Merck Animal Healths canine-specific monoclonal antibody called gilvetmab. This product has been granted conditional licensing by the USDAs Center for Veterinary Biologics (CVB) for the treatment of canine melanoma and mast cell cancers.
• 2023: Approval for BRAVECTO QUANTUM (fluralaner) has been granted to Merck Animal Health in Australia, making it the sole injectable parasiticide offering dogs a complete year of defense against fleas and ticks.

Segmentation of the Global Veterinary Medicine Market