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Base Year
Historical Year
Forecast Year
The global veterinary medicines market attained a value of about USD 24.83 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.6% to reach nearly USD 37.19 billion by 2032.
Global Veterinary Medicines Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 24.83 |
Market Size 2032 | USD Billion | 37.19 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.6% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 5.9% |
CAGR 2024-2032 - Market by Country | India | 6.2% |
CAGR 2024-2032 - Market by Country | UK | 6.0% |
CAGR 2024-2032 - Market by Product | Vaccines | 5.2% |
CAGR 2024-2032 - Market by Route of Administration | Parenteral Route | 5.5% |
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The market for veterinary medicines is being driven by the growing pet ownership, especially among the millennial and Gen-Z population. According to the American Pet Products Association, about USD 103.6 billion were spent on pets in the United States in 2020 itself. As pet parents are increasingly spending to enhance the lifespan of their pets, the demand for veterinary medicines is surging, which is propelling the market growth. The trend of pet ownership has further been fuelled by the COVID-19 outbreak owing to the increasing dependence on companion animals for emotional support during stay-at-home orders and nationwide lockdowns. This is expected to surge the demand for medicines for pets, which is projected to bolster the growth of the veterinary medicines industry in upcoming years.
The rising prevalence of epidemics and outbreaks among animals is increasing the demand for vaccines for animals, which is fuelling the industry growth. As innovations in vaccine technology are leading to the development of more efficient vaccines, pet parents are increasingly preferring them. In addition, the growing demand for alternative medicines for animals to minimise the use of antibiotics is augmenting the market growth. Hence, the development of effective immunotherapy for animals to treat bacteria-related diseases is estimated to augment the growth of the veterinary medicines industry in the forecast period.
Veterinary medicine refers to the branch of science that deals with control, prevention, diagnosis, and treatment of diseases, of both wild and domestic animals. It ensures the safety of companion animals as well as food products derived from animals. It aids in monitoring the health of animals to prevent the risk of zootomic diseases, which can seldom affect humans.
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The major products of veterinary medicine are:
Drugs segment can be further divided into anti-infective, anti-inflammatory, and parasiticide, whereas the vaccines segment is further classified into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Meanwhile, the medicated feed additives segment is further bifurcated into amino acids and antibiotics.
The market can be broadly categorised on the basis of its routes of administration into:
By animal type, the market is bifurcated into:
Based on distribution channels, the market is divided into:
CAGR 2024-2032 - Market by | Country |
India | 6.2% |
UK | 6.0% |
China | 5.2% |
Australia | 4.0% |
Germany | 3.9% |
France | 3.8% |
USA | XX% |
Canada | XX% |
Italy | XX% |
Japan | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The EMR report looks into the regional markets of veterinary medicines like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The adoption of the latest technological advancements and innovations is fuelling the market for veterinary medicines. This is also surging the cost-effectiveness of animal treatment, thereby strengthening the market growth. As veterinarians are increasingly adopting technologies such as Big Data and artificial intelligence (AI) to provide optimal medicinal treatment to animals, the deployment of effective medicines for animals is escalating. Moreover, the trend of animal wearable devices is also boosting the focus on animal health, hence augmenting the growth of the veterinary medicines industry. The increasing availability of effective animal treatment in developing countries is also accelerating the demand for veterinary medicines.
The initiation of various research activities to enhance the quality of life of animals is expected to drive the market growth. The development of predictive biomarker tools that can aid in early diagnostic of pathology or disease is increasing the demand for veterinary medicines, which is projected to bolster the market growth. In addition, the trend of preventive care is escalating the demand for medicines to decrease the risk of disease contraction and infection in animals and is anticipated to catalyse the growth of the veterinary medicines industry in the forecast period.
The report presents a detailed analysis of the following key players in the global veterinary medicines market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Route of Administration |
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Breakup by Animal Type |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global veterinary medicines market attained a value of nearly USD 24.83 billion.
The market is projected to grow at a CAGR of 4.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 37.19 billion by 2032.
The major market drivers include increasing pet ownership and the rising demand for veterinary vaccines to prevent the risk of zoonotic diseases in animals.
The key trends fuelling the market growth are technological advancements and innovations, the growing cost-effectiveness of animal treatment, and the increasing research and development (R&D) activities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major products of veterinary medicines in the market are drugs, vaccines, and medicated feed additives.
The various routes of administration of veterinary medicines are oral route, parenteral route, and topical route.
Companion animal and livestock animal are the different animal types considered in the veterinary medicines market report.
The significant distribution channels in the market are veterinary hospital pharmacies and retail veterinary pharmacies.
The major players in the market are Archer-Daniels-Midland Company, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Evonik Industries AG, and Elanco Animal Health Incorporated, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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