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Global Veterinary Medicines Market to Reach About USD 28.4 Billion by 2026, Aided by the Rising Pet Ownership

Veterinary Medicines Market

Global Veterinary Medicines Market: By Product: Drugs, Vaccines, Medicated Feed Additives; By Route of Administration: Oral Route, Others; By Animal Type; By Distribution Channel; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Veterinary Medicines Market Outlook

The global veterinary medicines market attained a value of about USD 23.74 billion in 2022. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 4.6% to reach nearly USD 31.07 billion by 2028.            

 

Global Veterinary Medicines Market

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Increasing Pet Ownership Bolstering the Market Growth of Veterinary Medicines

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: Market Segmentation

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.

 

Global Veterinary Medicines Market by Segment

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The major products of veterinary medicine are:

  • Drugs
  • Vaccines
  • Medicated Feed Additives

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:

  • Oral Route 
  • Parenteral Route 
  • Topical Route

By animal type, the market is bifurcated into:

  • Companion Animals
  • Livestock Animals

Based on distribution channels, the market is divided into:

  • Veterinary Hospital Pharmacies
  • Retail Veterinary Pharmacies

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.

 

Global Veterinary Medicines Market by Region

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Technological Advancements and Innovations to Augment the Growth of the Veterinary Medicines Industry

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.

 

Key Industry Players in the Global Veterinary Medicines Market

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:

  • Archer-Daniels-Midland Company
  • Boehringer Ingelheim International GmbH
  • Dechra Pharmaceuticals PLC.
  • Evonik Industries AG
  • Elanco Animal Health Incorporated
  • Others

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 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Route of Administration, Animal Type, Distribution Channel, Region
Breakup by Product Drugs, Vaccines, Medicated Feed Additives
Breakup by Route of Administration Oral Route, Parenteral Route, Topical Route
Breakup by Animal Type Companion Animal, Livestock Animals
Breakup by Distribution Channel Veterinary hospital pharmacies, Retail veterinary pharmacies
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Archer-Daniels-Midland Company, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Evonik Industries AG, Elanco Animal Health Incorporated, Others
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.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global 
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Veterinary Medicines Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Veterinary Medicines Historical Market (2018-2022) 
    8.3    Global Veterinary Medicines Market Forecast (2023-2028)
    8.4    Global Veterinary Medicines Market by Product
        8.4.1    Drugs
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
            8.4.1.3    Breakup by Type
                8.4.1.3.1    Anti-Infective
                8.4.1.3.2    Anti-inflammatory
                8.4.1.3.3    Parasiticide
        8.4.2    Vaccines
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
            8.4.2.3    Breakup by Type
                8.4.2.3.1    Inactivated Vaccines
                8.4.2.3.2    Attenuated Vaccines
                8.4.2.3.3    Recombinant Vaccines
        8.4.3    Medicated Feed Additives
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
            8.4.3.3    Breakup by Type
                8.4.3.3.1    Amino Acids
                8.4.3.3.2    Antibiotics
    8.5    Global Veterinary Medicines Market by Route of Administration
        8.5.1    Oral Route 
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Parenteral Route 
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    Topical Route
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
    8.6    Global Veterinary Medicines Market by Animal Type
        8.6.1    Companion Animal
            8.6.1.1    Historical Trend (2018-2022)
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Livestock Animals
            8.6.2.1    Historical Trend (2018-2022)
            8.6.2.2    Forecast Trend (2023-2028)
    8.7    Global Veterinary Medicines Market by Distribution Channel
        8.7.1    Veterinary hospital pharmacies
            8.7.1.1    Historical Trend (2018-2022)
            8.7.1.2    Forecast Trend (2023-2028)
        8.7.2    Retail veterinary pharmacies
            8.7.2.1    Historical Trend (2018-2022)
            8.7.2.2    Forecast Trend (2023-2028)    
    8.8    Global Veterinary Medicines Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2022) 
            8.8.1.2    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2022) 
            8.8.2.2    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2022)
            8.8.3.2    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2022) 
            8.8.4.2    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2022) 
            8.8.5.2    Forecast Trend (2023-2028)
9    North America Veterinary Medicines Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Veterinary Medicines Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Veterinary Medicines Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Veterinary Medicines Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Veterinary Medicines Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Archer-Daniels-Midland Company
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Boehringer Ingelheim International GmbH
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Dechra Pharmaceuticals PLC.
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Evonik Industries AG
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Elanco Animal Health Incorporated
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Veterinary Medicines Market: Key Industry Highlights, 2018 and 2028
2.    Global Veterinary Medicines Historical Market: Breakup by Product (USD Million), 2018-2022
3.    Global Veterinary Medicines Market Forecast: Breakup by Product (USD Million), 2023-2028
4.    Global Veterinary Medicines Historical Market: Breakup by Route of Administration (USD Million), 2018-2022
5.    Global Veterinary Medicines Market Forecast: Breakup by Route of Administration (USD Million), 2023-2028
6.    Global Veterinary Medicines Historical Market: Breakup by Animal Type (USD Million), 2018-2022
7.    Global Veterinary Medicines Market Forecast: Breakup by Animal Type (USD Million), 2023-2028
8.    Global Veterinary Medicines Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
9.    Global Veterinary Medicines Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
10.    Global Veterinary Medicines Historical Market: Breakup by Region (USD Million), 2018-2022
11.    Global Veterinary Medicines Market Forecast: Breakup by Region (USD Million), 2023-2028
12.    North America Veterinary Medicines Historical Market: Breakup by Country (USD Million), 2018-2022
13.    North America Veterinary Medicines Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Europe Veterinary Medicines Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Europe Veterinary Medicines Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Asia Pacific Veterinary Medicines Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Asia Pacific Veterinary Medicines Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Latin America Veterinary Medicines Historical Market: Breakup by Country (USD Million), 2018-2022
19.    Latin America Veterinary Medicines Market Forecast: Breakup by Country (USD Million), 2023-2028
20.    Middle East and Africa Veterinary Medicines Historical Market: Breakup by Country (USD Million), 2018-2022
21.    Middle East and Africa Veterinary Medicines Market Forecast: Breakup by Country (USD Million), 2023-2028
22.    Global Veterinary Medicines Market Structure

Key Questions Answered in the Report

What was the global veterinary medicines market size in 2022?

In 2022, the global veterinary medicines market attained a value of nearly USD 23.74 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 4.6% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 31.07 billion by 2028.            

What are the major industry drivers?

The market is being driven by the increasing pet ownership and the rising demand for veterinary vaccines to prevent the risk of zoonotic diseases in animals.

What are the key industry trends of the global veterinary medicines market?

The industry is expected to be augmented by technological advancements and innovations, the cost-effectiveness of animal treatment, and the increasing research and development (R&D) activities.

What are the major regional markets of veterinary medicines, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major products of veterinary medicines in the industry?

The major products of veterinary medicines in the industry are drugs, vaccines, and medicated feed additives.

What are the various routes of administration of veterinary medicines?

The various routes of administration of veterinary medicines are oral route, parenteral route, and topical route.

What are the different animal types of veterinary medicines?

The different animal types of veterinary medicines are companion animals and livestock animals.

What are the significant distribution channels of veterinary medicines?

The significant distribution channels in the market are veterinary hospital pharmacies and retail veterinary pharmacies.

Who are the key industry players, according to the report?

The major players in the industry are Archer-Daniels-Midland Company, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Evonik Industries AG, and Elanco Animal Health Incorporated, among others.

Analyst Review

The global veterinary medicines market attained a value of nearly USD 23.74 billion in 2022, driven by the increasing pet ownership. Aided by technological advancements and innovations, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 4.6%. The market is projected to reach about USD 31.07 billion by 2028.            

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its products, the veterinary medicines industry can be segmented into drugs, vaccines, and medicated feed additives. On the basis of routes of administration, the market is categorised into oral route, parenteral route, and topical route. By animal types, the market is bifurcated into companion animals and livestock animals. On the basis of distribution channels, the industry is divided into veterinary hospital pharmacies and retail veterinary pharmacies. The major regional markets for veterinary medicines are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Archer-Daniels-Midland Company, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Evonik Industries AG, and Elanco Animal Health Incorporated, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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