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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Veterinary Medicines Market Outlook

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%

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
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.

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.

Key Highlights of the Report

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:

  • 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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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
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*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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Key Questions Answered in the Report

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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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124