The veterinary medicine market is estimated to be valued at US$ 34.08 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary medicine refers to medicines used to treat medical conditions and diseases affecting animals. It includes medicines for companion animals such as dogs, cats and horses as well as livestock animals including cattle, pigs and poultry. The medicines are used for preventive healthcare as well as treatment of various diseases and conditions. The key products in veterinary medicine market include vaccines, parasiticides, anti-infectives, medications for pain and anesthesia and others.
Market Dynamics:
One of the major drivers fueling growth of the veterinary medicine market is rising awareness regarding animal health and welfare along with increasing companion animal ownership globally. According to American Veterinary Medical Association (AVMA) survey, around 85 million cats and 79 million dogs were owned as pets in the US in 2021, indicating substantial market opportunity. Furthermore, growing incidence of zoonotic and livestock diseases has increased demand for preventive veterinary healthcare and treatment. For instance, annual loses in cattle due to diseases are estimated to be around US$ 35 billion to US$ 120 billion worldwide. Additionally, supportive government policies and initiatives to prevent animal epidemics have boosted demand for veterinary pharmaceuticals. However, strict regulatory framework surrounding veterinary drug approvals and high R&D costs associated with new drug development are some factors expected to hamper market growth over the forecast period.
Segment Analysis
The veterinary medicine market can be segmented on the basis of animal type into companion animals and livestock animals. The companion animal segment is expected to dominate the market during the forecast period. Growing ownership of pets such as dogs and cats across regions such as North America and Europe is a major factor responsible for the high share of this segment. According to the American Pet Products Association, around 85 million cats and 75 million dogs are owned as pets in the US alone. This rising number of pets has been generating high demand for veterinary medicines and vaccinations to keep companion animals healthy.
PEST Analysis
Political: Regulations regarding the quality and safety testing of veterinary medicines are quite stringent. Compliance to regulatory standards set by bodies like FDA and EU increases development costs for players.
Economic: Growing GDP levels have been increasing the disposable incomes of people in developing countries, allowing them to spend more on pet healthcare. The rise in meat consumption worldwide is also boosting demand for veterinary medicines from the livestock segment.
Social: Companion animal ownership is becoming more popular globally due to rising loneliness and single-person households. People consider pets as important family members now and are eager to offer them best healthcare.
Technological: New discoveries and R&D in disease pathology, vaccines and therapeutics have enabled development of advanced products to treat animal infections and diseases. Technologies likeAnalytics are also helping firms customize their product offerings.
Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing pet adoption.
North America accounts for the largest share in the global veterinary medicine market currently due to growing pet care expenditure in the region. According to the APPA, Americans spent over $75 billion on pet healthcare in 2019. The region is expected to maintain its lead during the forecast period as well.
Key players operating in the veterinary medicine market include Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh, among others. Ceva specializes in veterinary vaccines while Zoetis and Elanco have a wide portfolio of pharmaceuticals and vaccines for both companion animals and livestock.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.