According to the latest report by IMARC Group, titled “Veterinary Medicine Market: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global veterinary medicine market reached a value of US$ 33.3 Billion in 2022. Veterinary medicine is a branch of science that deals with maintaining health and preventing, alleviating, and curing diseases that affect domestic and wild animals. It includes various drugs, medicated feed additives and vaccines that are used to build immunity in animals against various infectious diseases, such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. Veterinary medicines aid in maintaining health, inhibiting the transmission of zoonotic diseases from animal species to humans, and providing advanced medical, dental, and surgical care.
Global Veterinary Medicine Market Trends:
The increasing prevalence of infectious diseases among pets and wild animals across the globe represents one of the key factors creating a positive outlook for the market. Veterinary medicine is widely used to treat and manage various zoonotic diseases, such as echinococcosis, leptospirosis, toxoplasmosis, cysticercosis, Nipah, rabies, plague, trypanosomiasis, and kyasanur forest disease (KFD). Furthermore, the rising consumption of meat and dairy products and the expanding animal husbandry activities have facilitated the demand for veterinary medicines to meet the concerns of food safety, which, in turn, is acting as another growth-inducing factor. Additionally, growing animal health awareness amongst pet owners and the rising demand for efficient pet care solutions are positively impacting the market growth.
Apart from this, the introduction of cloud-based wearable devices that assist in monitoring animal health and keep track of body temperature, heart rate, respiration rate, and pH levels are providing an impetus to the market growth. Moreover, the easy availability of advanced regenerative medicines, diagnostic imaging, laser diagnostics, novel therapies, and specialized surgeries across numerous vet hospitals and clinics is positively influencing the market growth. Other factors, including the introduction of safe and effective vaccines to prevent pet diseases, rising expenditure capacities of consumers, and increasing domestication of animals, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 49.4 Billion by 2028, exhibiting a CAGR of 6.5% during 2023-2028.
- On the basis of the product, the market has been divided into drugs (anti-infective, anti-inflammatory, and parasiticide), vaccines (inactivated, attenuated, and recombinant vaccines), and medicated feed additives (amino acids and antibiotics).
- Based on the animal type, the market has been bifurcated into production and companion.
- Based on the route of administration, the market has been categorized into oral, parenteral, and topical.
- On the basis of the distribution channel, the market has been divided into veterinary hospitals and clinics, point-of-care testing/in-house testing, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report. Some of the key players include Archer-Daniels-Midland Company, Boehringer Ingelheim GmbH, Cargill Incorporated, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, Evonik Industries AG, Merck & Co. Inc., Neogen Corporation, Vetoquinol S.A., Virbac and Zoetis Inc.
|Base Year of the Analysis
||Product, Animal Type, Route of Administration, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Archer-Daniels-Midland Company, Boehringer Ingelheim GmbH, Cargill Incorporated, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, Evonik Industries AG, Merck & Co. Inc., Neogen Corporation, Vetoquinol S.A., Virbac and Zoetis Inc.
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