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Veterinary Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A5627
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Market Overview:
The global veterinary medicine market size reached US$ 33.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 49.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028.
Veterinary medicine is a branch of science that deals in the prevention, control, diagnosis, and treatment of diseases that affect the health of domestic and wild animals. It helps maintain the health of food-producing animals, inhibit the transmission of zoonotic diseases from animal species to humans, and ensure a safe supply of food worldwide. At present, the escalating consumption of animal-derived products is increasing the adoption of veterinary medicines to monitor the health of agricultural animals and prevent human exposure to diseases.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Veterinary Medicine Market Trends:
The growing trend of nuclear families and inflating income levels have increased the overall spending of individuals on pets globally. This, in confluence with the rising concerns among pet parents about the well-being of their pets, represents one of the major factors supporting the demand for veterinary medicines. The increasing penetration of pet insurance is further influencing the market growth. Apart from this, the expanding animal husbandry activities, along with the escalating cases of zoonotic and chronic diseases among animals, are increasing the concerns about food safety. This, along with the increasing number of commercial animal-production programs, is promoting the adoption of veterinary medicines for better diagnosis and treatment for livestock. Moreover, the easy availability of advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries in numerous vet hospitals and clinics is bolstering the market growth. Furthermore, biomedical researchers are developing safe and effective vaccines to prevent pet diseases, which is anticipated to strengthen the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global veterinary medicine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, animal type, route of administration and distribution channel.
Breakup by Product:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Drugs
- Anti-infective
- Anti-inflammatory
- Parasiticide
- Vaccines
- Inactivated Vaccines
- Attenuated Vaccines
- Recombinant Vaccines
- Medicated Feed Additives
- Amino Acids
- Antibiotics
Breakup by Animal Type:
- Production
- Companion
Breakup by Route of Administration:
- Oral
- Parenteral
- Topical
Breakup by Distribution Channel:
- Veterinary Hospitals and Clinics
- Point-of-Care Testing/In-house Testing
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Product, Animal Type, Route of Administration, Distribution Channel, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global veterinary medicine market was valued at US$ 33.3 Billion in 2022.
We expect the global veterinary medicine market to exhibit a CAGR of 6.5% during 2023-2028.
The rising prevalence of zoonotic diseases due to consumption of animal-derived products, along with the emerging trend of pet humanization, is primarily driving the global veterinary medicine market.
The sudden outbreak of the COVID-19 pandemic had led to the limited visits to veterinary hospitals and delay in diagnosis and treatment for animals on account of mitigating the risk of the coronavirus infection, thereby negatively impacting the demand for veterinary medicines.
Based on the animal type, the global veterinary medicine market can be categorized into production and companion, where production animal exhibits clear dominance in the market.
Based on the route of administration, the global veterinary medicine market has been segmented into oral, parenteral, and topical. Among these, parenteral administration represents the largest market share.
Based on the distribution channel, the global veterinary medicine market can be bifurcated into veterinary hospitals and clinics, point-of-care testing/in-house testing, and others. Currently, veterinary hospitals and clinics account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global veterinary medicine market 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.
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