Report Details:
15 Companies Covered
138 Pages
Market Research Future (MRFR) has published a cooked research report on the “Global Veterinary Medicine Market” that contains information from 2019 to 2035.
The Veterinary Medicine Market is estimated to register a CAGR of 5.62% during the forecast period of 2025 to 2035.
MRFR recognizes the following companies as the key players in the Global Veterinary Medicine Market — Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetiqyubik S.A., Bayer AG, and Zoetis.
Veterinary Medicine Market Highlights
The Global Veterinary Medicine Market is accounted for to register a CAGR of 5.62% during the forecast period and is estimated to reach USD 66.05 Billion by 2035.
Market expansion is fueled by increasing pet ownership, rising chronic illnesses among animals, and growing global meat consumption. The sector benefits from the expanding adoption of pet health insurance across developed economies such as Sweden, the UK, and Canada, where pet owners are more inclined to invest in preventive healthcare for their animals.
Furthermore, regulatory initiatives like India’s Nandi Portal are streamlining veterinary drug approvals, accelerating product launches, and ensuring safety compliance. The livestock segment continues to dominate, accounting for over 63% of the animal pharmaceuticals market, influenced by the growing burden of zoonotic diseases and the increasing need for livestock immunization.
In addition, the expansion of telemedicine, technological innovations in diagnostic tools, and advanced vaccine development are transforming the landscape of animal healthcare, enhancing accessibility, and driving consistent demand growth.
Segment Analysis
The Global Veterinary Medicine Market has been segmented based on Product, Animal Type, Route of Administration, and Distribution Channel.
- Based on Product, the market has been segmented into Drugs and Vaccines.
The Drugs segment dominated the market in 2024 owing to the prevalence of parasitic and infectious diseases in animals, while the Vaccines segment is projected to grow rapidly due to increased demand for preventive treatments and disease control measures. - Based on Animal Type, the market is bifurcated into Domesticated Animals and Companion Animals.
The Companion Animal segment is expected to witness the fastest growth due to the increasing number of pet adoptions and the rising prevalence of chronic diseases in dogs and cats. According to the APPA National Pet Owners Survey (2021–2022), approximately 70% of U.S. households own a pet, indicating a robust market opportunity for companion animal care products. - Based on Route of Administration, the market is divided into Oral and Parenteral routes.
The Parenteral segment holds the largest share due to its effectiveness and the wide range of formulations available. Meanwhile, Topical formulations are also gaining traction, driven by innovation in anti-parasitic and dermatological treatments. - Based on Distribution Channel, the market is segmented into Veterinary Hospitals & Clinics, Retail Stores, and Online Pharmacies. Veterinary Hospitals & Clinics accounted for the largest market share in 2024, representing 72% of total sales, driven by advancements in diagnostic imaging, regenerative medicine, and specialized surgical capabilities. The Online Pharmacy segment is also growing significantly, propelled by digital adoption and e-commerce penetration in animal healthcare products.
Region Analysis
By Region, the Veterinary Medicine Market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
- North America dominated the market in 2024 with a valuation of USD 12.48 Billion, supported by high pet ownership rates, robust reimbursement frameworks, and strong awareness regarding animal welfare.
- Europe held the second-largest share, driven by the EU Veterinary Medicines Regulation and the widespread use of pet health insurance. Countries like Germany and the UK lead the region, with rapid advancements in veterinary R&D and clinical infrastructure.
- The Asia Pacific region is expected to experience the fastest growth during the forecast period, propelled by the rise in pet ownership, expanding livestock production, and increasing investments in animal healthcare. India’s fast-growing pet population and government support through initiatives like the Nandi portal are accelerating market expansion. Additionally, China’s growing adoption of pet insurance and surging demand for dairy and meat products contribute to strong regional performance.
- Emerging markets in South America and the Middle East & Africa are witnessing increased government attention toward zoonotic disease prevention and food safety, further broadening the market’s global footprint.
Key Findings of the Study
- The Global Veterinary Medicine Market is expected to reach USD 66.05 Billion by 2035, growing at a CAGR of 5.62% during 2025–2035.
- Asia Pacific is projected to be the fastest-growing region, supported by pet adoption, livestock growth, and supportive policies.
- Drugs dominated the market by product type in 2024, while Vaccines are anticipated to show strong future growth.
- The Companion Animal segment is the fastest-growing animal type category, driven by urbanization and pet humanization trends.
- Veterinary Hospitals & Clinics hold the largest distribution channel share, accounting for over 70% of the market.
- Key players such as Boehringer Ingelheim, Zoetis, Elanco, Merck Animal Health, and Bayer AG are investing heavily in R&D, product innovation, and strategic acquisitions to expand their global reach.