The Increasing Consumption of Meat and Rising Chronic Diseases are expected to Boost the Growth of the Global Veterinary Medicine Market at a CAGR of 5.6% during the Forecast Period

Pune, India, July 2023, MRFR Press Release/ Market Research Future has published a Cooked Research Report on the Global Veterinary Medicine Market. Market Research Future (MRFR) has published a cooked research report on the “Global Veterinary Medicine Market” that contains information from 2023 to 2032. 

Market Highlights

The global Veterinary Medicine Market is accounted to register a CAGR of 5.6% during the forecast period and is estimated to reach USD 44.92 billion by 2032.

The veterinary medicine market refers to the industry that encompasses the development, production, and distribution of pharmaceuticals, vaccines, and medical devices specifically designed for the diagnosis, treatment, and prevention of diseases in animals. It caters to the healthcare needs of companion animals, livestock, and other animals, contributing to the overall animal health and well-being.

Key Players

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,  Zoetis .

Segment Analysis

The global Veterinary Medicine market has been segmented based on Animal Type, Product and Distribution Channel.

On the basis of Animal Type, the market is segmented into Domesticated and Companion animal. The companion animal industry is anticipated to expand at the fastest rate due to the rise in chronic conditions. The extra companion animal sub-segments include horses, cats, dogs, and other animals. The market held onto a substantial revenue share as a result of the expanding need for cutting-edge treatment solutions for dogs with chronic diseases.

Based on Product, the global Veterinary Medicine market has been segmented into Drugs and Vaccines. The drug sector led the market in terms of products in 2021 due to the rise in the incidence of various illnesses treated with anti-infective treatments and the prevalence of parasites in animals.

Based on Distribution Channel, the global Veterinary Medicine market has been segmented into  Veterinary Hospitals & Clinics, Retail Stores, and Online Pharmacies. As a result of the cutting-edge therapies, improved diagnostic imaging, nuclear and regenerative medicines, laser diagnostics, and specialised operations available in these facilities, the veterinary hospitals and clinics sector is anticipated to have the largest market in 2021 (72%).

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Veterinary Medicine Market Research Report

Regional Analysis

The global Veterinary Medicine market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Veterinary Medicine market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Veterinary Medicine market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Veterinary Medicine market comprises of Middle East, Africa, and Latin America.

The North American Veterinary Medicine Market dominated this market in 2022 , which was valued at USD 12.48 billion in 2021, is anticipated to rise at a considerable CAGR throughout the study period. The region generated more than 26% of the total global revenue in 2022.

The market for veterinary medicine in Asia and the Pacific is expected to grow significantly during that time. Increased adoption of companion animals and growing concerns about animal health have helped this market expand. A large population of cattle and rising veterinary and animal health care expenditures are also projected to be major market drivers in the Asia Pacific region.

Europe is predicted to lead the market for veterinary medicine over the projection period due to the widespread presence of important industry players and the Region's well-developed healthcare infrastructure. Government policies that are favourable and increased efforts to enhance animal health will also hasten market growth in this region.

Key Findings of the Study

• The global Veterinary Medicine market is expected to reach USD 44.92 billion by 2032, at a CAGR of 5.6% during the forecast period.


• The North American Veterinary Medicine Market dominated this market in 2022 , which was valued at USD 12.48 billion in 2021, is anticipated to rise at a considerable CAGR throughout the study period..


• Based on Distribution Channel, the veterinary hospitals and clinics sector is anticipated to have the largest market in 2021 (72%).


• Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc,  Elanco,  Merck Animal Health, Norbrook Laboratories,  Vetiqyubik S.A., Bayer AG,  Zoetis .