ID: MRFR/Pharma/0348-CR | February 2021 | Region: Global | 138 pages
Global Veterinary Medicine Market was valued at USD 28,012.73 Million in 2019 and is expected to register a CAGR of 5.57% during the forecast period of 2020 to 2027.
Like humans, animals are prone to various diseases caused by bacteria, parasites, fungi, and viruses. Veterinary medicine is one of the most effective ways to reduce the disease burden in farm animals and pets. Increasing zoonotic and chronic diseases among animals affect human interests widely. One of the main reasons for the growing number of chronic diseases is the increasing life expectancy of pets due to the developing healthcare facilities and good nutrition.
Global Veterinary Medicine Market is mainly driven by growing rates of pet ownership, rising chronic diseases, and increasing consumption of meat. The growing prevalence of diseases in animals poses a serious threat to food security. Climate change and globalization are the major reasons attributing to the rise in diseases among animals. Incidents of animal disease are not only caused naturally but also by human actions.
The rise in the number of pet ownerships is fueling the demand for better care of companion animals, driving the overall expenditure on pets. As estimated by the American Pet Products Association, there has been a considerable rise in the overall spending in the US pet industry. The pet industry's overall spending increased by 5.2 billion in 2019 compared to 2018 in the country. In addition, nearly 67% of households in the US own a pet. Dogs and cat ownerships together account for 94% of the overall pet ownership in the country. The US and UK are leaders in terms of overall spending on pets. The increasing rate of pet insurance in developed countries is also propelling the ownership rate of pets. Countries like Brazil, China, and Ukraine are also spending a considerable amount on pet health. Furthermore, the dog population in India is increasing at the highest rate. Hence, the rise in the number of companionship animals and spending propels the growth of the veterinary medicine market.
Across the world, meat consumption has surged considerably in the recent past. As per the Food and Agriculture Organization (FAO) of the United States, annual meat consumption per capita is projected to touch 35.3 kg by 2025 globally. Furthermore, as per The World Counts, global consumption is anticipated to be in the range of 460-570 million tons by 2050. Apart from meat consumption, dairy products demand has also surged. Increasing meat and dairy consumption demand the safety of livestock and constant monitoring of their health to arrest the spread of diseases from animals to humans. Amid the growing meat consumption, the focus on improving the safety of fresh meat has increased. This has led to increasing demand for mandatory vaccination for animals to ensure their wellbeing.
Global Veterinary Medicine Market, By Type, 2019 (%)
Source: MRFR Analysis
Global Veterinary Medicine Market has been divided based on Animal Type, Product, Route of Administration, and Distribution Channel.
On the basis of animal type, the market is bifurcated into domesticated and companion. The companion segment is expected to register the fastest growth at a CAGR of 6.04% during the forecast period. The increasing adoption of pets is driving the growth of the companion animal segment.
On the basis of product, the market is bifurcated into drugs and vaccines. The drugs segment accounted for the largest market share with a value of USD 17,604.08 million in 2019. The increasing number of chronic diseases in animals is driving the growth of the drugs segment.
Based on route of administration, the market is bifurcated into oral, parental, and others. The oral segment accounted for the largest market share, with 50.6% in 2019. This large share can be attributed to the advancements in the oral veterinary medicines segment, such as chewable tablets. Moreover, the increasing prevalence of chronic conditions in pets is also expected to drive the market for veterinary medicine.
On the basis of distribution channel, the market is bifurcated into veterinary hospitals & clinics, retail stores, and online pharmacies. The veterinary hospitals & clinics segment accounted for the largest market share with a value of USD 31,196.57 million in 2027. The growth of the veterinary hospitals & clinics segment can be attributed to the advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries available in veterinary hospitals and clinics.
Global Veterinary Medicine Market Share, By Region, 2019 (%)
Source: MRFR Analysis
Global Veterinary Medicine Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa. The Americas is expected to command the largest market due to the rise in companion animal ownership and the growing prevalence of animal diseases in the region. According to Atlas Dental, a total of 69,075 dental operations were performed in German hospitals in 2017. Moreover, an increasing population of pets and livestock with a high number of veterinary practices is expected to support the growth of the market. The American Veterinary Medical Association (AVMA) reported around 110,531 veterinary practices were operating in 2017, reaching 113,394 in 2018. Similarly, according to the Canadian Veterinary Medical Association's statistics in 2018, about 12,517 veterinarians were present in Canada.
Europe held a substantial share in the global veterinary medicine market. This can be attributed to the rising prevalence of diseases, new product approvals, and the presence of developed veterinary healthcare infrastructure. According to the Industrial Association of Pet Care Producers, around 34.3 million pets, including dogs, cats, small mammals, and birds, lived in 2017, which increased by 2.7 million compared to 2016.
Asia-Pacific is expected to command the third largest region in the global market owing to the growing penetration of the veterinary sector, the surge in the number of private veterinary clinics, increasing awareness about animal welfare, and government campaigns for the welfare of pet animals in China, Japan, India, South Korea, and Australia. In 2017, according to a research paper, about 50.8 million dogs were living in China. The large population of the pet in this region will support the growth of the market.
The veterinary medicine market in Middle East & Africa is expected to witness steady growth during the review period due to the presence of low-income countries in the region. Additionally, according to the Organization for Economic Co-operation and Development (OECD) data, in South Africa, the average household net adjusted disposable income per capita is USD 10,872 per year, which is much lower than the OECD average of USD 30,563.
The Prominent Players in the Global Veterinary Medicine Market are Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
Global Veterinary Medicine Market, By Animal Type
Global Veterinary Medicine Market, By Product
Global Veterinary Medicine Market, By Route of Administration
Global Veterinary Medicine Market, By Distribution Channel
Global Veterinary Medicine Market, By Region
Available Additional Customizations
|Market Size||USD 42,985.42 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Animal Type, Product, Route of Administration, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Veterinary medicine market is expected to display a CAGR of 8.1% from 2017 to 2023.
Focus on encouraging animal husbandry and rise in adoption of pets can drive the global veterinary medicine market growth.
Mistreatment of street animals and spread of infections to humans from animals can impede the global veterinary medicine market growth.
The Americas are predicted to dominate the global veterinary medicine market owing to animal welfare policies and large expenditure on animal health.
Zoetis, Inc. (Pfizer), Vetoquinol SA, Nutreco N.V., Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Sanofi S.(MERIAL Limited), Bayer Healthcare AG, Boehringer Ingelheim GmbH, Virbac S.A, and Ceva Santé Animale are major players of the global veterinary medicine market.