Veterinary Medicine Market Research Report - Forecast till 2030

Veterinary Medicine Market Research Report Information By Animal Type (Domesticated and Companion), Product (Drugs and Vaccines), Route of Administration (Oral, Parental), Distribution Channel (Veterinary Hospitals & Clinics, Retail Stores, Online Pharmacies), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) ‚Äď Market Forecast Till 2030

ID: MRFR/Pharma/0348-CR | | Region: Global | 138 Pages         

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Global Veterinary Medicine Market Overview:

Veterinary Medicine Market Size was valued at USD 29.1 billion in 2021. The Veterinary Medicine market industry is projected to grow from USD 30.72 Billion in 2022 to USD 44.89 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.57% during the forecast period (2022 - 2030). Growing chronic illnesses, increasing rates of pet ownership, and increased meat and the expansion of the veterinary medicine industry might be fueled by efforts to promote animal husbandry and an increase in pet adoption are the key market drivers enhancing the Veterinary Medicine market growth.
Veterinary Medicine Market Overview
Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

Veterinary Medicine Market Trends

  • Growing rates of pet ownership, rising chronic diseases, and increasing meat consumption will boost the market growth.

The market development is predicted to be boosted by the rising adoption of pet health insurance to pay for veterinary services in various industrialized nations. Sweden, the United Kingdom, and Canada have thriving pet health insurance markets. There has been a sharp rise in the widespread use of pet health insurance in China. Two significant factors contributing to the acceptance of pet healthcare insurance are the growing public understanding of pet health issues and the rising popularity of pets.

There will be more potential for the industry to expand and market dynamics would be affected by the rise in zoonotic disease cases among farm animals. The livestock industry will account for more than 63% of the market for animal medicines in 2020 because of the rising incidence and cost burden of zoonotic diseases among livestock animals. Additionally, bacterial parasites that feed on agricultural animals flourish, which leads to severe illness and monetary hardship.

In addition, rising demand over the past 50 years has led to a sharp rise in worldwide meat output, supporting the veterinary pharmaceutical business. Around 40–50% of the world's meat output was produced in Asia, with the U.S.U.S.U.S., Brazil, and Argentina being significant producers. Growing discretionary affluence in emerging nations is increasing the rate of meat production but also raising concerns about food-borne illnesses. An Australian Bureau of Agriculture and Resources Economics and Sciences survey predicts that by 2050, China will account for almost 40% of the growth in  meat demand. According to the O.E.C.D.'s 2022–2031 agricultural outlook, 129 metric tonnes of pig meat will be consumed ly during the next ten years, making up one-third of all meat consumption. These elements have a big impact on how fast the market is growing. The National Agricultural Statistics Service, U.S.D.A., said in a study released in July 2022 that the overall spending on American farms climbed from USD 366.2 billion in 2020 to USD 392.9 billion in 2021 (up 7.3%). The cost of livestock, poultry, and related costs, which in 2021 amounted to USD 42.4 billion, grew by 10.8% from the previous year.

Figure 1:  meat producer
meat producer
Source Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

India's fastest-growing dog population boosts the country's veterinary medicine market. The Veterinary Medicine market is expanding as a result of both rising spending and the number of companion animals. According to the Food and Agriculture Organization (F.A.O.), by 2025, the world's per capita meat consumption is expected to reach 35.3 kg. And according to World Counts, 460–570 million tonnes of beef will be consumed ly by 2050. Additionally, the need for dairy products is fueling the expansion of the veterinary medication business. The increased use of meat and dairy products calls for increased livestock safety to stop the transfer of illness from animals to people. Additionally, this raises demand for animal vaccination laws, which helps the veterinary medicine business flourish.

Veterinary Medicine Market Segment Insights

Veterinary Medicine Route of Administration Insights

The  Veterinary Medicine market segmentation, based on the route of administration, includes oral and parental. The parenteral segment accounted for the highest proportion of the veterinary medication market in terms of delivery method in 2021. The high number of parenteral formulations made available by major market participants is credited with this segment's growth. Additionally, the topical category had the quickest growth as important competitors shifted their attention to introducing cutting-edge topical treatments for parasites.

Veterinary Medicine Animal Type Insights

The  Veterinary Medicine market segmentation, based on Animal type, includes Domesticated and Companion. Because chronic illnesses are becoming more common, the companion animal market is expected to grow at the quickest rate. Horses, cats, dogs, and other animals make up the additional sub-segments of companion animals. Due to the growing need for cutting-edge treatment options for dogs with chronic conditions, the market retained a sizable revenue share. In addition, the A.P.P.A. National Pet Owners Survey 2021–2022 found that 69.0 million homes in the United States own dogs, accounting for around 90.5 million families, or 70% of all households. This should accelerate future growth.

Veterinary Medicine Product Insights

Based on Product, the  Veterinary Medicine market segmentation includes Drugs and Vaccines. Due to the growth in the prevalence of different illnesses treated with anti-infective medications and the prevalence of parasites in animals, the drug segment dominated the market in terms of products in 2021. Increased knowledge about the use of medications in animals and increased veterinary drug uptake worldwide are two additional factors supporting market expansion.

Figure 2:  Veterinary Medicine Market, by Product, 2021 & 2030 (USD Million)
Veterinary Medicine Market, by Product, 2021 & 2030
Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

Veterinary Medicine Distribution Channel Insights

Based on Distribution Channel, the  Veterinary Medicine market segmentation includes Veterinary Hospitals & Clinics, Retail Stores, and Online Pharmacies. The veterinary hospitals & clinics sector is expected to have the biggest market of 72% in 2021 due to the innovative therapeutics, enhanced diagnostic imaging, nuclear and regenerative medicines, laser diagnostics, and special operations that are accessible in these facilities.

Veterinary Medicine Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Veterinary Medicine market, accounted for USD 12.48 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. In 2022, the area was responsible for the largest worldwide revenue—more than 26%. The rising frequency of zoonotic illnesses and advantageous reimbursement policies are the key causes of this rise due to favorable government rules, including the E.U.E.U.E.U. For Veterinary Medicines Regulation and pet insurance's rising popularity, Europe was the second-largest geographical market in 2022.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

The Asia Pacific Veterinary Medicine market, is anticipated to increase substantially during the period. Market expansion in this area has been aided by increased companion animal adoption and rising animal health concerns. The Asia Pacific region's market is also anticipated to be driven by rising veterinary and animal health care costs and a sizable cattle population. Moreover, the China Veterinary Medicine market held the largest market share, and the India Veterinary Medicine market was the fastest-growing market in the Asia-Pacific region.

Due to the widespread presence of significant industry players and the Region's well-developed healthcare infrastructure, Europe is anticipated to dominate the Veterinary Medicine market over the projection period. Additionally, supportive government regulations and expanding measures to promote animal health will further accelerate this Region's market development rate. Further, the Germany Veterinary Medicine market held the largest market share, and the U.K.U.K.U.K. Veterinary Medicine market was the fastest-growing market in the European Region.

Veterinary Medicine Key Market Players & Competitive Insights

Major market companies are investing significant money in R&D to expand their product offerings, which will fuel further growth in the Veterinary Medicine market. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. In order to grow and remain in a market that is becoming more and more competitive, Veterinary Medicine industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics used by the Veterinary Medicine industry to serve customers and increase the market sector. The Veterinary Medicine industry has recently given medicine some of the most important advantages. The Veterinary Medicine markets major players such as Boehringer Ingelheim, Ceva,  Chanelle Pharma Group, Dechra Pharmaceuticals plc,  Elanco,  Merck Animal Health, Norbrook Laboratories,  Vetiqyubik S.A., Bayer AG,  Zoetis, and others are working on expanding the market demand by investing in research and development activities.

Merck Group, which was established in Germany in 1668 and of which it was once the American arm, Merck & Co., Inc., is an American  pharmaceutical corporation with its headquarters in Rahway, New Jersey. The business creates pharmaceuticals, vaccines, biological treatments, and items for animal health. Merck bought IdentiGEN, a company specializing in DNA-based animal traceability for aquaculture and cattle, in August 2020.

An American pharmaceutical firm, Elanco Animal Health Incorporated, creates drugs and vaccines for animals, including cattle and pets. Before being sold in 2019, the firm was a Eli Lilly and Company subsidiary. It is the second-largest animal health firm in the world. Elanco acquired Bayer's Animal Health Business in August 2020 to expand the business's scope and capabilities, establishing Elanco as a long-term leader in the profitable and durable animal health industry.

Key Companies in the Veterinary Medicine market include

  • Boehringer Ingelheim

  • Ceva

  • Chanelle Pharma Group

  • Dechra Pharmaceuticals plc

  • Elanco

  • Merck Animal Health

  • Norbrook Laboratories

  • Vetiqyubik S.A.

  • Bayer AG

  • Zoetis

Veterinary Medicine Industry Developments

  • August 2020: Elanco, one of the leading businesses, decided to purchase Bayer's Animal Health Business to increase its scope and capabilities. Due to this purchase, the firm may become a leader in the lucrative, long-lasting animal health sector.

  • May 2019: The OxyMed LA therapy for pneumonia, shipment fever complex in cattle, and the treatment of bacterial enteritis received regulatory clearance from the U.S.U.S.U.S. F.D.A. for Bimeda, Inc.'s product line.

  • May 2019: The EnroMed 100 product offering for treating bovine respiratory disease (BRD) in cattle and swine respiratory disease (S.R.D.) in swine received regulatory approval from the U.S.U.S.U.S. F.D.A.

Veterinary Medicine Market Segmentation

Veterinary Medicine Animal Type Outlook

  • Domesticated

  • Companion

Veterinary Medicine Product Outlook

  • Drugs

  • Vaccines

Veterinary Medicine Route of Administration Outlook

  • Oral

  • Parental

Veterinary Medicine Distribution Channel Outlook

  • Veterinary Hospitals & Clinics

  • Retail Stores

  • Online Pharmacies

Veterinary Medicine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 29.1 billion
Market Size 2022 USD 30.72 billion
Market Size 2030 USD 44.89 billion
Compound Annual Growth Rate (CAGR) 5.57% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Boehringer Ingelheim, Ceva,  Chanelle Pharma Group, Dechra Pharmaceuticals plc,  Elanco,  Merck Animal Health, Norbrook Laboratories,  Vetiqyubik S.A., Bayer AG,  Zoetis  
Key Market Opportunities Increase in chronic and zoonotic illnesses in animals.
Key Market Dynamics Increase in pet adoption

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Frequently Asked Questions (FAQ) :

The Veterinary Medicine market size was valued at USD 29.1 Billion in 2021.

The market for Veterinary Medicine is projected to grow at a CAGR of 5.57% during the forecast period, 2022-2030.

North America had the largest share of the Veterinary Medicine market.

The key players in the Veterinary Medicine market are Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc,  Elanco,  Merck Animal Health, Norbrook Laboratories,  Vetiqyubik S.A., Bayer AG,  Zoetis.

The companion, Veterinary Medicine category dominated the market in 2021.

Veterinary Hospitals & Clinics had the largest share of the Veterinary Medicine market.