The Veterinary Medicine market was valued at USD 28,012.73 Million in 2019 and is expected to reach USD 42,985.42 Million at CAGR of 5.57% during the forecast period of 2020 to 2027.
Similar to humans, animals are also prone to several diseases like parasites, bacteria, fungi, and viruses. Veterinary medicine lowers the disease burden on farm animals and pets. Rising zoonotic and chronic diseases among animals widely affect the interest of humans. Increasing the life expectancy of pets by the developing facilities of healthcare and required better nutrition. The increasing number of pet’s life leads to rising chronic diseases.
Increasing pet ownership, growing chronic diseases, and rising consumption of meat are the major drivers for the growth of the veterinary medicine market. Due to the increasing prevalence of diseases in animals, a serious threat was caused to food security. Climate change and globalization are the major reasons to increase chronic diseases in animals. Moreover, the cause of diseases in animals not only happens naturally but is also caused by human actions. Apart, the veterinary medicine market analysis for the opioids veterinary medicines is also expected to surge in the coming years.
The COVID-19 outbreak impacts almost all the business sectors including the veterinary medicine market. The prominent key players take through the tests over thousands of dogs and cats for the virus which results in negative. To maintain hygiene and reduce the risk of contamination, pet parents are advised to maintain distance from their pets. The COVID-19 impact has shown on the livestock sector also, which faces issues to move the animal products like eggs, meat, and milk to market. In April 2020, during COVID-19, the FAO has published a new policy regarding the livestock production and supply chain.
Increasing the number of pet ownership and the rise in livestock people are propelling the market growth. Moreover, the surge in the prevalence of various medical conditions in animals and the increase in demand for livestock products are the factors accelerating the growth of the veterinary medicine market. An increase in animal healthcare expenditure is also boosting the market growth. Additionally, the growing consumption of meat is surging the demand for animal mandatory vaccination which further accelerates the veterinary medicine market growth.
The dog population is increasing at the highest rate in India which fuels the veterinary medicines market size in India. The growing number of companionship animals and spending are augmenting the market growth. The Food and Agriculture Organization (FAO) states that globally the consumption of meat per capita is estimated to reach 35.3kg by 2025. And as per the World Counts, by 2050, meat consumption is expected to reach 460- 570 million tons. Moreover, dairy products consumption is also surging the veterinary medicine market growth. By the rising meat consumption and dairy products extensively demands the improving safety of livestock to control the spread of diseases from animals to humans. This also increases demand for mandatory vaccination for animals which boosts the growth of the market of veterinary medicine.
Animal healthcare associates high costs which are hindering the market growth. The lack of veterinary infrastructure facilities in underdeveloped nations is limiting the growth of the market.
Rising awareness among people regarding animal health may create an opportunity to surge the growth of the market.
Lack of awareness among the people regarding animal health in emerging nations is the challenging factor of market growth. Strict regulations regarding medicated feed additives are hindering market growth.
The veterinary medicine market has been divided into five segments based on animal type, product, route of administration, distribution channel, and region.
Based on Animal Type
The veterinary medicine market based on animal type is bifurcated into production and companion. Out of these two, the companion segment is predicted to register the fastest growth with a 6.04% CAGR due to the rising adoption of pet animals and the growing prevalence of chronic diseases. The production segment is holding the largest market share of 55.0% of the global revenue in 2020 for the rising demand for proteins produced by animals and spending on animal health is increasing.
Based on Product
Veterinary medicine products are trifurcated into pharmaceuticals, biological, and medicinal feed additives. Among them, pharmaceuticals are accounting for the maximum share of 57.0% in 2020 due to the increasing prevalence of brucellosis, zoonotic diseases, and food-borne diseases.
Based on Route of Administration
The veterinary medicine markets are based on the route of administration is classified into oral, parental, and others. Out of these segments, the parental segment is dominating the highest share of 44.0% in 2020 for the availability of products and the instant onset of action. Due to the innovations in oral veterinary medicines like chewable tablets, etc., the oral segment is expected to exhibit the fastest CAGR in the review period.
Based on Distribution Channel
The veterinary medicines market by distribution channel is categorized into veterinary hospitals & clinics, retail stores, and online pharmacies. Due to the novel therapies, advanced diagnostic imaging, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries that are available in veterinary hospitals & clinics, the veterinary hospitals & clinics segment is holding the largest share of 72% in 2020.
Based on Region
Region-wise, the global veterinary medicines market is divided into four main geographies such as Asia-Pacific, the Americas, Europe, and the Middle East & Africa. Out of these regions, the Americas is dominating the highest market share due to the growing companion animal ownership and rising prevalence of animal diseases.
Geographically, the veterinary medicines market based on regions is analyzed into four major regions like Asia-Pacific, America, Europe, and the Middle East & Africa. Among them, the Americas is holding the maximum veterinary medicines market share for the growing companion animal ownership and rising prevalence of animal diseases. Additionally, a rising population of pets and livestock along with a large number of veterinary practices may propel the growth of the market in this region.
Europe holds a substantial share for the rising prevalence of diseases, new product approvals, and the presence of developed veterinary healthcare infrastructure. Asia-Pacific accounts for the third-largest market share for the growing penetration of the veterinary sector, rising the number of private veterinary clinics, growing awareness regarding animal welfare, and government campaigns for the welfare of pet animals in emerging countries like India, Japan, China, South Korea, and Australia.
The prominent key players in the veterinary medicine market outlook are the following:
This global veterinary medicine market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the veterinary medicine market drivers, restraints, challenges, and opportunities. The veterinary medicine market forecast segments into five forms as animal type, product, route of administration, distribution channel, and region.
The veterinary medicine market trends have been segmented into five forms globally based on the animal type, product, route of administration, distribution channel, and region.
By Animal Type
Production and companion are two animal types.
Pharmaceuticals, biological, and medicinal feed additives are the three products.
By Route of Administration
Oral, parental, and others are the few segments.
By Distribution Channel
Veterinary hospitals & clinics, retail stores, and online pharmacies are the three distribution channels.
Asia-Pacific, Europe, the Americas, and the Middle East & Africa are the four main geographies included in the veterinary medicine market.
|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 5.57% by 2027.
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.