As per MRFR Analysis, the Veterinary Medicine Market was valued at USD 36.20 Billion in 2024 and is projected to grow from USD 38.23 Billion in 2025 to USD 62.54 Billion by 2034, with a CAGR of 5.62% during the forecast period. Key drivers include rising chronic illnesses, increasing pet ownership, and heightened meat consumption. The livestock sector accounted for over 63% of the animal pharmaceuticals market in 2020, influenced by zoonotic diseases. The market is also seeing growth in pet health insurance, particularly in developed countries like Sweden, the UK, and Canada. Regulatory developments, such as the introduction of the Nandi portal in India, aim to streamline veterinary drug approvals, further supporting market expansion.
Key trends driving the Veterinary Medicine market include increasing pet ownership and chronic diseases.
Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetiqyubik S.A., Bayer AG, Zoetis
Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review
As more people in developed countries turn to pet health insurance to cover the cost of veterinarian care, the industry is expected to grow. The markets for pet health insurance are particularly robust in Sweden, the United Kingdom, and Canada. The popularity of pet health insurance in China has soared in recent years. The public's increased awareness of pet health concerns, as well as the expanding popularity of pets, have both contributed to the widespread adoption of pet healthcare insurance.
Key market factors boosting the Veterinary Medicine market growth include rising rates of chronic diseases, rising rates of pet ownership, and rising meat consumption, which may be supported by initiatives to encourage animal husbandry and an increase in pet adoption. An increase in zoonotic illness among agricultural animals might have repercussions for market growth and development. Due to the increasing prevalence and economic burden of zoonotic illnesses in livestock animals, the livestock sector will account for more than 63% of the market for animal pharmaceuticals in 2020. Parasites of bacteria that feed on farm animals also thrive, causing widespread disease and economic suffering.
In June 2023 when Union Minister Parshottam Rupala introduced a Nandi portal for the timely processing of applications and to issue a non-objection certificate (NOC) on veterinary drugs and vaccines. The Central Drug Standard Control Organization (CDSCO), under the Ministry of Health, is responsible for the regulation of the importation, manufacture, and marketing of veterinary drugs and vaccines. However, the permission to import/manufacture veterinary drugs, vaccines, and biologicals is given by the Ministry of Fisheries Animal Husbandry and Dairying. As it stands now, the system is manual. This development is very critical because there will be more demand for veterinary products due to an ongoing country-wide livestock vaccination exercise that was announced by Hon’ble Rupala.
Europe’s top antitrust regulator has opened a formal probe into whether animal health company Zoetis has violated EU competition rules by blocking the market entry of another novel biologic medicine used to treat chronic pain in dogs; this happened in April 2024. Zoetis Librela is Europe’s first approved monoclonal antibody medicine for osteoarthritis-associated pain in dogs, only one so far, according to EC note. It also says that Zoetis brought forth Librela at the same time as acquiring a competing late-stage pipeline product from an unknown rival, exclusive commercialization rights of which were destined for the EEA only through this third-party coverage. No other company can access this alternative product again after Zoetis terminated its research activities on it or ceded its ownership to that third party.
VetStem Inc., a leader in regenerative veterinary medicine, changed how platelet-rich plasma (PRP) was delivered with their new off-the-shelf PRP products, which were launched today. PrecisePRP™ Canine has become the first product out of the FDA review process. It is light-filtered, frozen, dried, pooled, and allogenic PRP that is supplied to the dog for intraarticular use; only platelets concentrate in plasma. It is anticipated that the equine version will be cleared by the FDA in May and launched later in that month. PrecisePRP™ is different from other mechanical kits on the market. Unlike all other PRPs, this one is a complete non-blood draw that does not even involve centrifugation or refrigeration, so it is an out-of-the-box product you can easily get your hands on. Even more important, however, is the fact that PrecisePRP™ offers a process that enables uniformity and reproducibility unlike anything else available now.
February 2023, the Veterinary Medicines Directorate in the United Kingdom released a call for public comment on a proposed modification to the Veterinary Medicines Regulations. The ideas outlined in the consultation will ensure that the Regulations remain functional by updating regulatory requirements to account for changes in the sector and lightening the regulatory load where practicable. Those concerned with animal well-being will have better peace of mind if the Regulations are more transparent and uniform. The VMR lays out the regulations for selling, producing, acquiring, and using veterinary drugs and medicated feed in the UK. They play an important role in preventing harm to animals, people, and the environment.
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
Source Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review
India's fastest-growing dog population boosts the country's market of veterinary medicine. The veterinary medicine market growth is due to the 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.
The Veterinary Medicine Market segments 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.
The Veterinary Medicine market segmentation, based on Animal type, includes Domesticated and Companion animal. 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.
Based on Product, the Veterinary Medicine Market segments 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, 2023 & 2032 (USD Million)
Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review
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.
June 2023: The revolutionary TRUVIEWTM digital microscopy platform, featuring the proprietary TRUprepTM system that automatically prepares slides and LiquiViewTM liquid lens technology that provides best-in-class images, was released in June 2023 by Zomedica Corp., a leading innovator in veterinary medicine offering diagnostic and therapeutic products for companion animals. Almost all veterinarians use microscopic analysis of blood and cytology fluids as part of their standard of treatment.
June 2023: Clemson University in South Carolina, United States, opened its College of Veterinary Medicine in June 2023. The vote comes after the state budget for FY24 was finalized. The Clemson University College of Veterinary Medicine will be the first professional school at the university, and it will open in the fall of 2026 with the first class of veterinarians graduating in 2030. It will use the university's existing animal health programs and infrastructure to train veterinarians and thus alleviate the state's current shortage.
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.
Figure 3: VETERINARY MEDICINE MARKET SHARE BY REGION 2023 (%)
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 market of veterinary medicine held the largest market share, and the India market of veterinary medicine 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 market of veterinary medicine 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 market of veterinary medicine held the largest market share, and the U.K. veterinary medicine market was the fastest-growing market in the European Region.
Figure 3: VETERINARY MEDICINE MARKET SHARE BY REGION 2021 (%)
Major market companies are investing significant money in R&D to expand their product offerings, which will fuel further Veterinary Medicine Market growth. 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.
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 Regional Outlook
North America
Europe
Asia-Pacific
Rest of the World
| Attribute/Metric | Details |
| Market Size 2024 | 36.20 (USD Billion) |
| Market Size 2025 | 38.23 (USD Billion) |
| Market Size 2034 | 62.54 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.62 % (2025 - 2034) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2034 |
| Historical Data | 2020 - 2024 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Animal Type, Product, Route of Administration 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 |
Veterinary Medicine Market Highlights:
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 5.62 % during the forecast period, 2025 - 2034
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.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2025 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
