Global Veterinary Drugs Market Report and Forecast 2024-2032

Global Veterinary Drugs Market Outlook

The global veterinary drugs market reached a value of about USD 19.17 billion in 2023. The market for veterinary drugs is being driven by the development of new drugs and increasing ownership of animals. The market is further expected to grow at a CAGR of 6.2% in the forecast period of 2024-2032 to reach a value of approximately USD 33.00 billion by 2032.

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Increasing Ownership of Animals is Bolstering the Veterinary Drugs Industry Growth

The increasing ownership of animals, both companions and livestock, is rapidly boosting the market growth for veterinary drugs. The ownership of animals comes with the responsibility of keeping them healthy; therefore, the growing developments in veterinary drugs is supporting the growth of the market. Animal derivatives such as milk, eggs, among others, are driving the ownership of livestock and indirectly boosting the growth of the veterinary drugs industry. The increasing use of animal derivatives prompts the owner to keep the livestock consistently treated to prevent diseases, parasites, etc., thereby aiding the industry growth. The high adoption rate of companion animals is a driving factor for the growth of the veterinary drugs industry due to owners being highly careful and preventive of any medical problems.

Veterinary Drugs: Market Segmentation

Veterinary drugs are essential for the life of animals, as they are used to treat diseases, parasites etc., after an accurate diagnosis. General veterinary drugs are used to examine pharmacology, metabolic safety, toxicology, food safety, etc., whilst specialized drugs are also available to treat high order diseases. Respective authorities of nations establish stringent guidelines for the administration and production of these drugs as the growing need for these drugs is becoming prevalent. The vital necessity for owners of animals, both companions and livestock, to keep their animals healthy is highly significant for the veterinary drugs industry.

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Based on product, the market is divided into:

• Biologics
• Pharmaceuticals
• Medicinal Feed Additives

Biologics is further divided on the basis of type into vaccines and others, whereas, pharmaceuticals is further divided on the basis of type into parasiticides, anti-infectives, anti-inflammatory, analgesics, among others.

Based on animal, the market is bifurcated into:

• Companion
• Livestock

Based on route of administration, the market is categorised into:

• Oral
• Parental
• Topical

Based on distribution channel, the market is segmented into:

• Veterinary Hospitals and Clinics
• Pharmacies and Drug Stores
• Online
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Advancements in Medical Procedures and Drugs to Boost the Growth of Veterinary Drugs Industry

The continuous advancements in the veterinary sector, such as wearable devices to monitor animal health, minimally invasive surgical procedures, among others, are supporting the growth of this market. The developments in the effectiveness of drugs as well as the introduction of new drugs to treat diseases are bolstering the growth of the industry. The market growth is significantly boosted by the rising demand for parasiticides, as more and more livestock owners are focusing on animal health to boost their business in animal derivatives. Growing animal health awareness initiatives by governments and the private sector, along with sponsoring of different veterinary key players are predicted to have a high growth rate during the forecast period.

Key Industry Players in the Global Veterinary Drugs Market

The report gives a detailed analysis of the following key players in the global veterinary drugs market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Bayer AG
• Vetoquinol S.A.
• Boehringer Ingelheim International GmbH
• Kindred Biosciences, Inc.
• Zoetis Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report