Global Veterinary Medicines Market Report and Forecast 2024-2032

Global Veterinary Medicines Market Outlook

The global veterinary medicines market attained a value of about USD 24.83 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.6% to reach nearly USD 37.19 billion by 2032.            

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Increasing Pet Ownership Bolstering the Market Growth of Veterinary Medicines

The market for veterinary medicines is being driven by the growing pet ownership, especially among the millennial and Gen-Z population. According to the American Pet Products Association, about USD 103.6 billion were spent on pets in the United States in 2020 itself. As pet parents are increasingly spending to enhance the lifespan of their pets, the demand for veterinary medicines is surging, which is propelling the market growth. The trend of pet ownership has further been fuelled by the COVID-19 outbreak owing to the increasing dependence on companion animals for emotional support during stay-at-home orders and nationwide lockdowns. This is expected to surge the demand for medicines for pets, which is projected to bolster the growth of the veterinary medicines industry in upcoming years.

The rising prevalence of epidemics and outbreaks among animals is increasing the demand for vaccines for animals, which is fuelling the industry growth. As innovations in vaccine technology are leading to the development of more efficient vaccines, pet parents are increasingly preferring them. In addition, the growing demand for alternative medicines for animals to minimise the use of antibiotics is augmenting the market growth. Hence, the development of effective immunotherapy for animals to treat bacteria-related diseases is estimated to augment the growth of the veterinary medicines industry in the forecast period.

Veterinary Medicine: Market Segmentation

Veterinary medicine refers to the branch of science that deals with control, prevention, diagnosis, and treatment of diseases, of both wild and domestic animals. It ensures the safety of companion animals as well as food products derived from animals. It aids in monitoring the health of animals to prevent the risk of zootomic diseases, which can seldom affect humans.

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The major products of veterinary medicine are:

• Drugs
• Vaccines
• Medicated Feed Additives

Drugs segment can be further divided into anti-infective, anti-inflammatory, and parasiticide, whereas the vaccines segment is further classified into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Meanwhile, the medicated feed additives segment is further bifurcated into amino acids and antibiotics.

The market can be broadly categorised on the basis of its routes of administration into:

• Oral Route 
• Parenteral Route 
• Topical Route

By animal type, the market is bifurcated into:

• Companion Animals
• Livestock Animals

Based on distribution channels, the market is divided into:

• Veterinary Hospital Pharmacies
• Retail Veterinary Pharmacies

The EMR report looks into the regional markets of veterinary medicines like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancements and Innovations to Augment the Growth of the Veterinary Medicines Industry

The adoption of the latest technological advancements and innovations is fuelling the market for veterinary medicines. This is also surging the cost-effectiveness of animal treatment, thereby strengthening the market growth. As veterinarians are increasingly adopting technologies such as Big Data and artificial intelligence (AI) to provide optimal medicinal treatment to animals, the deployment of effective medicines for animals is escalating. Moreover, the trend of animal wearable devices is also boosting the focus on animal health, hence augmenting the growth of the veterinary medicines industry. The increasing availability of effective animal treatment in developing countries is also accelerating the demand for veterinary medicines.

The initiation of various research activities to enhance the quality of life of animals is expected to drive the market growth. The development of predictive biomarker tools that can aid in early diagnostic of pathology or disease is increasing the demand for veterinary medicines, which is projected to bolster the market growth. In addition, the trend of preventive care is escalating the demand for medicines to decrease the risk of disease contraction and infection in animals and is anticipated to catalyse the growth of the veterinary medicines industry in the forecast period.

Key Industry Players in the Global Veterinary Medicines Market

The report presents a detailed analysis of the following key players in the global veterinary medicines market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Archer-Daniels-Midland Company
• Boehringer Ingelheim International GmbH
• Dechra Pharmaceuticals PLC.
• Evonik Industries AG
• Elanco Animal Health Incorporated
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report