The global veterinary medicine market size reached US$ 35.4 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 59.1 Billion by 2032, exhibiting a growth rate (CAGR) of 5.9% during 2023-2032. The increasing pet ownership, significant technological advancements in diagnostics and treatments, rising need for food safety and disease control in livestock, government initiatives promoting animal health, and ongoing research and development in the field and the demand for veterinary care in both production and companion animals are some of the major factors propelling the market.
Veterinary medicine is a specialized branch of medical science that focuses on the health and well-being of animals. It encompasses the diagnosis, treatment, and prevention of diseases, injuries, and disorders in various animal species. It plays a crucial role in promoting animal health, welfare, and public health. Veterinarians, trained professionals in veterinary medicine, are responsible for providing medical care to animals, including domestic pets, livestock, wildlife, and laboratory animals. They conduct thorough examinations, perform diagnostic tests, prescribe medications, perform surgeries, and provide preventive care such as vaccinations. The field of veterinary medicine encompasses various disciplines, including internal medicine, surgery, dermatology, radiology, pathology, and dentistry. Veterinarians work closely with pet owners, livestock farmers, zookeepers, and other professionals in the animal industry to ensure the well-being of animals under their care.
The rising trend of pet ownership, particularly in urban areas, is driving the demand for veterinary medicine. Pet owners are increasingly seeking veterinary services for routine check-ups, vaccinations, and healthcare needs, thus fueling the growth of the market. Additionally, there is a greater emphasis on animal welfare and preventive care, leading to increased awareness regarding the importance of medicine for animals. Pet owners and livestock farmers are recognizing the significance of regular veterinary visits to ensure the overall health and well-being of their animals. Other than this, zoonotic diseases, which can be transmitted from animals to humans, have gained significant attention in recent years. Furthermore, the outbreak of diseases like avian influenza and COVID-19 have highlighted the need for effective veterinary medicine to prevent and control such diseases, leading to increased investments in animal health. Besides this, the growing demand for meat, dairy products, and other animal-derived food products has increased the need for veterinary medicine in livestock production. Ensuring the health and well-being of farm animals is crucial for maintaining food safety standards and meeting the rising consumer demand. Besides this, advancements in veterinary technology, such as diagnostic imaging, laboratory testing, and surgical techniques, have significantly improved the diagnosis and treatment of animal diseases. Moreover, government regulations and initiatives aimed at animal health and welfare play a vital role in shaping the market.
The increasing trend of pet ownership is a significant driver of the market. As more people choose to have pets, the demand for veterinary services rises accordingly. Pet owners are increasingly aware of the importance of regular veterinary care to ensure the health and well-being of their furry companions. They seek preventive measures such as vaccinations, regular check-ups, and treatments for common conditions like fleas, ticks, and dental problems. This growing demand for veterinary services creates opportunities for clinics, hospitals, and pharmaceutical companies specializing in veterinary medicine. Additionally, the emotional bond between pet owners and their animals drives the willingness to invest in their healthcare, leading to further market growth.
Technological advancements
Technological advancements have revolutionized the field of veterinary medicine, driving market growth. Innovations in diagnostic imaging, such as digital radiography and ultrasound, enable more accurate and timely diagnoses. Advanced laboratory testing methods allow for quicker and more precise identification of diseases. Surgical techniques, including minimally invasive procedures and laser surgery, have improved patient outcomes and reduced recovery times. These technological advancements not only enhance the quality of care but also increase the demand for veterinary services. Veterinary practices that adopt these technologies gain a competitive edge and attract a larger client base seeking state-of-the-art care for their animals.
Livestock production and food safety
The demand for veterinary medicine in livestock production is driven by the need to ensure animal health, welfare, and food safety. With the increasing global population and rising meat consumption, livestock farmers face the challenge of meeting the demand for animal-derived food products. It plays a crucial role in maintaining the health and productivity of livestock. Regular veterinary care, disease prevention programs, and proper management practices contribute to higher-quality products and reduce the risk of foodborne illnesses. Consumer concerns regarding food safety and the ethical treatment of animals further emphasize the need for robust veterinary healthcare in the livestock industry. As a result, investments in veterinary medicine and animal health management continue to grow, supporting the expansion of the market.
Anti-infective
Anti-inflammatory
Parasiticide
Vaccines
Inactivated Vaccines
Attenuated Vaccines
Recombinant Vaccines
Medicated Feed Additives
Amino Acids
Antibiotics
The report has provided a detailed breakup and analysis of the market based on the product. This includes drugs (anti-infective, anti-inflammatory, and parasiticide), vaccines (inactivated vaccines, attenuated vaccines, recombinant vaccines), and medicated feed additives (amino acids and antibiotics).
Drugs play a crucial role in the treatment and management of animal diseases and conditions. Veterinary drugs include a wide range of pharmaceutical products such as antibiotics, anti-inflammatory drugs, antiparasitics, analgesics, and hormonal therapies. These drugs are specifically formulated and approved for use in animals to address various health issues. The market for veterinary drugs is driven by the need for effective treatment options, advancements in drug development, and the growing prevalence of animal diseases.
Vaccines stimulate an immune response in animals, providing protection against specific diseases. Veterinary vaccines help prevent the spread of infectious diseases and reduce the severity of outbreaks in animals. They are used in both companion animals and livestock, contributing to the overall health and well-being of the animal population. The demand for veterinary vaccines is driven by increased awareness of preventive healthcare, government regulations promoting vaccination programs, and the focus on disease control in animal populations.
Medicated feed additives are substances added to animal feed to deliver specific medications or nutritional supplements. These additives can contain drugs, vitamins, minerals, or other bioactive compounds to improve animal health, enhance growth performance, or prevent and control diseases. Medicated feed additives are commonly used in livestock production, where they contribute to optimized feed efficiency, disease prevention, and overall animal well-being. The market for medicated feed additives is driven by the demand for improved feed quality, the need for efficient disease prevention in large-scale farming, and the emphasis on maximizing productivity in the livestock industry.
Companion
Production holds the largest share in the market
A detailed breakup and analysis of the market based on the animal type has also been provided in the report. This includes production and companion. According to the report, production accounted for the largest market share.
The market for production animals encompasses livestock and poultry, including cattle, swine, poultry, sheep, and fish. These animals are primarily raised for meat, milk, eggs, and other animal-derived products. The veterinary care for production animals focuses on disease prevention, herd health management, reproductive health, and nutrition. The market for production animals is driven by the increasing global demand for animal protein, advancements in livestock farming practices, the need to ensure food safety, and the emphasis on sustainable and efficient production methods.
The market for companion animals includes domestic pets such as dogs, cats, and exotic pets like birds, reptiles, and small mammals. Companion animal care encompasses a wide range of veterinary services, including preventive care, vaccinations, routine check-ups, dental care, and treatment for various health conditions. The market for companion animals is driven by the growing pet ownership trends, increased awareness of pet health and well-being, the emotional bond between pet owners and their animals, and the demand for high-quality veterinary care, diagnostics, medications, and pet products. The focus on pet health and the willingness to invest in their care contribute to the growth of this segment of the market.
Parenteral
Topical
Parenteral dominates the market
The report has provided a detailed breakup and analysis of the market based on the administration. This includes oral, parenteral, and topical. According to the report, parenteral represented the largest segment.
Oral administration refers to the delivery of veterinary medications or treatments through the oral route, typically in the form of tablets, capsules, liquids, or feed additives. Oral administration is commonly used in veterinary medicine due to its convenience and ease of use. It allows for controlled dosing, long-lasting effects, and can be administered directly by the animal owner or mixed with food. The market for oral administration products in veterinary medicine is driven by the wide range of oral medications available, the preference for non-invasive administration methods, and the need for medications that can be easily administered to animals at home or on farms.
Parenteral administration involves the delivery of veterinary medications or treatments through routes other than the digestive tract, such as injections (intravenous, intramuscular, subcutaneous), infusions, or implantations. Parenteral administration allows for rapid absorption and immediate effect, making it suitable for emergencies, critical conditions, or situations where precise dosing is required. The market for parenteral administration products in veterinary medicine is driven by the need for fast-acting medications, the ability to administer drugs in a controlled and accurate manner, and the demand for injectable vaccines, antibiotics, anesthetics, and other treatments in both production and companion animals.
Topical administration involves the application of veterinary medications or treatments directly to the skin or mucous membranes of animals. This can include ointments, creams, sprays, powders, or spot-on treatments. Topical administration is commonly used for localized treatment of skin conditions, external parasites, wound care, or eye and ear ailments. It offers localized therapeutic effects, ease of application, and reduced systemic side effects. The market for topical administration products in veterinary medicine is driven by the demand for dermatological treatments, flea and tick control products, wound management solutions, and other topical medications for both companion and production animals.
Point-of-Care Testing/In-house Testing
Others
Veterinary hospitals and clinics represent the largest distribution channel
A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes veterinary hospitals and clinics, point-of-care testing/in-house testing, and others. According to the report, veterinary hospitals and clinics accounted for the largest market share.
Veterinary hospitals and clinics serve as primary points of care for animals, providing a wide range of veterinary services, including examinations, diagnostics, treatments, surgeries, and preventive care. They have well-equipped laboratories, pharmacy services, and access to a variety of veterinary medications and products. Veterinary hospitals and clinics play a vital role in the distribution of prescription medications, specialized diets, and other veterinary products. They often have established relationships with pharmaceutical companies and distributors to ensure the availability of a diverse range of veterinary medications and supplies.
Point-of-care testing, also known as in-house testing, refers to diagnostic tests conducted on-site at veterinary clinics or hospitals. These tests allow for rapid and immediate results, enabling veterinarians to make timely treatment decisions. Point-of-care testing encompasses various diagnostic methods, including blood tests, urine tests, imaging technologies, and molecular diagnostics. The market for point-of-care testing is driven by the increasing demand for quick and accurate diagnoses, convenience, and the ability to provide immediate care to animals. Veterinary clinics and hospitals invest in point-of-care testing equipment and kits to enhance their diagnostic capabilities and offer comprehensive veterinary services in a timely manner.
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
North America exhibits a clear dominance in the market
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for veterinary medicines.
North America comprises the United States and Canada, which have well-established veterinary healthcare systems and a large population of both companion and production animals. The market in North America is driven by factors such as the increasing pet ownership, rising demand for quality animal healthcare, advancements in veterinary technology, and a strong focus on animal welfare. The region has a well-developed network of veterinary hospitals, clinics, and specialized veterinary care providers. Additionally, there is significant investment in research and development, leading to the introduction of new veterinary drugs, vaccines, and diagnostic tools. North America also has stringent regulations regarding animal health and welfare, driving the demand for veterinary products and services.
Europe represents a substantial market for veterinary medicine, encompassing countries such as the United Kingdom, Germany, France, and Italy. The market in Europe is driven by factors such as a large population of companion animals, a strong focus on preventive healthcare, stringent regulatory standards, and a high level of pet ownership. European countries have well-established veterinary healthcare systems, with a wide network of veterinary clinics, hospitals, and specialized centers. The region emphasizes the importance of vaccination programs, disease control, and public health concerns related to zoonotic diseases. Additionally, Europe is witnessing advancements in veterinary technology, research collaborations, and investments in innovative treatment modalities, further driving the market growth.
The Asia Pacific region represents a rapidly growing market for veterinary medicine. The region comprises countries such as China, Japan, India, Australia, and emerging economies in Southeast Asia. The market in Asia Pacific is driven by factors such as the increasing disposable income, urbanization, rising pet ownership, and growing demand for animal-derived food products. Asia Pacific has a large population of both companion and production animals, contributing to the demand for veterinary services. The region also witnesses the rising adoption of Western veterinary practices and an increasing focus on animal welfare and preventive healthcare. With the expansion of the middle class and the evolving livestock industry, there is a growing need for advanced veterinary products, diagnostic tools, vaccines, and medications. The market in Asia Pacific is supported by investments in veterinary infrastructure, research and development, and government initiatives promoting animal health and welfare.
Boehringer Ingelheim GmbH
Cargill Incorporated
Ceva Santé Animale
Dechra Pharmaceuticals PLC
Elanco Animal Health Incorporated
Evonik Industries AG
Merck & Co. Inc.
Neogen Corporation
Vetoquinol S.A.
Virbac
Zoetis Inc.
Ceva Sante Animale, acquired Artemis Technologies Inc., this strategic move allows Ceva Santé Animale to enhance its portfolio of products dedicated to combating rabies in animals.
Archer-Daniels-Midland Company recently acquired a license for Gnubiotics AMOBIOME, a cutting-edge technology for use in pet food and supplement formulas. Gnubiotics AMOBIOME is a unique prebiotic that targets specific beneficial bacteria in the gut microbiome of animals.
2. What is the expected growth rate of the global veterinary medicine market during 2024-2032?
3. What are the key factors driving the global veterinary medicine market?
4. What has been the impact of COVID-19 on the global veterinary medicine market?
5. What is the breakup of the global veterinary medicine market based on the animal type?
6. What is the breakup of the global veterinary medicine market based on the route of administration?
7. What is the breakup of the global veterinary medicine market based on the distribution channel?
8. What are the key regions in the global veterinary medicine market?
9. Who are the key players/companies in the global veterinary medicine market?
Veterinary medicine is a specialized branch of medical science that focuses on the health and well-being of animals. It encompasses the diagnosis, treatment, and prevention of diseases, injuries, and disorders in various animal species. It plays a crucial role in promoting animal health, welfare, and public health. Veterinarians, trained professionals in veterinary medicine, are responsible for providing medical care to animals, including domestic pets, livestock, wildlife, and laboratory animals. They conduct thorough examinations, perform diagnostic tests, prescribe medications, perform surgeries, and provide preventive care such as vaccinations. The field of veterinary medicine encompasses various disciplines, including internal medicine, surgery, dermatology, radiology, pathology, and dentistry. Veterinarians work closely with pet owners, livestock farmers, zookeepers, and other professionals in the animal industry to ensure the well-being of animals under their care.
The rising trend of pet ownership, particularly in urban areas, is driving the demand for veterinary medicine. Pet owners are increasingly seeking veterinary services for routine check-ups, vaccinations, and healthcare needs, thus fueling the growth of the market. Additionally, there is a greater emphasis on animal welfare and preventive care, leading to increased awareness regarding the importance of medicine for animals. Pet owners and livestock farmers are recognizing the significance of regular veterinary visits to ensure the overall health and well-being of their animals. Other than this, zoonotic diseases, which can be transmitted from animals to humans, have gained significant attention in recent years. Furthermore, the outbreak of diseases like avian influenza and COVID-19 have highlighted the need for effective veterinary medicine to prevent and control such diseases, leading to increased investments in animal health. Besides this, the growing demand for meat, dairy products, and other animal-derived food products has increased the need for veterinary medicine in livestock production. Ensuring the health and well-being of farm animals is crucial for maintaining food safety standards and meeting the rising consumer demand. Besides this, advancements in veterinary technology, such as diagnostic imaging, laboratory testing, and surgical techniques, have significantly improved the diagnosis and treatment of animal diseases. Moreover, government regulations and initiatives aimed at animal health and welfare play a vital role in shaping the market.
Veterinary Medicine Market Trends/Drivers:
Increasing pet ownershipThe increasing trend of pet ownership is a significant driver of the market. As more people choose to have pets, the demand for veterinary services rises accordingly. Pet owners are increasingly aware of the importance of regular veterinary care to ensure the health and well-being of their furry companions. They seek preventive measures such as vaccinations, regular check-ups, and treatments for common conditions like fleas, ticks, and dental problems. This growing demand for veterinary services creates opportunities for clinics, hospitals, and pharmaceutical companies specializing in veterinary medicine. Additionally, the emotional bond between pet owners and their animals drives the willingness to invest in their healthcare, leading to further market growth.
Technological advancements
Technological advancements have revolutionized the field of veterinary medicine, driving market growth. Innovations in diagnostic imaging, such as digital radiography and ultrasound, enable more accurate and timely diagnoses. Advanced laboratory testing methods allow for quicker and more precise identification of diseases. Surgical techniques, including minimally invasive procedures and laser surgery, have improved patient outcomes and reduced recovery times. These technological advancements not only enhance the quality of care but also increase the demand for veterinary services. Veterinary practices that adopt these technologies gain a competitive edge and attract a larger client base seeking state-of-the-art care for their animals.
Livestock production and food safety
The demand for veterinary medicine in livestock production is driven by the need to ensure animal health, welfare, and food safety. With the increasing global population and rising meat consumption, livestock farmers face the challenge of meeting the demand for animal-derived food products. It plays a crucial role in maintaining the health and productivity of livestock. Regular veterinary care, disease prevention programs, and proper management practices contribute to higher-quality products and reduce the risk of foodborne illnesses. Consumer concerns regarding food safety and the ethical treatment of animals further emphasize the need for robust veterinary healthcare in the livestock industry. As a result, investments in veterinary medicine and animal health management continue to grow, supporting the expansion of the market.
Veterinary Medicine Industry Segmentation:
The report provides an analysis of the key trends in each segment of the global veterinary medicine market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product, animal type, route of administration and distribution channel.Breakup by Product:
DrugsAnti-infective
Anti-inflammatory
Parasiticide
Vaccines
Inactivated Vaccines
Attenuated Vaccines
Recombinant Vaccines
Medicated Feed Additives
Amino Acids
Antibiotics
The report has provided a detailed breakup and analysis of the market based on the product. This includes drugs (anti-infective, anti-inflammatory, and parasiticide), vaccines (inactivated vaccines, attenuated vaccines, recombinant vaccines), and medicated feed additives (amino acids and antibiotics).
Drugs play a crucial role in the treatment and management of animal diseases and conditions. Veterinary drugs include a wide range of pharmaceutical products such as antibiotics, anti-inflammatory drugs, antiparasitics, analgesics, and hormonal therapies. These drugs are specifically formulated and approved for use in animals to address various health issues. The market for veterinary drugs is driven by the need for effective treatment options, advancements in drug development, and the growing prevalence of animal diseases.
Vaccines stimulate an immune response in animals, providing protection against specific diseases. Veterinary vaccines help prevent the spread of infectious diseases and reduce the severity of outbreaks in animals. They are used in both companion animals and livestock, contributing to the overall health and well-being of the animal population. The demand for veterinary vaccines is driven by increased awareness of preventive healthcare, government regulations promoting vaccination programs, and the focus on disease control in animal populations.
Medicated feed additives are substances added to animal feed to deliver specific medications or nutritional supplements. These additives can contain drugs, vitamins, minerals, or other bioactive compounds to improve animal health, enhance growth performance, or prevent and control diseases. Medicated feed additives are commonly used in livestock production, where they contribute to optimized feed efficiency, disease prevention, and overall animal well-being. The market for medicated feed additives is driven by the demand for improved feed quality, the need for efficient disease prevention in large-scale farming, and the emphasis on maximizing productivity in the livestock industry.
Breakup by Animal Type:
ProductionCompanion
Production holds the largest share in the market
A detailed breakup and analysis of the market based on the animal type has also been provided in the report. This includes production and companion. According to the report, production accounted for the largest market share.
The market for production animals encompasses livestock and poultry, including cattle, swine, poultry, sheep, and fish. These animals are primarily raised for meat, milk, eggs, and other animal-derived products. The veterinary care for production animals focuses on disease prevention, herd health management, reproductive health, and nutrition. The market for production animals is driven by the increasing global demand for animal protein, advancements in livestock farming practices, the need to ensure food safety, and the emphasis on sustainable and efficient production methods.
The market for companion animals includes domestic pets such as dogs, cats, and exotic pets like birds, reptiles, and small mammals. Companion animal care encompasses a wide range of veterinary services, including preventive care, vaccinations, routine check-ups, dental care, and treatment for various health conditions. The market for companion animals is driven by the growing pet ownership trends, increased awareness of pet health and well-being, the emotional bond between pet owners and their animals, and the demand for high-quality veterinary care, diagnostics, medications, and pet products. The focus on pet health and the willingness to invest in their care contribute to the growth of this segment of the market.
Breakup by Route of Administration:
OralParenteral
Topical
Parenteral dominates the market
The report has provided a detailed breakup and analysis of the market based on the administration. This includes oral, parenteral, and topical. According to the report, parenteral represented the largest segment.
Oral administration refers to the delivery of veterinary medications or treatments through the oral route, typically in the form of tablets, capsules, liquids, or feed additives. Oral administration is commonly used in veterinary medicine due to its convenience and ease of use. It allows for controlled dosing, long-lasting effects, and can be administered directly by the animal owner or mixed with food. The market for oral administration products in veterinary medicine is driven by the wide range of oral medications available, the preference for non-invasive administration methods, and the need for medications that can be easily administered to animals at home or on farms.
Parenteral administration involves the delivery of veterinary medications or treatments through routes other than the digestive tract, such as injections (intravenous, intramuscular, subcutaneous), infusions, or implantations. Parenteral administration allows for rapid absorption and immediate effect, making it suitable for emergencies, critical conditions, or situations where precise dosing is required. The market for parenteral administration products in veterinary medicine is driven by the need for fast-acting medications, the ability to administer drugs in a controlled and accurate manner, and the demand for injectable vaccines, antibiotics, anesthetics, and other treatments in both production and companion animals.
Topical administration involves the application of veterinary medications or treatments directly to the skin or mucous membranes of animals. This can include ointments, creams, sprays, powders, or spot-on treatments. Topical administration is commonly used for localized treatment of skin conditions, external parasites, wound care, or eye and ear ailments. It offers localized therapeutic effects, ease of application, and reduced systemic side effects. The market for topical administration products in veterinary medicine is driven by the demand for dermatological treatments, flea and tick control products, wound management solutions, and other topical medications for both companion and production animals.
Breakup by Distribution Channel:
Veterinary Hospitals and ClinicsPoint-of-Care Testing/In-house Testing
Others
Veterinary hospitals and clinics represent the largest distribution channel
A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes veterinary hospitals and clinics, point-of-care testing/in-house testing, and others. According to the report, veterinary hospitals and clinics accounted for the largest market share.
Veterinary hospitals and clinics serve as primary points of care for animals, providing a wide range of veterinary services, including examinations, diagnostics, treatments, surgeries, and preventive care. They have well-equipped laboratories, pharmacy services, and access to a variety of veterinary medications and products. Veterinary hospitals and clinics play a vital role in the distribution of prescription medications, specialized diets, and other veterinary products. They often have established relationships with pharmaceutical companies and distributors to ensure the availability of a diverse range of veterinary medications and supplies.
Point-of-care testing, also known as in-house testing, refers to diagnostic tests conducted on-site at veterinary clinics or hospitals. These tests allow for rapid and immediate results, enabling veterinarians to make timely treatment decisions. Point-of-care testing encompasses various diagnostic methods, including blood tests, urine tests, imaging technologies, and molecular diagnostics. The market for point-of-care testing is driven by the increasing demand for quick and accurate diagnoses, convenience, and the ability to provide immediate care to animals. Veterinary clinics and hospitals invest in point-of-care testing equipment and kits to enhance their diagnostic capabilities and offer comprehensive veterinary services in a timely manner.
Breakup by Region:
North AmericaUnited States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
North America exhibits a clear dominance in the market
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for veterinary medicines.
North America comprises the United States and Canada, which have well-established veterinary healthcare systems and a large population of both companion and production animals. The market in North America is driven by factors such as the increasing pet ownership, rising demand for quality animal healthcare, advancements in veterinary technology, and a strong focus on animal welfare. The region has a well-developed network of veterinary hospitals, clinics, and specialized veterinary care providers. Additionally, there is significant investment in research and development, leading to the introduction of new veterinary drugs, vaccines, and diagnostic tools. North America also has stringent regulations regarding animal health and welfare, driving the demand for veterinary products and services.
Europe represents a substantial market for veterinary medicine, encompassing countries such as the United Kingdom, Germany, France, and Italy. The market in Europe is driven by factors such as a large population of companion animals, a strong focus on preventive healthcare, stringent regulatory standards, and a high level of pet ownership. European countries have well-established veterinary healthcare systems, with a wide network of veterinary clinics, hospitals, and specialized centers. The region emphasizes the importance of vaccination programs, disease control, and public health concerns related to zoonotic diseases. Additionally, Europe is witnessing advancements in veterinary technology, research collaborations, and investments in innovative treatment modalities, further driving the market growth.
The Asia Pacific region represents a rapidly growing market for veterinary medicine. The region comprises countries such as China, Japan, India, Australia, and emerging economies in Southeast Asia. The market in Asia Pacific is driven by factors such as the increasing disposable income, urbanization, rising pet ownership, and growing demand for animal-derived food products. Asia Pacific has a large population of both companion and production animals, contributing to the demand for veterinary services. The region also witnesses the rising adoption of Western veterinary practices and an increasing focus on animal welfare and preventive healthcare. With the expansion of the middle class and the evolving livestock industry, there is a growing need for advanced veterinary products, diagnostic tools, vaccines, and medications. The market in Asia Pacific is supported by investments in veterinary infrastructure, research and development, and government initiatives promoting animal health and welfare.
Competitive Landscape:
Key players invest significantly in research and development to innovate and introduce new veterinary drugs, vaccines, diagnostic tools, and treatment modalities. R&D efforts focus on enhancing the efficacy, safety, and convenience of veterinary products, as well as developing novel therapies for animal health conditions. Companies collaborate with research institutions and veterinary experts to stay at the forefront of advancements in the field. Additionally, key players strive to expand their product portfolios by acquiring or licensing new products, technologies, or intellectual property rights. This allows them to offer a comprehensive range of veterinary medications, vaccines, diagnostics, nutritional supplements, and other healthcare products. Other than this, key players aim to penetrate new markets and expand their geographic presence to leverage untapped opportunities. This involves establishing partnerships, distribution agreements, or acquiring local companies to gain access to new customer bases and distribution networks. Besides this, key players in the market engage in collaborations and partnerships with veterinary clinics, hospitals, research institutions, and universities. These collaborations aim to drive product development, conduct clinical trials, and expand market reach. Moreover, they invest in marketing and promotional activities to create awareness about their products and services. They employ various channels, including digital marketing, conferences, veterinary events, and educational programs, to reach veterinarians, pet owners, and livestock farmers.The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
Archer-Daniels-Midland CompanyBoehringer Ingelheim GmbH
Cargill Incorporated
Ceva Santé Animale
Dechra Pharmaceuticals PLC
Elanco Animal Health Incorporated
Evonik Industries AG
Merck & Co. Inc.
Neogen Corporation
Vetoquinol S.A.
Virbac
Zoetis Inc.
Recent Developments:
In April 2022, Elanco Animal Health Incorporated, a leading global animal health company, and Ginkgo Bioworks, the leading horizontal platform for cell programming, announced the launch of BiomEdit, a microbiome innovation company that is expected to discover, develop and introduce novel probiotics, bioactive molecules, engineered microbial medicines and microbial monitoring services for animal health..Ceva Sante Animale, acquired Artemis Technologies Inc., this strategic move allows Ceva Santé Animale to enhance its portfolio of products dedicated to combating rabies in animals.
Archer-Daniels-Midland Company recently acquired a license for Gnubiotics AMOBIOME, a cutting-edge technology for use in pet food and supplement formulas. Gnubiotics AMOBIOME is a unique prebiotic that targets specific beneficial bacteria in the gut microbiome of animals.
Key Questions Answered in This Report
1. What was the size of the global veterinary medicine market in 2023?2. What is the expected growth rate of the global veterinary medicine market during 2024-2032?
3. What are the key factors driving the global veterinary medicine market?
4. What has been the impact of COVID-19 on the global veterinary medicine market?
5. What is the breakup of the global veterinary medicine market based on the animal type?
6. What is the breakup of the global veterinary medicine market based on the route of administration?
7. What is the breakup of the global veterinary medicine market based on the distribution channel?
8. What are the key regions in the global veterinary medicine market?
9. Who are the key players/companies in the global veterinary medicine market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Veterinary Medicine Market
6 Market Breakup by Product
7 Market Breakup by Animal Type
8 Market Breakup by Route of Administration
9 Market Breakup by Distribution Channel
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Archer-Daniels-Midland Company
- Boehringer Ingelheim GmbH
- Cargill Incorporated
- Ceva Santé Animale
- Dechra Pharmaceuticals PLC
- Elanco Animal Health Incorporated
- Evonik Industries AG
- Merck & Co. Inc.
- Neogen Corporation
- Vetoquinol S.A.
- Virbac
- Zoetis Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 137 |
Published | July 2024 |
Forecast Period | 2023 - 2032 |
Estimated Market Value ( USD | $ 35.4 Billion |
Forecasted Market Value ( USD | $ 59.1 Billion |
Compound Annual Growth Rate | 5.9% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |