The global Animal & Veterinary Medicine Market is emerging as a critical segment within the healthcare industry, driven by increasing pet ownership and growing awareness about animal health. The market is characterized by a variety of products including pharmaceuticals, vaccines, and nutritional supplements aimed at treating and preventing diseases in animals. Rising livestock production demands and the increasing number of research and development initiatives by key players are further propelling this market. Additionally, the growing trend of pet humanization among consumers is positively influencing the market as they are increasingly investing in the health and wellbeing of their pets.
Furthermore, several companies are pursuing mergers and acquisitions to fortify their positions in the market. For instance, Boehringer Ingelheim's acquisition of Merial has strengthened its portfolio, while Zoetis has commenced various collaborations to advance its research capabilities and expand its product offerings.
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Market Size
As of 2023, the Animal & Veterinary Medicine Market was valued at approximately USD 50 billion. It is projected to grow at a CAGR of around 5.5% from 2024 to 2029, expanding the market size to about USD 68 billion by the end of the forecast period. This increase can be attributed to the rising demand for animal protein and a growing number of health-conscious pet owners who are willing to spend on quality veterinary care.Market Share & Trends Analysis Report
By Product Type
The animal health market comprises several product types, including:- Pharmaceuticals
- Vaccines
- Nutritional Products
- Feed Additives
By Key Players
Leading companies in the Animal & Veterinary Medicine Market include:- Zoetis
- Merck Animal Health
- Merial/Sanofi
- Elanco/Eli Lilly
- Bayer Animal Health
- Novartis Animal Health
- Petvivo Holdings
- Boehringer Ingelheim Animal Health
- Virbac Group
- Ceva Animal Health
- Vetaquinol
- Dechra Pharmaceuticals PLC
- Kindred Bio
- Aratana Therapeutics
- Next Vet
- VetDC
By Process
The market can also be segmented based on process:- Vaccination Processes
- Therapeutic Processes
By Application
The application of veterinary medicines spans various sectors:- Aqua
- Beef
- Dairy
- Pork
- Poultry
- Others
By End-Use
The end-use segments include:- Pet Owners
- Livestock Farmers
- Veterinary Clinics
- Research & Laboratories
By Region
The Animal & Veterinary Medicine Market can be analyzed regionally:- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Market News and Policies
Recent governmental policies focused on animal health and welfare are also significantly impacting the market. For example, the FDA has emphasized the importance of responsible antibiotic use in livestock to curb antibiotic resistance. This has generated a shift towards the use of alternative medicine and probiotics, opening new avenues for growth.Furthermore, several companies are pursuing mergers and acquisitions to fortify their positions in the market. For instance, Boehringer Ingelheim's acquisition of Merial has strengthened its portfolio, while Zoetis has commenced various collaborations to advance its research capabilities and expand its product offerings.
Segment Forecasts, 2024-2029
Over the forecast period from 2024 to 2029, the Animal & Veterinary Medicine Market is expected to exhibit significant growth across several segments:- The global veterinary medicinal product market is anticipated to grow at a CAGR of 6%.
- The biotechnology segment will see a substantial rise as gene-editing technologies become more prominent in animal health applications.
- Regions such as South America and Asia-Pacific will experience increased investments in animal health, resulting in higher market share over the coming years.
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Table of Contents
Chapter 1 Executive SummaryChapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
Chapter 7 Latest Market Dynamics
Chapter 8 Trading Analysis
Chapter 9 Historical and Forecast Animal & Veterinary Medicine Market in North America (2019-2029)
Chapter 10 Historical and Forecast Animal & Veterinary Medicine Market in South America (2019-2029)
Chapter 11 Historical and Forecast Animal & Veterinary Medicine Market in Asia & Pacific (2019-2029)
Chapter 12 Historical and Forecast Animal & Veterinary Medicine Market in Europe (2019-2029)
Chapter 13 Historical and Forecast Animal & Veterinary Medicine Market in MEA (2019-2029)
Chapter 14 Summary For Global Animal & Veterinary Medicine Market (2019-2024)
Chapter 15 Global Animal & Veterinary Medicine Market Forecast (2024-2029)
Chapter 16 Analysis of Global Key Vendors
List of Tables and Figures
Companies Mentioned
- Zoetis
- Merck Animal Health
- Merial/Sanofi
- Elanco/Eli Lilly
- Bayer Animal Health
- Novartis Animal Health
- Petvivo Holdings
- Boehringer Ingelheim Animal Health
- Virbac Group
- Ceva Animal Health
- Vetaquinol
- Dechra Pharmaceuticals PLC
- Kindred Bio
- Aratana Therapeutics
- Next Vet
- VetDC
