Animal Medicine Global Market Opportunities and Strategies to 2034

This report describes and explains the animal medicine market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global animal medicine market reached a value of nearly $50.45 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.08% since 2019. The market is expected to grow from $50.45 billion in 2024 to $68.83 billion in 2029 at a rate of 6.41%. The market is then expected to grow at a CAGR of 7.25% from 2029 and reach $97.69 billion in 2034.

Growth in the historic period resulted from the rising incidence of animal diseases, growth in pet adoption and ownership, expanding consumption of animal-derived products and growing spending on animal health. Factors that negatively affected growth in the historic period were ethical concerns and antibiotic resistance and rising expenses of veterinary treatment.

Going forward, the increasing awareness about zoonotic diseases, expansion of the livestock industry, expansion of veterinary hospitals and clinics and government initiatives and supportive regulations for animal health will drive the growth. Factors that could hinder the growth of the animal medicine market in the future include stringent regulatory approval processes, counterfeit and substandard products and impact of trade war and tariff.

North America was the largest region in the animal medicine market, accounting for 50.04% or 25.24 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the animal medicine market will be Middle East and Africa where growth will be at CAGRs of 15.88% and 12.92% respectively. These will be followed by Eastern Europe and Asia Pacific where the markets are expected to grow at CAGRs of 9.84% and 8.32% respectively.

The global animal medicine market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 54.52% of the total market in 2024. Zoetis, Inc was the largest competitor with a 16.34% share of the market, followed by Boehringer Ingelheim GmbH with 8.96%, Elanco Animal Health Incorporated with 8.71%, Merck & Co., Inc with 8.15%, Virbac Group with 3.00%, Ceva Santé Animale with 2.66%, Phibro Animal Health Corporation with 1.91%, DSM-Firmenich with 1.78%, Cargill India Pvt. Ltd with 1.53% and China Animal Husbandry Industry Co., Ltd with 1.48%.

The animal medicine market is segmented by medicine into veterinary pharmaceuticals and feed additives. The veterinary pharmaceuticals market was the largest segment of the animal medicine market segmented by medicine, accounting for 67.26% or $33.93 billion of the total in 2024. Going forward, the feed additives segment is expected to be the fastest growing segment in the animal medicine market segmented by medicine, at a CAGR of 7.75% during 2024-2029.

The animal medicine market is segmented by type of animal into companion animals and livestock. The companion animals market was the largest segment of the animal medicine market segmented by type of animal, accounting for 56.90% or $28.7 billion of the total in 2024. Going forward, the livestock segment is expected to be the fastest growing segment in the animal medicine market segmented by type of animal, at a CAGR of 7.99% during 2024-2029.

The animal medicine market is segmented by type of prescription into OTC and prescription. The prescription market was the largest segment of the animal medicine market segmented by type of prescription, accounting for 74.19% or $37.42 billion of the total in 2024. Going forward, the OTC segment is expected to be the fastest growing segment in the animal medicine market segmented by type of prescription, at a CAGR of 7.60% during 2024-2029.

The animal medicine market is segmented by route of administration into oral, parenteral and other routes of administration. The parenteral market was the largest segment of the animal medicine market segmented by route of administration, accounting for 52.69% or $26.58 billion of the total in 2024. Going forward, the oral segment is expected to be the fastest growing segment in the animal medicine market segmented by route of administration, at a CAGR of 6.92% during 2024-2029.

The animal medicine market is segmented by distribution channel into veterinary services, online and other distribution channels. The veterinary services market was the largest segment of the animal medicine market segmented by distribution channel, accounting for 66.68% or $33.64 billion of the total in 2024. Going forward, the online segment is expected to be the fastest growing segment in the animal medicine market segmented by distribution channel, at a CAGR of 11.82% during 2024-2029.

The top opportunities in the animal medicine market segmented by medicine will arise in the veterinary pharmaceuticals segment, which will gain $10.91 billion of global annual sales by 2029. The top opportunities in the animal medicine market segmented by type of animal will arise in the livestock segment, which will gain $10.19 billion of global annual sales by 2029. The top opportunities in the animal medicine market segmented by type of prescription will arise in the prescription segment, which will gain $12.62 billion of global annual sales by 2029. The top opportunities in the animal medicine market segmented by route of administration will arise in the parenteral segment, which will gain $10.01 billion of global annual sales by 2029. The top opportunities in the animal medicine market segmented by distribution channel will arise in the veterinary services segment, which will gain $9.28 billion of global annual sales by 2029. The animal medicine market size will gain the most in the USA at $6.16 billion.

Market-trend-based strategies for the animal medicine market include focus on rising adoption of probiotics and prebiotics for gut health, focus on advancements in vaccine development and combination vaccines, focus on expansion of veterinary cannabinoid-based therapies, focus on increasing demand for natural and sustainable feed additives, focus on advancements in biologics and precision veterinary medicine, focus on growing development of novel vaccines and biologics and focus on rising focus on preventive healthcare and vaccinations.

Player-adopted strategies in the animal medicine market include focus on strengthening business capabilities through new product launches, focus on expanding capabilities through new openings of mental wellness centers and focus on improving portfolio through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the animal medicine market companies to focus on microbiome-based innovation and antibiotic-free health solutions, focus on scalable combination vaccine capabilities, focus on strengthening cannabinoid bioprocessing capabilities, focus on expanding natural additive innovation and sustainable livestock support, focus on targeted biologic therapies and ease of clinical use, focus on advanced vaccine and biologic innovation, focus on expanding preventive care solutions and vaccine innovation, focus on accelerating growth in feed additives, focus on livestock segment, focus on fast-growing OTC animal medicine, focus on strengthening oral route offerings to capture fast growth, expand in emerging markets, focus on expanding multi-channel distribution networks, focus on value-based and competitive pricing, strengthen evidence-based communication and targeted outreach, accelerate digital engagement and omnichannel promotion and focus on online distribution expansion.