Veterinary Medicine Market

Growing rates of pet ownership, rising chronic diseases, and increasing meat consumption will boost the market growth.

The market development is predicted to be boosted by the rising adoption of pet health insurance to pay for veterinary services in various industrialized nations. Sweden, the United Kingdom, and Canada have thriving pet health insurance markets. There has been a sharp rise in the widespread use of pet health insurance in China. Two significant factors contributing to the acceptance of pet healthcare insurance are the growing public understanding of pet health issues and the rising popularity of pets.

There will be more potential for the industry to expand and market dynamics would be affected by the rise in zoonotic disease cases among farm animals. The livestock industry will account for more than 63% of the market for animal medicines in 2020 because of the rising incidence and cost burden of zoonotic diseases among livestock animals. Additionally, bacterial parasites that feed on agricultural animals flourish, which leads to severe illness and monetary hardship.

In addition, rising demand over the past 50 years has led to a sharp rise in worldwide meat output, supporting the veterinary pharmaceutical business. Around 40–50% of the world's meat output was produced in Asia, with the U.S.U.S.U.S., Brazil, and Argentina being significant producers. Growing discretionary affluence in emerging nations is increasing the rate of meat production but also raising concerns about food-borne illnesses.

The National Agricultural Statistics Service, U.S.D.A., said in a study released in July 2022 that the overall spending on American farms climbed from USD 366.2 billion in 2020 to USD 392.9 billion in 2021 (up 7.3%). The cost of livestock, poultry, and related costs, which in 2021 amounted to USD 42.4 billion, grew by 10.8% from the previous year.

India's fastest-growing dog population boosts the country's market of veterinary medicine. The veterinary medicine market growth is due to the rising spending and the number of companion animals. According to the Food and Agriculture Organization (F.A.O.), by 2025, the world's per capita meat consumption is expected to reach 35.3 kg. And according to World Counts, 460–570 million tonnes of beef will be consumed ly by 2050. Additionally, the need for dairy products is fueling the expansion of the veterinary medication business.

The increased use of meat and dairy products calls for increased livestock safety to stop the transfer of illness from animals to people. Additionally, this raises demand for animal vaccination laws, which helps the veterinary medicine business flourish.

The Global Veterinary Medicine Market Industry is experiencing growth driven by an increase in pet ownership worldwide. As more households adopt pets, the demand for veterinary services and products rises. In 2024, the market is projected to reach 36.2 USD Billion, reflecting the growing commitment of pet owners to ensure the health and well-being of their animals. This trend is particularly evident in urban areas where pet ownership rates have surged. The increasing awareness of pet health issues further propels the need for veterinary care, thereby expanding the market's potential.

The Global Veterinary Medicine Market Industry benefits from supportive regulatory frameworks and standards that ensure the safety and efficacy of veterinary products. Government agencies are actively involved in establishing guidelines that promote best practices in veterinary medicine. This regulatory environment not only fosters innovation but also instills confidence among pet owners regarding the quality of veterinary services. As regulations evolve to accommodate new technologies and treatments, the market is likely to see increased investment and development. This supportive landscape is essential for the continued growth and sustainability of the veterinary medicine sector.

The Global Veterinary Medicine Market Industry is bolstered by a heightened awareness of animal health and welfare among pet owners. Educational campaigns and initiatives by veterinary associations are effectively informing the public about the importance of regular veterinary care. As a result, pet owners are more inclined to seek veterinary services, contributing to market expansion. The increasing availability of information through digital platforms further enhances this awareness, allowing pet owners to make informed decisions regarding their pets' health. This trend is expected to sustain market growth as more individuals recognize the value of veterinary medicine.

The Global Veterinary Medicine Market Industry is witnessing a shift towards preventive care, which is reshaping veterinary practices. Pet owners are increasingly prioritizing regular check-ups, vaccinations, and wellness programs to prevent diseases rather than solely seeking treatment. This proactive approach is likely to enhance the overall health of pets, thereby increasing the demand for veterinary services. The market is expected to grow at a CAGR of 5.62% from 2025 to 2035, indicating a sustained interest in preventive care solutions. This trend not only benefits pet health but also fosters long-term relationships between veterinarians and pet owners.

Technological innovations are significantly influencing the Global Veterinary Medicine Market Industry. The integration of advanced diagnostic tools, telemedicine, and electronic health records enhances the efficiency and effectiveness of veterinary practices. These advancements not only improve patient outcomes but also streamline operations within veterinary clinics. As the industry adapts to these technologies, it is likely to attract more clients seeking modern and efficient care for their pets. The ongoing development of veterinary pharmaceuticals and biologics also contributes to market growth, as these innovations address a wider range of health issues.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Veterinary Medicine market, accounted for USD 12.48 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. In 2022, the area was responsible for the largest worldwide revenue—more than 26%. The rising frequency of zoonotic illnesses and advantageous reimbursement policies are the key causes of this rise due to favorable government rules, including the E.U.E.U.E.U. For Veterinary Medicines Regulation and pet insurance's rising popularity, Europe was the second-largest geographical market in 2022.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  VETERINARY MEDICINE MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

The Asia Pacific Veterinary Medicine market, is anticipated to increase substantially during the period. Market expansion in this area has been aided by increased companion animal adoption and rising animal health concerns. The Asia Pacific region's market is also anticipated to be driven by rising veterinary and animal health care costs and a sizable cattle population. Moreover, the China market of veterinary medicine held the largest market share, and the India market of veterinary medicine was the fastest-growing market in the Asia-Pacific region.

Due to the widespread presence of significant industry players and the Region's well-developed healthcare infrastructure, Europe is anticipated to dominate the market of veterinary medicine over the projection period. Additionally, supportive government regulations and expanding measures to promote animal health will further accelerate this Region's market development rate. Further, the Germany market of veterinary medicine held the largest market share, and the U.K. veterinary medicine market was the fastest-growing market in the European Region.

Figure 3:  VETERINARY MEDICINE MARKET SHARE BY REGION 2021 (%)

Major market companies are investing significant money in R&D to expand their product offerings, which will fuel further Veterinary Medicine Market growth. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. In order to grow and remain in a market that is becoming more and more competitive, Veterinary Medicine industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics used by the Veterinary Medicine industry to serve customers and increase the market sector. The Veterinary Medicine industry has recently given medicine some of the most important advantages. The Veterinary Medicine markets major players such as Boehringer Ingelheim, Ceva,  Chanelle Pharma Group, Dechra Pharmaceuticals plc,  Elanco,  Merck Animal Health, Norbrook Laboratories,  Vetiqyubik S.A., Bayer AG,  Zoetis, and others are working on expanding the market demand by investing in research and development activities.

Merck Group, which was established in Germany in 1668 and of which it was once the American arm, Merck & Co., Inc., is an American  pharmaceutical corporation with its headquarters in Rahway, New Jersey. The business creates pharmaceuticals, vaccines, biological treatments, and items for animal health. Merck bought IdentiGEN, a company specializing in DNA-based animal traceability for aquaculture and cattle, in August 2020.

An American pharmaceutical firm, Elanco Animal Health Incorporated, creates drugs and vaccines for animals, including cattle and pets. Before being sold in 2019, the firm was a Eli Lilly and Company subsidiary. It is the second-largest animal health firm in the world. Elanco acquired Bayer's Animal Health Business in August 2020 to expand the business's scope and capabilities, establishing Elanco as a long-term leader in the profitable and durable animal health industry.