Veterinary Medicine Global Market Report 2024

The global veterinary medicine market has grown strongly in recent years. It will grow from $29.06 billion in 2023 to $31.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to several factors, including advancements in veterinary science, heightened awareness concerning zoonotic diseases (ailments that can be transmitted from animals to humans), a stronger emphasis on animal welfare, the globalization of the pet trade, the trend toward specialized veterinary care, and an increase in spending on healthcare for pets. These elements collectively contributed to the expansion and development of the veterinary industry during that period.

The global veterinary medicine market is expected to see strong growth in the next few years. It will grow to $42.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. Anticipated growth in the forecast period is expected to arise from several factors, such as the implementation of personalized medicine in veterinary care, the global expansion of veterinary research, increased adoption of telehealth in veterinary services, the impact of climate change, and preparedness efforts against zoonotic diseases. Key trends projected for this period include an increased focus on preventive healthcare for animals, advancements in animal pharmaceuticals, the development of biotechnology and biopharmaceuticals for veterinary use, the integration of digital health technologies, the globalization of veterinary medicine, a push towards sustainable and ethical practices within the industry, and a heightened emphasis on regulatory compliance and safety measures.

The surge in the number of pet owners is anticipated to be a significant driver for the growth of the veterinary medicine market. Pet owners, individuals who own or adopt pet animals, play a crucial role in ensuring the well-being and health of their pets. This heightened care translates into an increased demand for veterinary drugs, thereby propelling the veterinary medicine market. As of 2021, findings from a national poll conducted by The American Society for the Prevention of Cruelty to Animals (ASPCA) revealed that one in five households had acquired a cat or dog since the onset of the COVID-19 crisis, amounting to 23 million households. Notably, 90% of dogs and 85% of cats remained in their adopted homes, demonstrating a sustained commitment to pet ownership. This surge in pet ownership is a key factor driving the growth of the veterinary medicine market.

The increasing demand for pet insurance is expected to fuel the growth of the veterinary medicine market. Pet insurance, a form of financial protection, covers veterinary costs associated with pet care, aiding pet owners in managing healthcare expenses. Pet insurance encompasses diagnostics, treatments, surgeries, medications, and hospitalization - all essential components of veterinary medicine. In May 2023, the North American Pet Health Insurance Association (NAPHIA) reported a notable increase, with 5.36 million pets insured in North America in 2022, reflecting a 21.7% rise from the 4.4 million in 2021. This growing adoption of pet insurance is a significant driver for the veterinary medicine market.

Major players in the veterinary medicine market are actively innovating new products to gain a competitive edge. One notable innovation is the introduction of ethno-veterinary medicines, derived from Ayurvedic formulations, specifically designed for treating animal diseases. For example, in August 2023, Milma, an India-based dairy company, launched ethno-veterinary medicines. These medicines serve as low-cost alternatives to allopathic veterinary drugs, alleviating the financial burden of veterinary expenses on farmers. Ethno-veterinary medicines provide a cost-effective solution for animal healthcare, serving as simple, farmer-friendly tools used for both preventive and curative purposes. This innovation reflects a strategic move by major companies to stay ahead in the competitive veterinary medicine market.

Major players in the veterinary medicine market are proactively engaging in strategic partnerships as part of their efforts to expand research and development (R&D) activities. Strategic partnerships involve the collaborative alignment of companies, leveraging each other's strengths and resources to achieve mutual benefits and drive success. An illustrative example of this strategic approach is evident in the actions of ILC Therapeutics, a Scottish biotech company, which, in May 2023, entered into an R&D partnership with Dechra Pharmaceuticals, a UK-based veterinary medicine group. This partnership is focused on the development of a medication for canine atopic dermatitis, specifically emphasizing ILC's Caniferon product. The collaboration signifies the increasing intersection of technologies and animal healthcare, marking a significant advancement in veterinary practice.

In a notable acquisition move in September 2022, Zoetis, a prominent US-based animal health company, acquired Jurox for an undisclosed amount. This strategic acquisition by Zoetis is aimed at broadening its portfolio in the realm of animal parasiticides and anti-infectives. By incorporating Jurox, an Australia-based veterinary pharmaceutical manufacturer, into its operations, Zoetis seeks to enhance its array of animal health products, positioning itself for potential global expansion. This acquisition underscores Zoetis's commitment to strengthening its market presence and product offerings through strategic business initiatives in the veterinary medicine sector.

Major companies operating in the veterinary medicine market report are Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals PLC, Ceva Sante Animale, Virbac, Boehringer Ingelheim International GmbH, Kindred Biosciences Inc., Biogenesis Bago SA, Indian Immunologicals Limited, Neogen Corporation, Hester Biosciences Limited, Phibro Animal Health, Nutreco N.V., Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, Abaxis Inc., Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., VetPartners, National Veterinary Associates, Pathway Vet Alliance, VetCor, PetVet Care Centers, BluePearl Veterinary Partners, Banfield Pet Hospital, VCA Animal Hospitals, Mars Veterinary Health, PetSmart Charities, Chewy Inc.

North America was the largest region in the veterinary medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the veterinary medicine market report during the forecast period. The regions covered in the veterinary medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the veterinary medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products within veterinary medicine include drugs, vaccines, and medical feed additives. Drugs are pharmacologically active substances administered to animals to address illness and enhance their health and growth. These medications are provided through oral, parental (injection), and topical (on the skin) routes of administration. They are distributed via diverse channels, including veterinary hospital pharmacies and retail veterinary pharmacies. These products cater to various end-users such as reference laboratories, point-of-care testing or in-house testing facilities, veterinary hospitals and clinics, among others. The animals benefiting from these medications span companion and livestock animals.

This report provides veterinary medicine market statistics, including veterinary medicine industry global market size, regional shares, competitors with a veterinary medicine market share, detailed veterinary medicine market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary medicine industry. This veterinary medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The veterinary medicine market consists of sales of dicloxacillin, erythromycin, tetracycline, and retinoids, which are naturally occurring and synthetic compounds with vitamin A activity. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.