Veterinary Medicine Market Report 2025

The veterinary medicine market size has grown strongly in recent years. It will grow from $31.08 billion in 2024 to $33.29 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to advancements in veterinary science, rising awareness of zoonotic diseases, focus on animal welfare, globalization of pet trade, specialization in veterinary care, increased spending on pet healthcare.

The veterinary medicine market size is expected to see strong growth in the next few years. It will grow to $44.84 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to personalized medicine in veterinary care, globalization of veterinary research, telehealth adoption in veterinary care, climate change impact, zoonotic disease preparedness. Major trends in the forecast period include focus on preventive healthcare, advancements in animal pharmaceuticals, biotechnology and biopharmaceuticals, digital health technologies, globalization of veterinary medicine, sustainable and ethical practices, regulatory compliance and safety.

The rising number of pet owners is expected to fuel the growth of the veterinary medicine market. Pet owners are individuals who own or adopt animals and are responsible for their care and health. This responsibility drives demand for veterinary drugs and contributes to the expansion of the veterinary medicine market. For example, in 2023, Shelter Animals Count, a US-based non-governmental organization, reported an increase of 109,000 dog adoptions compared to 2022, showing a positive trend in adoption rates. However, the total number of dogs adopted in 2023 remains nearly 108,000 lower than the previous year. As a result, the growing population of pet owners is driving 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.

Leading companies in the veterinary medicine market are introducing innovative products, such as ethno-veterinary medicines, to gain a competitive advantage. Ethno-veterinary medicines are derived from Ayurvedic formulations and are designed to treat animal diseases. For example, in August 2023, Milma, an Indian dairy company, launched ethno-veterinary medicines as low-cost alternatives to allopathic veterinary drugs. These medicines provide a cost-effective solution for animal healthcare, helping reduce veterinary expenses for farmers and offering a simple, affordable, and farmer-friendly tool for prevention and treatment.

Key players in the veterinary medicine market are forming strategic partnerships to enhance research and development efforts. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2023, ILC Therapeutics, a Scottish biotech company, partnered with Dechra Pharmaceuticals, a UK-based veterinary medicine group, to develop a treatment for canine atopic dermatitis, focusing on ILC's Caniferon product. This collaboration highlights the growing intersection between technology and animal healthcare, marking a significant advancement in veterinary medicine.

In September 2022, Zoetis, a US-based animal health company, acquired Jurox for an undisclosed sum. This acquisition aims to enhance Zoetis' portfolio of parasiticides and anti-infectives, broadening its range of animal health products and creating opportunities for further global expansion. Jurox, an Australian veterinary pharmaceutical manufacturer, specializes in providing veterinary medicines.

Major companies operating in the veterinary medicine market 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, Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, 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.

North America was the largest region in the veterinary medicine market in 2024. 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.

Veterinary medicine is a branch of medicine dedicated to preventing, diagnosing, and treating diseases in animals. It is essential for ensuring the health and well-being of pets, livestock, and wildlife. Additionally, veterinary medicine contributes significantly to public health by managing zoonotic diseases.

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.

The veterinary medicine market research report is one of a series of new reports that 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.

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