Veterinary Pharmaceuticals Global Market Report 2024

The veterinary pharmaceuticals market size has grown strongly in recent years. It will grow from $32.53 billion in 2023 to $35.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion observed in the historical period can be attributed to factors such as the increased pet population, elevated overall spending by individuals on pets, the growing penetration of e-commerce platforms promoting online pharmacies, the growth of emerging markets, increasing government initiatives, and the heightened prevalence of diseases.

The veterinary pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $46.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to factors such as the increasing ownership of pets, population growth, rising disposable income, urbanization, the growing penetration of pet insurance, and government support, which will drive the market. Major trends in the forecast period include a focus on stem cell therapy for treating animals, the application of nanotechnology in veterinary medicines to address antibiotic resistance, the development of chewable tablets, the use of telemedicine platforms to mitigate the impact of COVID-19, the development of advanced vaccines, a focus on super-combo parasiticides, the utilization of subunit and virus-such as particle (VLP)-based vaccines, and a concentration on strategic partnerships and collaborations.

The veterinary pharmaceuticals market is being driven by a notable increase in the prevalence rate of diseases among animals. The upsurge in disease incidence in both livestock and companion animals necessitates medicines for effective treatment. A significant example is the reported 79.7% increase in diabetes cases in dogs, from 13.1 cases per 10,000 to 23.6 cases, according to the Banfield State of Pet Health Report. This rise in disease prevalence underscores the heightened demand for veterinary pharmaceuticals.

The growing trend of pet ownership is anticipated to propel the growth of the veterinary pharmaceuticals market in the foreseeable future. Pet ownership involves the legal and ethical responsibility of individuals or households for the well-being of domesticated animals. As the number of pet owners increases, there is a corresponding rise in demand for specialized medications catering to various species, breeds, and health conditions. In 2023, a report from the American Pet Products Association Inc. revealed that 66% of US households owned pets, compared to 62% in 2022, with dogs being owned by 44.5% and cats by 29% of households in 2022. This surge in pet ownership is a key driver of the veterinary pharmaceuticals market.

Government agencies such as the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) regulate the veterinary pharmaceuticals market. Notably, the EU agencies require 6 to 12 months for the approval of veterinary medicinal products, and all parts of the registration dossier must be submitted together. In contrast, the US-FDA accepts phased submissions and assesses each technical section for 6 months. Efficient planning, effective communication, and careful consideration of regulatory policies are crucial for manufacturers in navigating the approval process and minimizing costs and timelines.

The emergence of generic drugs for animal care is a notable trend in the veterinary pharmaceuticals market. The cost-effectiveness of generic drugs has led to increased adoption by pet owners, with the FDA approving 22 generic animal drugs for cats and dogs. A survey of 520 veterinarians revealed that around 80% are using generic drugs to save pet owners money. Despite the lower profit margins compared to branded drugs, veterinarians are favoring generic drugs for their economic benefits.

Major companies in the veterinary pharmaceuticals market are innovating by introducing new products such as molidustat oral suspensions to expand customer bases and increase revenue. Elanco Animal Health Incorporated, for example, launched Varenzin-CA1 (molidustat oral suspension), the first medication for managing non-regenerative anemia in cats with chronic kidney disease (CKD). This needle-free oral suspension allows at-home administration, receiving provisional approval from the FDA. The unique features of Varenzin-CA1 showcase a commitment to providing novel therapies and expanding treatment options for animals with specific conditions or illnesses lacking effective treatments.

Major companies operating in the veterinary pharmaceuticals market report are Zoetis Inc., Merck & Co., Inc., Boehringer Ingelheim International Gmb, Elanco Animal Health Incorporated, Ceva Sante Animale, Virbac SA, Dechra Pharmaceuticals PLC, Vetoquinol S.A., Phibro Animal Health Corporation, Kyoritsu Seiyaku Corporation, National Meditek, Fartovet Industry Limited, Hebei Chengshengtang Animal Pharmaceutical, Shijiazhuang Fengqiang Animal Pharmaceutical Co .Ltd., Vvaan Lifesciences Private Limited, Century Pharmaceuticals Limited, Cargill India Pvt. Ltd., Jurox Pty Ltd., Bayer, Veteq, Nimrod Veterinary Products Ltd., Bimeda, Orion Animal Health, Petmedix, Eco Animal Health, Teknofarma, Farmavet, Candioli Pharma, Suanfarma, Marino Ibericamed, MPA veterinary, Lamons Laboratories SA, Swetrade Pharmaceuticals AB, Animalcare, VET-AGRO Sp. z o. o, CANPOLAND SA, Cymedica, VIC Group, NITA-FARM, Apicenna LLC, Delos Medica, Provet Group, VitOMEK LCC, Bioveta AS, Veterinarski Zavod Subotica, PharmaGal s.r.o., Bond Vet, trifecta Pharmaceuticals USA LLC., Trifecta Pharmaceuticals USA LLC., Bio-Synthesis Inc., Small Door Veterinary, Fuzzy, Alberta Veterinary Laboratories Ltd., Veterinary Purchasing Co. Ltd., Maure, Peru Animal Hospital, Miami County Veterinary Clinic, Cindy Fouts, UCBVET, Syntec, Sauvet, Vetanco, Chemo Argentina, Brouwer, Agrovet Market Animal Health, Lemavet, Primo Veterinary Medicines Trading LLC., AL Kubara Veterinary Medicines Trading LLC., Eurovets Veterinary Suppliers, Physio Evolution, Herzliya Veterinary Hospital, Oron Veterinary Center, Dr Aviram Ezra – Veterinarian, Saudi Pharmaceutical Industries, DBK Pharma S.A.E., Dawa Limited, Aesthetics Limited, Neimeth International Pharmaceuticals, Osy-Adamu Pharmaceutical Co., M S J Afro Agro Pharmacy, Global Vet (U) Ltd.

North America was the largest region in the veterinary pharmaceuticals market in 2023. Asia-Pacific was the second-largest region in the global veterinary pharmaceuticals market report. The regions covered in the veterinary pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the veterinary pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary types of veterinary pharmaceuticals encompass veterinary vaccines, veterinary antibiotics, veterinary parasiticides, and other varieties. Veterinary vaccines offer protection against one or more diseases, mitigating their severity or preventing them altogether. The routes of administration include oral and various other routes tailored to different animal types, including companion animals and livestock. The vaccines themselves are classified into categories such as inactivated vaccines, attenuated vaccines, recombinant vaccines, and others, and they are supplied by diverse end-users, including veterinary hospitals, veterinary clinics, pharmacies, and drug stores.

The veterinary pharmaceuticals research report is one of a series of new reports that provides veterinary pharmaceuticals statistics, including veterinary pharmaceuticals industry global market size, regional shares, competitors with veterinary pharmaceuticals share, detailed veterinary pharmaceuticals segments, market trends and opportunities, and any further data you may need to thrive in the veterinary pharmaceuticals industry. This veterinary pharmaceuticals 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 pharmaceuticals market consists of sales of biological drugs, biosimilars, monoclonal antibodies, sedatives, and antihistaminic. 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.