Animal Medicine Global Market Report 2024

The animal medicine market size has grown strongly in recent years. It will grow from $51.18 billion in 2023 to $55.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period in the field of animal medicines can be attributed to several key factors. These include an increase in spending on pets, a rise in animal healthcare expenditure, and an increasing penetration of pet insurance. These factors collectively contributed to the expansion and development of the animal medicines sector during the historical period, reflecting the heightened focus on pet health and the growing awareness among pet owners regarding the importance of veterinary care and medications for their animals.

The animal medicine market size is expected to see strong growth in the next few years. It will grow to $72.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. Anticipated growth in the animal medicines market is driven by factors such as increased disease prevalence in animals, higher pet ownership, growing consumption of animal-derived products, and supportive government initiatives. Key trends include the introduction of super-combo parasiticides, strategic collaborations for innovation, development of chewable tablets, launch of mobile veterinary units, focus on creating new products, emphasis on pet care e-commerce, and a heightened focus on medicated feed additives.


The expansion of pet insurance is anticipated to significantly impact the animal medicine market. Across the globe, the pet insurance sector remains largely underutilized, offering substantial growth potential. In developed nations such as the USA, pet insurance holds a mere 1% penetration rate, while in Western European countries such as the UK, it reaches around 20%. Forecasts suggest a robust growth trajectory for the US pet insurance market, projected to add $2 billion in 2022 at an impressive compound annual growth rate of 14%. This surge is primarily attributed to heightened consumer awareness and increased disposable income among owners of companion animals. The escalated adoption of pet insurance is likely to result in a higher frequency of visits to veterinary clinics, driving the utilization of animal medicine in treating diverse ailments.

The surge in pet ownership and adoption rates is a key driver fueling the growth of the animal medicine market. Pet owners demonstrate a stronger inclination to invest in their pets' veterinary care compared to their personal healthcare expenses. This inclination is rooted in their deep emotional attachment to their animals and a steadfast commitment to ensuring their pets' optimal health and quality of life. A BeChewy article reported a significant rise in pet adoptions, with 977,202 pets adopted in 2021, reflecting a 61% adoption rate in the USA. Moreover, 1 million pets were adopted in 2022. Consequently, the escalating rates of pet ownership and adoption are expected to drive substantial growth within the animal medicine market.

Nanotechnology is progressively becoming a prominent force in the animal medicine sector, serving as a viable alternative to veterinary antibiotics. This scientific discipline involves manipulating matter at the atomic and molecular scale. Within animal medicine, nanotechnology plays a pivotal role in enhancing diagnostics, treatments, promoting animal growth, and improving production methods. Nanoparticles, in particular, are employed as antimicrobial substitutes for antibiotics, aimed at curbing their use while enhancing the identification of pathogenic bacteria. Furthermore, these particles serve as efficient drug delivery agents for novel medications and vaccine candidates, augmenting their characteristics and efficacy while mitigating drug resistance in animal organisms.

In November 2021, Nextmune, a Sweden-based entity operating within Vimian Group's Specialty Pharma segment, initiated a strategic collaboration with Angany, Inc for an undisclosed investment. The primary objective of this partnership is to jointly develop innovative vaccines catering to allergy and atopic dermatitis in companion animals. Angany Inc., a Franco-Canadian pre-clinical stage pharmaceutical firm, specializes in pioneering immunotherapy techniques to combat allergies, adopting a distinctive approach in the field.

Major companies operating in the animal medicine market report are Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co Inc., Elanco Animal Health Incorporated, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, China Animal Husbandry Industry Co., Ltd., Vetoquinol S.A., Neogen Corporation, Century Pharmaceuticals Limited, BASF India Ltd., Cargill India Pvt. Ltd., Intervet Australia Pty Ltd., Jurox Pty Ltd., SeQuent scientific Ltd., Guangdong Wens Dahuanong Biotechnology Co. Ltd., Shandong Lukang, Bayer Animal Health Cadila Pharmaceuticals Ltd., Novasep, Koninklijke DSM n.v, Novartis AG, Nutreco N.V., Sanofi S.A, Merial Pusuch as Biological Engineering, Bad Oldesloe, CP-Pharma Handelsgesellschaft mbH, SaluVet GmbH, KRKA UK, Interfeed, Biotex Plus Ltd., Belfarmacom, Cymedica, vet resolution, Vetruus Ltd., Nimrod Veterinary Products Ltd., Bimeda, Animalcare, Medco-ERP Ltd. Holland, Brouwer, IDT Biologika, Vetiquinol S.A, UCBVET, Biowet Puławy, Esculap, Pasteur Romania, Vector-Vita-LLC, NITA-FARM, Bioveta, Heska, Dechra Veterinary Products, Eli Lilly and company, IDEXX Laboratories, Agrodan CA, Agrovet Market S.A, Interchem Ltda, Invesbio S.A, Syntec, Sauvet, Vetanco, Chemo Argentina, Saudi Pharmaceutical Industries SPI, Montajat Pharmaceuticals Co. Ltd., ALKE SAGLIK URUNLERI San. ve Tic. A.S., MISTAV Ilac ve Tavukculuk San.Tic.Ltd., DBK Pharma S.A.E., Kahmavet, Lemavet, Abpharma, ASVET, Ekinos - Veterinary Products, Lanrex Pharmaceuticals Nig Ltd., Emzor Pharmaceutical Ltd.

North America was the largest region in animal medicine market in 2023. Asia-Pacific was the second-largest region in the animal medicine market. The regions covered in the animal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the animal medicine market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The animal medicine market consists of sales of procuring drugs to shield against external parasites such as fleas, ticks, and heartworms (intestinal parasites). 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 primary categories of animal medicines include veterinary pharmaceuticals and feed additives, catering to both livestock and companion animals. Veterinary pharmaceuticals represent medications administered to animals for the treatment of various diseases. These animal medicines are distributed and utilized by various entities such as veterinary hospitals, pharmacies, drug stores, and veterinary clinics, contributing to the overall health and well-being of animals.

The animal medicine research report is one of a series of new reports that provides animal medicine statistics, including animal medicine industry global market size, regional shares, competitors with animal medicine shares, detailed animal medicine segments, market trends and opportunities, and any further data you may need to thrive in the animal medicine industry. This animal medicine 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 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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