Veterinary Medicine Market Overview
Veterinary Medicine Market Size is expected to reach USD 46.41 Billion by 2033. The Veterinary Medicine industry size accounted for USD 29.8 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2033. The veterinary medicine market refers to the range of products and services designed to diagnose, prevent, and treat diseases and conditions affecting animals. These products and services are used to maintain the health and wellbeing of pets, livestock, and other animals. The market includes a wide range of products, such as pharmaceuticals, vaccines, and medical devices, as well as diagnostic services and treatment options.
COVID-19 Impact and Post-COVID Scenario
The COVID-19 pandemic has had a significant impact on the veterinary medicine market, with both positive and negative effects. In the early stages of the pandemic, many veterinary clinics were forced to close or limit their services due to government restrictions and social distancing measures. This led to a temporary decline in demand for veterinary services, particularly for non-emergency procedures.
However, as the pandemic progressed, pet ownership rates increased as people spent more time at home and sought companionship. This led to an increase in demand for veterinary services, particularly for preventative care and telemedicine services. Additionally, the pandemic has raised awareness of zoonotic diseases and the importance of animal health in preventing the spread of these diseases, leading to increased demand for vaccines and other animal health products.
Global Veterinary Medicine Market Growth Factors
Increasing Demand for Companion Animals
The increasing demand for companion animals is a key driving factor in the veterinary medicine market. In developed economies, pet ownership rates have been steadily increasing over the past decade, with more and more people adopting dogs, cats, and other companion animals. This trend is driven by several factors, including changing societal attitudes towards pets, as well as the increasing availability of pet-friendly housing and workplaces.
As pet ownership rates continue to rise, there is a growing need for effective animal health solutions to maintain the health and wellbeing of these animals. This is driving growth in the veterinary medicine market, as pet owners seek out high-quality veterinary care for their furry friends.
Global Veterinary Medicine Market Restraining Factors
- High Cost of Veterinary Care
The high cost of veterinary care is a key restraining factor in the veterinary medicine market. Many pet owners are unable or unwilling to pay for expensive treatments, leading to reduced demand for veterinary services. This is particularly true in developing economies, where pet ownership rates are lower and disposable income is often limited.
Furthermore, the lack of standardization in the veterinary industry can make it difficult for pet owners to compare prices and determine the best course of treatment for their animals. This can lead to confusion and frustration, further reducing demand for veterinary services.
Global Veterinary Medicine Market Opportunity Analysis
The growing demand for animal protein is the key opportunity
The global veterinary medicine market presents a significant opportunity for growth and investment. The market is driven by a number of factors, including the increasing pet ownership rates, the growing demand for animal protein, and the increasing prevalence of zoonotic diseases.
The growing demand for animal protein, particularly in developing countries. As the global population grows and becomes more affluent, the demand for meat, dairy, and other animal products is expected to increase. This is expected to drive demand for animal healthcare products and services, particularly in the livestock sector and the increasing prevalence of zoonotic diseases such as COVID-19 has highlighted the importance of animal health in preventing the spread of disease. This is expected to drive demand for vaccines, diagnostics, and other animal health products, particularly in developing countries where the risk of zoonotic diseases is highest.
Global Veterinary Medicine Market Segment Analysis
The drugs segment is expected to hold the largest share market in 2023
Based on the Product, The Veterinary Medicine market is segmented based on Drugs, Vaccines, and Medicated Feed Additives. The drugs segment is expected to hold the largest share of the veterinary medicine market. This is due to the increasing demand for drugs for the treatment and prevention of various animal diseases, particularly in the companion animal segment. The drugs segment includes a wide range of products such as antibiotics, anti-inflammatories, antiparasitics, and others. These products are used to treat a variety of conditions in both companion and livestock animals. The increasing prevalence of diseases and the growing awareness of the importance of animal health are expected to drive demand for these products in the coming years.
The oral route segment is expected to hold the largest share of the market in 2023
Based on the Route of Administration, The Veterinary Medicine market is segmented based on Oral Route, Parenteral Route, and Topical Route. the oral route is expected to hold the largest share of the market. This is due to the ease of administration and the availability of a wide range of oral medications for animals, including tablets, capsules, liquids, and chewables. The oral route is also a preferred choice for many pet owners as it is often less stressful for the animal than other routes of administration.
The companion animals segment is expected to hold the largest share in 2023
Based on Animal Type, The global Veterinary Medicine market has been divided into Companion Animals, and Livestock Animals. The companion animals segment is expected to hold the largest share of the veterinary medicine market. This is due to the increasing pet ownership, growing awareness of the importance of animal health, and the availability of advanced treatments and therapies for companion animals. The companion animals segment includes pets such as dogs, cats, birds, and small mammals, and a wide range of products such as vaccines, drugs, and medicated feed additives are available for their care and management.
The veterinary hospitals segment is expected to hold the largest share in 2023
Based on Distribution Channel, the global Veterinary Medicine market has been divided into Veterinary Hospitals Pharmacies, and Retail Veterinary Pharmacies. the veterinary hospitals segment is expected to hold the largest share of the veterinary medicine market. This is due to the fact that veterinary hospitals are often the first point of contact for animal owners seeking veterinary care and treatment. Many animal health products, such as vaccines and prescription drugs, are only available through veterinary hospitals and require a prescription from a licensed veterinarian.
Global Veterinary Medicine Market, Segmental Chart
Based on region, the global Veterinary Medicine market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Veterinary Medicine market followed by the Asia Pacific and Europe regions.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
North America Market
The North American veterinary medicine market is expected to be the largest market globally, due to the high pet ownership rates, increasing awareness about animal health, and the availability of advanced animal health products. The United States is the largest market in this region, followed by Canada.
The European veterinary medicine market is expected to witness significant growth due to the increasing prevalence of animal diseases, the growing pet ownership rate, and the adoption of advanced animal health products. The United Kingdom, Germany, France, and Italy are the largest markets in this region.
The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Bosch Rexroth Corporation, Donaldson Company Inc, Eaton, Pall Corporation, and AGM Container Controls Inc are some of the leading players in the global Veterinary Medicine market. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.
Key Market Players:
- Archer Daniels Midland
- Boehringer Ingelheim International GmbH
- Ceva Santé Animale
- Dechra Pharmaceuticals PLC.
- Elanco Animal Health Incorporated
- Evonik Industries AG (RAG Stiftung)
- Merck & Co., Inc.
- Soparfin SCA.
- Virbac SA
- Zoetis Inc.
Market Share Acquisition Strategies: Analysis of Key Approaches Employed by Top Players
In 2020, Zoetis Inc. acquired Performance Livestock Analytics, a software company that specializes in livestock data management. This acquisition allowed Zoetis to expand its offerings in the livestock sector and enhance its data analytics capabilities.
Global Veterinary Medicine Market, by Product
- Medicated Feed Additives
Global Veterinary Medicine Market, by Route of Administration
- Oral Route
- Parenteral Route
- Topical Route
Global Veterinary Medicine Market, by Animal Type
- Companion Animals
- Livestock Animals
Global Veterinary Medicine Market, by Distribution Channel
- Veterinary Hospitals Pharmacies
- Retail Veterinary Pharmacies
Global Veterinary Medicine Market Synopsis:
|Market Size||· 2023: USD 29.8 Billion
· 2033: USD 46.41 Billion
|Growth Rate||· First 5 Years CAGR (2023–2028): XX%
· Last 5 Years CAGR (2028–2033): XX%
· 10 Years CAGR (2023–2033): 5.9%
|Key Market Drivers||· Increasing Demand for Companion Animals|
|Key Market Restraints||· High Cost of Veterinary Care|
|Market Opportunities||· The growing demand for animal protein is the key opportunity|
|Key Market Players||· Archer Daniels Midland
· Boehringer Ingelheim International GmbH
· Ceva Santé Animale
· Dechra Pharmaceuticals PLC.
· Elanco Animal Health Incorporated
· Evonik Industries AG (RAG Stiftung)
· Merck & Co., Inc.
· Soparfin SCA.
· Virbac SA
· Zoetis Inc.
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Veterinary Medicine market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
- Historical market size for the year 2021, and forecast from 2023 to 2033
- Veterinary Medicine market share analysis for each segment
- Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
- To identify and understand the various factors involved in the global Veterinary Medicine market affected by the pandemic
- To provide year-on-year growth from 2022 to 2033
- To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
- Provide Total Addressable Market (TAM) for the Global Veterinary Medicine Market
1. What is the study period of this market?
- The study period of the global Veterinary Medicine market is 2022- 2033
2. What are the 10 Years CAGR (2023 to 2033) of the global Veterinary Medicine market?
- The global Veterinary Medicine market is growing at a CAGR of ~9% over the next 10 years
3. Which region has the highest growth rate in the global Veterinary Medicine market?
- North America is expected to register the highest CAGR during 2023-2033
4. Which region accounted for the largest share of the global Veterinary Medicine market?
- Europe holds the largest share in 2022
5. Major Key Players in the Global Veterinary Medicine Market?
- Archer Daniels Midland, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Dechra Pharmaceuticals PLC., Elanco Animal Health Incorporated, Evonik Industries AG (RAG Stiftung), Merck & Co., Inc., Soparfin SCA., Virbac SA, and Zoetis Inc. are the major companies operating in the global Veterinary Medicine
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- Yes, we offer 16 hours of analyst support to solve the queries
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- Yes, we do provide regional as well as country-level reports. Other than this we also provide a sectional report. Please get in contact with our sales representatives.