Veterinary Medicine Industry Overview
The global veterinary medicine market size was estimated at USD 29.4 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. The increasing cases of zoonotic & chronic diseases are the key driver to this market. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103 million cattle and 32.05 million beef cows in the U.S. in July 2020 and the number is expected to grow substantially in the coming years. Moreover, rising R&D & procedural advancements, pet adoption rate, and increasing consumption of meats & mandatory vaccination are anticipated to boost the demand for veterinary pharmaceuticals & vaccines for animals in the near future.
An increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting in rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 103.6 billion in 2020 from USD 97.1 billion in 2019, and it is estimated to reach more than USD 109.6 billion in 2022.Moreover, about 67% of households in the U.S. owned a pet, which is equal to approximately 84.9 million homes in 2020.Furthermore, R&D investments in the veterinary industry-leading towards new product developments are likely to offer lucrative growth opportunities. For instance, in June 2021, the Biotestlab business introduced a non-steroidal anti-inflammatory drug THERMONORM, which has an active substance acetylsalicylic acid used for poultry, pigs, and calves.
Gather more insights about the market drivers, restrains and growth of the Global Veterinary Medicine market
The global outbreak of COVID-19 has impacted all industries including veterinary medicine. IDEXX along with other leading participants has already tested more than thousands of dogs & cats for the virus, with test results being negative. Pet parents are advised to keep a safe distance from their pets to maintain hygiene and reduce the risk of contamination. The impact has been seen in the livestock sector as well. There has been difficulty in moving animal products, such as meat, milk, and eggs, to markets. Restrictions have been implemented on the seasonal border crossing with ruminants. In April 2020, FAO published a new policy regarding the production of livestock and the supply chain of livestock products during COVID-19.
Browse through Grand View Research's Animal Health Industry Research Reports.
- Vaccine Market - The global Vaccine Market was valued at over USD 32.5 billion in 2015 and is expected to grow at a CAGR of 10.3% over the forecast period. The rising demand for better healthcare infrastructure and high awareness levels of the benefits of immunization are the major factors boosting the market growth.
- Veterinary Telehealth Market - The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection.
Veterinary Medicine Market Segmentation
Grand View Research has segmented the global veterinary medicine market based on animal type, product, mode of delivery, end-use, and region:
- Animal Type Outlook (Revenue, USD Million, 2017 - 2030)
- Production
- Poultry
- Swine
- Cattle
- Sheep & Goats
- Fish
- Companion
- Dogs
- Cats
- Horses
- Others
- Production
- Product Outlook (Revenue, USD Million, 2017 - 2030)
- Biologics
- Vaccine
- Live attenuated vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Others
- Others
- Vaccine
- Pharmaceuticals
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
- Medicated Feed Additives
- Biologics
- Mode of Delivery Outlook (Revenue, USD Million, 2017 - 2030)
- Oral
- Powder
- Tablets
- Parenteral
- Suspension
- Topical
- Carrier
- Oral
- End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Reference Laboratories
- Point-of-care testing/In-house testing
- Veterinary Hospitals & Clinics
- Others
- Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- October 2021: Zoetis invested in new manufacturing and development facility in Ireland, to increase its Monoclonal Antibodies (mAbs) production capabilities. This is anticipated to enhance its veterinary therapeutic biopharmaceuticals portfolio.
- August 2020: Merck acquired IdentiGEN, a company dealing in DNA-based animal traceability solutions for aquaculture & livestock from Ireland-based MML Growth Capital Partners. This helped the company expand its product portfolio.
Key Companies profiled:
Some prominent players in the global veterinary medicine market include
- Merck Animal Health
- Ceva Sante Animale
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- Nutreco N.V.
- Virbac
- Kindred Biosciences, Inc.
- Biogenesis Bago
- Indian Immunologicals Ltd.
- Neogen Corp.
- Hester Biosciences
- Philbro Animal Health
Order a free sample PDF of the Veterinary Medicine Market Intelligence Study, published by Grand View Research.
