Global Veterinary Medicine Market, By Product (Biologics, Pharmaceuticals, Medicated Feed Additives), Animal Type (Production, Companion), Route of Administration (Oral, Parenteral, Others), End-User (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Others) – Industry Trends and Forecast to 2030.
Veterinary Medicine Market Analysis and Size
Animals like humans are vulnerable to many diseases such as bacteria, parasites, fungi, and viruses. Veterinary medicine aids agricultural animals and pets live longer and healthier lives. Growing the life expectancy of pets needs a better diet and the development of healthcare facilities. The increasing number of pets leads to a rise in chronic diseases.
Data Bridge Market Research analyses a growth rate in the veterinary medicine market in the forecast period 2023-2030. The expected CAGR of veterinary medicine market is tend to be around 6.90% in the mentioned forecast period. The market was valued at USD 24.97 billion in 2022 and would grow to USD 42.59 billion by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Veterinary Medicine Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Biologics, Pharmaceuticals, Medicated Feed Additives), Animal Type (Production, Companion), Route of Administration (Oral, Parenteral, Others), End-User (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Merck & Co., Inc. (U.S.), Bayer AG (Germany), Boehringer Ingelheim International GmbH. (Germany), Vetoquinol (France), Zoetis (U.S.), Ceva (France), Cargill, Incorporated (U.S.), Nutreco (Netherlands), Virbac (France), Kindred Biosciences, Inc. (U.S.), NEOGEN Corporation (U.S.), Hester Biosciences Limited. (India), ADM (U.S.), Norbrook (U.K.), Dechra Pharmaceuticals PLC (U.K.), Evonik Industries AG (Germany)
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Market Opportunities
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Market Definition
Veterinary medicine includes drugs such as anti-infectives and parasiticides that are provided to animals orally. Vaccines are also used in veterinary medicine to help immunity in animals against viral diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial virus. Medicated feed additives are mixed with animal feed to produce medicinal benefits in animals. Veterinary medicine is also used in a number of species, which includes companion animals such as dogs and cats along with livestock animals including cattle, pigs, and chickens
Veterinary Medicine Market Dynamics
Drivers
- Rising demand for pet insurance policies
The increasing use of pet health insurance to pay for veterinarian services in several industrialized countries is anticipated to boost the market growth. Canada, the U.K., and Sweden all have a flourishing pet health insurance sector. The wide use of pet health insurance has increased intensely in China. The increasing awareness and wide understanding of pet health and the increasing popularity of pets are two important parts that have aided in the adoption of pet healthcare insurance.
- Rising occurrences of zoonotic diseases among livestock animals
The rise in occurrences of zoonotic diseases among livestock animals will increase the numerous opportunities for the market's growth and influence market dynamics. The increased occurrence and financial burden of zoonotic illnesses among livestock animals boosted the livestock animals sector to occupy more than 63 % of the animal pharmaceuticals market share in the year 2020. Furthermore, bacterial parasites thrive by preying on farm animals, that causes huge sickness and financial hardship.
Opportunities
- Increasing Rate of Pet Owners
A major increase in the number of pet owners is boosting the need for better treatment options for companion animals, resulting in increased health expenditure on pets. As per the American Pet Products Association, the total spending in the U.S. pet industry rise to USD 103.6 billion in 2020 from USD 97.1 billion in 2019, and it is assessed to reach more than USD 109.6 billion in 2022.Furthermore, around 67% of households in the U.S. owned a pet, that is equal to approximately 84.9 million homes in 2020.
Restraints/Challenges
- High Cost of Treatment
The high cost of veterinary medicines are increasing with each passing day. The cost is quite high and thus it is limiting the market growth.
This veterinary medicine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the veterinary medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2020, Elanco acquired Bayer's Animal Health Business to expand its scale and capabilities, positioning it as a long-term leader in the lucrative and long-lasting animal health business
Global Veterinary Medicine Market Scope
The veterinary medicine market is segmented on the basis of product, animal type, route of administration, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Biologics
- Pharmaceuticals
- Medicated Feed Additives
Animal Type
- Production
- Companion
Route of Administration
- Oral
- Parenteral
- Others
End-Users
- Reference Laboratories
- Point-of-Care Testing/In-House Testing
- Veterinary Hospitals and Clinics
- Others
Veterinary Medicine Regional Analysis/Insights
The veterinary medicine market is analyzed and market size insights and trends are provided by product, animal type, route of administration, distribution channel and end-user as referenced above.
The major countries covered in the veterinary medicine market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is dominating the market in the forecast period because of the wide presence of major market players and well-developed healthcare infrastructure in this region. In addition to this, the incidence of favourable government policies and growing initiatives to improve animal health will further propel the market's growth rate in this region.
Asia-Pacific is considered to grow over the coming years because of the wide expansion of manufacturing facilities and vaccination for livestock animals.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Veterinary Medicine Share Analysis
The veterinary medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to veterinary medicine market
Key players operating in the veterinary medicine market include:
- Merck & Co., Inc. (U.S.)
- Bayer AG (Germany)
- Boehringer Ingelheim International GmbH. (Germany)
- Vetoquinol (France)
- Zoetis (U.S.)
- Ceva (France)
- Cargill, Incorporated (U.S.)
- Nutreco (Netherlands
- Virbac (France)
- Kindred Biosciences, Inc. (U.S.)
- NEOGEN Corporation (U.S.)
- Hester Biosciences Limited. (India)
- ADM (U.S.)
- Norbrook (U.K.)
- Dechra Pharmaceuticals PLC (U.K.)
- Evonik Industries AG (Germany)
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