The global veterinary medicine market size was estimated at USD 29.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine.
Veterinary Medicine Market is mainly driven by growing rates of pet ownership, rising chronic diseases, and increasing consumption of meat. The growing prevalence of diseases in animals poses a serious threat to food security. Climate change and globalization are the major reasons attributing to the rise in diseases among animals. Incidents of animal disease are not only caused naturally but also by human actions.
Veterinary medicine is termed as any product used to treat various medical conditions in animals. For instance, veterinary medicine include drugs such as anti-infective drugs and parasiticides, which are administered orally in animals. Similarly, veterinary medicine also includes vaccines, which are used to build immunity in animals against various infectious diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. In addition, they also include medicated feed additives, which are mixed with animal feed to provide pharmaceutical effects in animals.
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The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. Furthermore, factors such as surge in prevalence of various medical conditions in animals and rise in demand for livestock products also boost growth of the veterinary medicine market. In addition, the rise in animal healthcare expenditure is another major factor that fuels growth of the market. However, the lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medicate feed additives restrict growth of the veterinary medicine market. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.
Key Player Mentioned:
Merck Animal Health
Ceva Sante Animale
Vetoquinol S.A.
Zoetis
Boehringer Ingelheim GmbH
Elanco
Nutreco N.V.
Virbac
Product Segment Analysis:
- Production
- Companion
Application Segment Analysis:
Biologics
Pharmaceuticals
Medicated Feed Additives
The veterinary hospitals and clinics segment dominated the market for veterinary medicine and held the largest revenue share of over 72.0% in 2020. The growth can be attributed to the advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals and clinics. Based on end use, the market is segmented into point-of-care testing/in-house testing, reference laboratories, veterinary hospitals and clinics, and others.
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Regional Segment Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
KEY aspects covered in the report include:
- The market size and industry growth rate of the global and regional market across various segments
- The region or the sub-segment that is expected to drive the Veterinary Medicine market in the forecast period 2021-2028
- Key companies operating in the global Veterinary Medicine market and their market share
- The Factors that are estimated to drive the Veterinary Medicine Market growth
- Key opportunities in the Veterinary Medicine market
- Key technological advancements and market trends that shape the market
The study objectives of this report are:
- To research global status, future forecasts, growth opportunities, key markets and key players.
- To present the market development in us, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and methods.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
