The Veterinary Medicine Market is expected to reach USD 44.92 billion at CAGR of 5.6% during the forecast period of 2023 to 2032.
The Veterinary Medicine market is a dynamic and rapidly evolving sector that plays a pivotal role in safeguarding the health and well-being of animals. With a growing emphasis on preventive healthcare and advancements in veterinary science, the market is witnessing significant expansion. Veterinary science, encompassing a wide range of medical disciplines dedicated to animal care, forms the cornerstone of this market's growth.
One notable trend within the Veterinary Medicine market is the rise of holistic veterinary medicine. This approach goes beyond traditional medical practices, considering the overall well-being of animals by addressing not only physical ailments but also emotional and environmental factors. Holistic veterinary medicine integrates various therapeutic modalities, including acupuncture, herbal medicine, and nutritional counselling, to provide comprehensive care. This paradigm shift reflects a growing awareness among pet owners and professionals about the interconnectedness of physical and emotional health in animals.
The market is witnessing increased research and development activities, leading to the introduction of innovative treatments and pharmaceuticals. This includes a focus on personalized medicine for animals, tailoring treatments to individual needs. Additionally, technological advancements, such as telemedicine and wearable devices, are gaining prominence in the veterinary sector, enhancing the accessibility of healthcare services for animals.
Major Key Players:
MRFR recognizes Veterinary Medicine Companies are — Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
Segment Analysis
The global veterinary medicine industry market, as per MRFR’s analysis, can be segmented on the basis of products, animals, route of administration, and end-users. Such a segmentation has in-depth analysis of various market factors that can be considered for future expansion plans.
Based on animals, the market includes companion and domesticated animals. The number of companion animals is growing due to hike in disposable income.
Based on products, the veterinary medicine market comprises injury medicine, disorder medicine, and diagnosis medicine, homeopathic veterinary medicine. These segments are providing ample support to the regional market.
Based on the route of administration, the veterinary medicine market can be into Parental, oral, and topical. Oral medicines are gaining popularity as that can be inserted into other food items for intake.
Based on end users, the veterinary medicine segmented into research institutions, veterinary hospitals, veterinary clinics, and others. The research institutions are developing means to gain from the market as their research facility is already expected to support the need.
Recent Developments:
In August 2023, Boehringer Ingelheim, a pioneer in animal health, announced that the U.S. FDA has authorized SENVELGO (velagliflozin oral solution), a ground-breaking new medication for diabetic cats. Owners of cats can administer SENVELGO, a once-daily liquid oral solution, with a tiny bit of food or directly into the cat's mouth. Up to one-third of diabetic cats are put to sleep within a year of being diagnosed, and the difficulty of treating diabetic cats is frequently a significant cause. The SENVELGO oral solution is a feline therapeutic treatment that exemplifies our commitment to consistently provide and promote novel and inventive solutions that cater to the distinct requirements of cats. For cats with diabetes mellitus who have not previously received insulin treatment, SENVELGO® oral solution improves glycemic control by streamlining the therapeutic procedure and eliminating the need for needles.
October 2023: Ceva Animal Health has introduced a marketing assistance kit to assist veterinarians in spreading knowledge of pheromones as a treatment for pets' fireworks phobias. The bundle stresses the advantages of Adaptil, Feliway, and Ceva's line of relaxing wraps called ThunderShirt. The kit comes with a wall/notice board display, a poster, an e-book and booklet for owners, as well as graphics and pre-written pieces for use on practices' own social media accounts. Practices that create a den in the waiting area to show the advantages of giving dogs a secure place to hide out when pyrotechnics are going off will receive additional points. Prior to the start of the fireworks season, Ceva is promoting commercial deals, which businesses are urged to pass along to their customers.
Regional Analysis
Regionally, the global market for veterinary medicine has been segmented into Europe, America, Middle East and Africa, and Asia Pacific.
Due to the high concentration of major veterinary hospitals along with good reimbursement rates, the American market will flourish over the forecasted period. This region showcases a higher adoption of pet ownership compared to other regions. Moreover, the amalgamation of large healthcare players also causes the market to boost.
Europe holds the second largest position due to growing healthcare penetration and healthcare industry. The market is led by countries like France and Germany, where Germany is anticipated to be the fastest growing market over the forecast period due to the presence of pharmaceutical industry. The European market is also is also driven by tax benefits and government policies for pet animals.
China and India will drive the Asia Pacific market owing to the large unmet needs and fast-growing healthcare sector during the forecast period. With the increasing penetration of veterinary industry, the Asia Pacific market for veterinary medicine is expected to expand in the coming years. Moreover, increasing awareness regarding animal welfare, growth in private veterinary clinic, increase in NGO work associated with animal welfare along with government campaign are fuelling the market growth in this region.
UAE and Saudi Arabia are expected to drive the Middle East and African market. Owing to poor political and economic conditions, and poor healthcare development, the African region is anticipated to foresee a poor growth rate. Moreover, lack of animal welfare and awareness resulted in limited growth in this region.
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