by Veterinary medicine plays a vital role in animal healthcare and preventing the spread of zoonotic diseases. Products such as vaccines, anti-parasitic medicines and antibiotics are used to treat various pet and livestock diseases. The increasing pet population worldwide along with growing consumption of animal-based products has propelled the demand for veterinary medicines.
The global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for animal healthcare has encouraged investments towards the development of advanced veterinary medicines. Companies are focusing on developing novel therapeutics for complex diseases with improved efficiency and reduced side effects. Furthermore, growing awareness regarding animal welfare has also driven the adoption of veterinary healthcare services. It is estimated that expenditure on companion animal veterinary care will increase by over 35% in the U.S. by 2030. The emerging trend of pet humanization in developing nations will further augment the growth of the global veterinary medicine market during the forecast period.
SWOT Analysis
Strength: Provides essential medical care and treatment to animals. Can help in preventing zoonotic diseases from spreading to humans.
Weakness: High costs associated with veterinary care. Shortage of veterinary professionals in some regions.
Opportunity: Rising pet adoption and increase in awareness about animal health presents growth opportunities. Demand for pet insurance may boost the veterinary medicine market.
Threats: Stringent regulations around the usage of certain veterinary drugs. Growing availability of alternative treatments like homeopathy.
Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth. Veterinary medicines help ensure the health and welfare of animals through the prevention and treatment of diseases. The market size for veterinary medicine was valued at US$ 39.27 Mn in 2024 and is anticipated to reach over US$ 48 Mn by 2031, expanding at a CAGR of around 5% during the forecast period.
Regional analysis related content comprises: North America dominates the global veterinary medicine market currently, owing to high pet ownership and growing expenditure on pet care in countries like the US and Canada. Europe is another major region for veterinary medicines driven by increasing awareness about animal health. Asia Pacific is projected to emerge as the fastest growing regional market supported by rising livestock population and growing livestock healthcare expenditure.
Key players related content comprises: Key players operating in the veterinary medicine market include BASF SE, IRPC Plc., and ExxonMobil Corporation. These companies offer a wide range of veterinary pharmaceuticals and medicated feed additives for various animal types. They are focusing on product innovation and expansion into emerging markets to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
