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Veterinary Medicine Market 2024 - By Growth Rate, Sales, Production, Consumption Manufacturers, Shares And Outlook By 2033
Veterinary Medicine Market
As per the report, the veterinary medicine market size has grown strongly in recent years. It will grow from $29.06 billion in 2023 to $31.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The veterinary medicine market size is expected to see strong growth in the next few years. It will grow to $42.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
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Growing Pet Owner Population Driving The Veterinary Medicine Market
The increase in number of pet owners is expected to propel the growth of the veterinary medicine market. Pet owners are individuals who own or adopt a pet animal. Pet owners take care of their pets and their health. Thus, they provide necessary health facilities to the pets, which increases the demand for veterinary drugs and drives the veterinary medicine market. For instance, in 2021, according to a national poll by The American Society for the Prevention of Cruelty to Animals (ASPCA), a US-based non-profit organization working to prevent animal cruelty, out of all the respondents, one in five households had a cat or dog from the beginning of the COVID-19 crisis, which accounted for 23 million households. 90% of dogs and 85% of cats were still in their adopted homes, and the households were not considering abandoning them again. As a result, the increasing number of pet owners is driving the veterinary medicine market.
Ethno-Veterinary Medicines Transforming Veterinary Care
Major companies operating in the veterinary medicine market are innovating new products, such as ethno-veterinary medicines, to gain a competitive edge in the market. Ethno-veterinary medicines are medicines made from Ayurvedic formulations and are designed to treat animal diseases. For instance, in August 2023, Milma, an India-based dairy company, launched ethno-veterinary medicines. Ethno-veterinary medicines are used as low-cost alternatives to allopathic veterinary drugs. This medicines lessen the burden of veterinary expenses on farmers and provide a cost-effective solution for animal healthcare. This medicines are a simple, cost-effective, farmer-friendly tool that are used as preventives and curatives
The veterinary medicine market covered in this report is segmented -
1) By Product: Drugs, Vaccines, Medical feed additives
2) By Animal Type: Companion animals, Livestock animals
3) By Route of Administration: Oral route, Parental route, Topical route
4) By Distribution Channel: Veterinary Hospital pharmacies, Retail veterinary pharmacies
5) By End-use: Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Other End-users
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Major companies operating in the veterinary medicine market report are Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals plc, Ceva Sante Animale, Virbac, Boehringer Ingelheim International GmbH, Kindred Biosciences Inc., Biogenesis Bago SA, Indian Immunologicals Limited, Neogen Corporation, Hester Biosciences Limited, Phibro Animal Health, Nutreco N.V., Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, Abaxis Inc., Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., VetPartners, National Veterinary Associates, Pathway Vet Alliance, VetCor, PetVet Care Centers, BluePearl Veterinary Partners, Banfield Pet Hospital, VCA Animal Hospitals, Mars Veterinary Health, PetSmart Charities, Chewy Inc.
Contents of the report:
1. Executive Summary
2. Veterinary Medicine Market Report Structure
3. Veterinary Medicine Market Trends And Strategies
4. Veterinary Medicine Market - Macro Economic Scenario
5. Veterinary Medicine Market Size And Growth
…..
27. Veterinary Medicine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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