Press release
Global Animal Medicine Market to Reach $69.05 Billion by 2029, Growing at 6.1% CAGR
Animal Medicine Market Insights
The burgeoning adoption of pet insurance is set to buoy the market for animal medicine. Worldwide, opportunities in the pet insurance market are vast, largely due to the extremely low penetration rates. Mature economies like the US exhibit approximately a 1% pet insurance penetration rate, while in Western Europe, countries like the UK see rates near 20%. In the upcoming forecast period, the US pet insurance market is predicted to grow by $2 billion in 2022, at a 14% compound annual growth rate, primarily powered by increased consumer knowledge and the growing disposable income of pet owners. Upticks in pet insurance adoption are likely to trigger more visits to veterinary clinics, in turn, underpinning the use of animal medicine for various disease treatments.
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What Is the projected market size and growth rate for the animal medicine market?
The size of the animal medicine market has seen significant growth over the past few years. It is anticipated to increase from $51.09 billion in 2024 to $54.59 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The growth seen in the earlier phase can be linked back to factors such as elevated spending on pets, an upsurge in animal healthcare expenditure, and a rise in the coverage of pet insurance.
The market for animal medicine is projected to experience substantial growth in the upcoming years, expanding to a value of $69.05 billion by 2029, with a compound annual growth rate (CAGR) of 6.1%. The escalation during the forecast period can be linked to a rise in disease incidence in animals, a growth in pet ownership, an increase in the intake of products derived from animals, and favorable government programs. Significant trends for the forecast timeframe entail the emergence of super-combo parasiticides, strategic alliances, and partnerships fostering innovation, the creation of chewable tablets, the introduction of mobile veterinary services, a focus on the creation of novel and cutting-edge products, an amplified focus on e-commerce within the pet care sector and a heightened emphasis on medicated feed supplements.
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What new trends are reshaping the animal medicine market and its opportunities?
The use of nanotechnology in the animal medicine market is on the rise as an alternative to veterinary antibiotics. Nanotechnology involves the manipulation of matter at the atomic and molecular levels. Within the animal medicine field, it plays a significant role in enhancing diagnostic procedures, treatment, promotion of animal growth, and production. Nanoparticles serve as substitute antimicrobial agents to curb the utilization of antibiotics and enhance the identification of pathogenic bacteria. Furthermore, they are utilized as drug delivery agents for novel drugs and potential vaccines to enhance their properties and efficacy, as well as decrease drug resistance in animals.
What major market segments define the scope and growth of the animal medicine market?
The animal medicine market covered in this report is segmented -
1) By Medicine: Veterinary Pharmaceuticals, Feed Additives
2) By Type Of Animal: Companion Animal, Livestock Animals
3) By Type Of Prescription: OTC, Prescription
4) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration
5) By Distribution Channel: Veterinary Services, Online, Other Distribution Channels
Subsegments:
1) By Veterinary Pharmaceuticals: Antimicrobials (Antibiotics, Antifungals), Anti-inflammatory Drugs (Non-Steroidal Anti-Inflammatory Drugs - NSAIDs), Vaccines, Anesthetics, Hormonal Treatments
2) By Feed Additives: Nutritional Supplements (Vitamins, Minerals), Probiotics And Prebiotics, Antioxidants, Growth Promoters, Antimicrobial Feed Additives
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Which region dominates the animal medicine market?
North America was the largest region in the animal medicine market in 2024. Asia-Pacific was the second-largest region in the animal medicine market. The regions covered in the animal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the animal medicine industry growth?
Major companies operating in the animal medicine market include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Elanco Animal Health Incorporated, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, China Animal Husbandry Industry Co., Ltd, Vetoquinol S.A., Neogen Corporation, Century Pharmaceuticals Limited, BASF India Ltd., Cargill India Pvt. Ltd., Intervet Australia Pty Ltd, Jurox Pty Ltd, SeQuent scientific ltd, Guangdong Wens Dahuanong Biotechnology Co. Ltd, Shandong Lukang, Bayer Animal Health Cadila Pharmaceuticals Ltd., Novasep, Koninklijke DSM n.v, Novartis AG, Nutreco N.V., Bad Oldesloe, CP-Pharma Handelsgesellschaft mbH, SaluVet GmbH, KRKA UK, Interfeed, Biotex Plus Ltd., Belfarmacom, Cymedica, vet resolution, Vetruus Ltd, Nimrod Veterinary Products Ltd., Bimeda, Animalcare, Medco-ERP Ltd. Holland, Brouwer, IDT Biologika, Vetiquinol S.A, UCBVET, Biowet Pulawy, Esculap, Pasteur Romania, Vector-Vita-LLC, NITA-FARM, Bioveta, Heska, Dechra Veterinary Products, Eli Lilly and Company, IDEXX Laboratories, Agrodan CA, Agrovet Market S.A, Interchem Ltda, Invesbio S.A, Syntec, Sauvet, Vetanco, Chemo Argentina, Saudi Pharmaceutical Industries SPI, Montajat Pharmaceuticals Co. Ltd., ALKE SAGLIK URUNLERI San. ve Tic. A.S., MISTAV Ilac ve Tavukculuk San.Tic.Ltd, DBK Pharma S.A.E., Kahmavet, Lemavet, Abpharma, ASVET, Ekinos - Veterinary Products, Lanrex Pharmaceuticals Nig Ltd, Emzor Pharmaceutical Ltd.
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What Is Covered In The Animal Medicine Global Market Report?
•Market Size Forecast: Examine the animal medicine market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the animal medicine market for a structured understanding.
•Key Players Overview: Analyze major players in the animal medicine market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the animal medicine market.
•Segment Contributions: Evaluate how different segments drive overall growth in the animal medicine market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the animal medicine market.
•Industry Challenges: Identify potential risks and obstacles affecting the animal medicine market.
•Competitive Landscape: Review strategic developments in the animal medicine market, including expansions, agreements, and new product launches.
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