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Growing Pet Owner Population Driving The Veterinary Medicine Market: An Emerging Driver Transforming The Veterinary Medicine Market Landscape
Veterinary Medicine
What Is the Projected Growth of the Veterinary Medicine Market?
The market size for veterinary medicine has experienced a robust expansion in the past few years. The market projection is set to escalate from $31.08 billion in 2024 to $33.29 billion in 2025, recording a compound annual growth rate (CAGR) of 7.1%. The extraordinary growth in the historical phase is credited to the progress in veterinary sciences, heightened awareness about zoonotic diseases, emphasis on animal well-being, worldwide expansion of pet trade, specialization in animal healthcare, and augmented expenditure on pet health.
In the coming years, it is anticipated that the veterinary medicine market will experience significant expansion, with its value rocketing to $44.84 billion by 2029, thanks to a compound annual growth rate (CAGR) of 7.7%. This growth in the specified period can be traced back to factors like personalized veterinary care, internationalization of veterinary studies, the introduction of telehealth in veterinary treatment, effects of climate change, and preparedness for zoonotic diseases. Key market trends for this period include emphasis on preventive health care, innovations in animal pharmaceuticals, biotechnology and biopharmaceuticals, adoption of digital health technologies, the universal scope of veterinary medicine, adherence to sustainable and ethical practices, as well as regulatory compliance and safety.
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What Are the Different Veterinary Medicine Market Segments?
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 Or In-House Testing, Veterinary Hospitals And Clinics, Other End-users
Subsegments:
1) By Drugs: Antimicrobials, Anti-inflammatory Drugs, Pain Management Drugs, Hormonal Drugs, Anesthetics
2) By Vaccines: Inactivated Vaccines, Live Attenuated Vaccines, Recombinant Vaccines, DNA Vaccines, Multivalent Vaccines
3) By Medical Feed Additives: Nutritional Supplements, Antimicrobial Feed Additives, Probiotics And Prebiotics, Enzymes, Growth Promoters
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What Are the Primary Drivers Shaping the Veterinary Medicine Market?
The growth of the veterinary medicine market is anticipated to be fueled by an increase in pet ownership. These individuals, whether through purchasing or adoption, take responsibility for a pet animal and its well-being. Consequently, they ensure that their pets are provided with essential health services, boosting the demand for veterinary medicine. For example, Shelter Animals Count, a non-government organization based in the US, revealed in 2023 that dog adoptions had risen by 109,000 from the previous year, demonstrating a growth in adoption rates. Despite this, the number of dogs adopted in 2023 were about 108,000 less than the preceding year. Consequently, the escalating population of pet owners is contributing to the growth of the veterinary medicine market.
Which Companies Are Leading in the Veterinary Medicine Market?
Major companies operating in the veterinary medicine market 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, Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, 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
What Are the Major Trends Shaping the Veterinary Medicine Market?
Leading firms in the veterinary medicine market are creating new products like ethno-veterinary medicines in order to foster competitiveness. These ethno-veterinary medications, derived from Ayurvedic formulations, are developed to address diseases among animals. For instance, in August 2023, Milma, a dairy company from India, unveiled its range of ethno-veterinary products. These medicines are seen as an economical substitute to conventional allopathic veterinary drugs. They help reduce the financial stress of veterinary care on farmers and provide a cost-efficient approach to animal healthcare. They serve as an accessible, budget-friendly tool used by farmers for both prevention and curing of diseases.
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What Are the Top Revenue-Generating Geographies in the Veterinary Medicine Market?
North America was the largest region in the veterinary medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the veterinary medicine market report during the forecast period. The regions covered in the veterinary medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Veterinary Medicine Market?
2. What is the CAGR expected in the Veterinary Medicine Market?
3. What Are the Key Innovations Transforming the Veterinary Medicine Industry?
4. Which Region Is Leading the Veterinary Medicine Market?
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