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Growing Pet Owner Population Driving The Veterinary Medicine Market: Pivotal Factor Influencing Veterinary Medicine Market Growth in 2025
Veterinary Medicine
Veterinary Medicine Market Size Growth Forecast: What to Expect by 2025?
The market size for veterinary medicine has seen significant growth in the past few years. It is predicted to expand from $31.08 billion in 2024 to $33.29 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. Several factors have contributed to this historical growth, including advancements in the field of veterinary science, increased awareness around diseases that can transfer from animals to humans, a growing emphasis on animal welfare, the global expansion of pet trade, specialization in animal healthcare, and an upsurge in expenditure on pet health.
How Will the Veterinary Medicine Market Size Evolve and Grow by 2029?
In the forthcoming years, the veterinary medicine market size is anticipated to witness robust growth, ultimately reaching a value of $44.84 billion by 2029 with a 7.7% compound annual growth rate (CAGR). This future expansion can be credited to factors such as the implementation of personalized medicine in veterinary care, the worldwide expansion of veterinary research, the incorporation of telemedicine in animal healthcare, impacts of climate change, and readiness for zoonotic disease. Significant trends expected in this forecast period involve an emphasis on preventative healthcare, developments in animal pharmaceuticals, biotechnology, and biopharmaceuticals, the advent of digital health technology, the international spread of veterinary medicine, along with practices that are sustainable and ethical, and strong compliance with safety and regulatory measures.
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What Drivers Are Propelling the Growth of Veterinary Medicine Market Forward?
The surge in pet ownership is anticipated to boost the expansion of the veterinary medicine market. Individuals adopting or owning pet animals are considered pet owners and they ensure the well-being and health of their pets. Consequently, they avail the required health services for their pets, escalating the need for veterinary medications and propelling the veterinary medicine market. For example, data from Shelter Animals Count, a non-government organization based in the US, showing an increase of 109,000 dog adoptions in 2023 compared to 2022, signals an encouraging increase in adoption rates. Nonetheless, the overall number of dogs adopted in 2023 remained about 108,000 less compared to the previous year. Thus, the increasing population of pet owners are fueling the veterinary medicine market.
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Which Emerging Trends Are Transforming the Veterinary Medicine Market in 2025?
Leading businesses in the veterinary medicine market are introducing innovative products like ethno-veterinary medicines to maintain a competitive advantage. These are Ayurvedic-based medicine designed to combat animal diseases. For instance, Milma, a dairy company based in India, announced the launch of ethno-veterinary medicines in August 2023. These medicines act as an affordable alternative to allopathic veterinary drugs, reducing the financial pressure of veterinary costs on farmers, and providing a cost-effective strategy for managing animal health. They are easy to use, affordable, and ideal for preventative and curative measures.
What Are the Key Segments in the Veterinary Medicine Market?
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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Who Are the Key Players Shaping the Veterinary Medicine Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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