Press release
Animal Medicine Market Growth Accelerates: Strategic Forecast Predicts $68.84 Billion by 2029
Animal Medicine Market
What Will the Animal Medicine Industry Market Size Be by 2025?
The size of the animal medicine market has seen robust growth in the past few years. Its growth is projected to rise from $50.45 billion in 2024 to $53.76 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors such as higher spending on pet care, an escalation in animal health care costs, and a surge in pet insurance penetration contributed to the growth during the historic period.
What's the Long-Term Growth Forecast for the Animal Medicine Market Size Through 2029?
The market size of animal medicine is predicted to expand significantly in the ensuing years, swelling to $68.84 billion by 2029 with a 6.4% Compound Annual Growth Rate (CAGR). The anticipated growth during this forecast period can be linked to factors such as the surge in animal diseases, growth in pet ownership, increased use of animal-based products, and supportive governmental initiatives. Leading trends expected during this forecast period encompass super-combo parasiticides, strategic collaborative partnerships to fuel innovation, creation of chewable tablets, introduction of mobile veterinary services, focus on the production of novel and innovative products, greater emphasis on e-commerce within the pet care market, and heightened concentration on medicated feed additives.
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What Are the Key Growth Drivers Fueling the Animal Medicine Market Expansion?
The uptick in pet insurance is anticipated to fuel the growth of the animal medicine market worldwide. The scope for expansion in the pet insurance market is considerable, given the remarkably low penetration rates around the globe. For instance, penetration rates sit at just 1% in advanced economies like the USA, while in Western European nations such as the UK, it is significantly higher at around 20%. The pet insurance market in the USA is set to grow by $2 billion in 2022 during the forecast period, with a CAGR of 14%. This notable surge is credited to the escalating consumer awareness and increased disposable income of pet owners. As the penetration of pet insurance expands, it's likely there will also be a rise in the number of vet visits, which in turn supports the use of animal medicine to address various diseases.
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What Are the Key Trends Driving Animal Medicine Market Growth?
The animal medicine market is starting to use nanotechnology as an alternative to veterinary antibiotics, marking a significant growth area. Falling under the scientific study of adjusting things at an atomic and a molecular level, nanotechnology enables enhanced diagnostic methods, therapeutic treatments, animal development support, and production in the animal health industry. Nanoparticles are specially deployed as potential substitutes for antimicrobial drugs, alleviating antibiotic use, and boosting the detection process of harmful bacteria. Further, they serve as carriers for new drugs and potential vaccines, enhancing their attributes and efficacy, as well as mitigating drug resistance among animals.
How Is the Animal Medicine Market Segmented?
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 Companies Are Leading the Charge in Animal Medicine Market Innovation?
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 Puławy, 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.
Which Regions Are Leading the Global Animal Medicine Market in Revenue?
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
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