Comprehensive 2025 Veterinary Medicine Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Veterinary Medicine Market Through 2025?
In recent times, the veterinary medicine market has seen impressive growth. Its predicted growth trajectory shows an increase from $31.08 billion in 2024 to $33.21 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. This historic market surge can be credited to progress in animal medical sciences, an increase in public knowledge of diseases transferred from animals to humans, concern for animal welfare, and the international expansion of pet trade. It can also be attributed to specialized veterinary care and a rise in expenditures on pet health.

What's the Projected Size of the Global Veterinary Medicine Market by 2029?
In the coming years, the veterinary medicine market is projected to experience robust growth, reaching a value of $44.55 billion in 2029, with a compound annual growth rate (CAGR) of 7.6%. This predicted growth throughout the forecasted period can be ascribed to several factors such as the rise of customized medicine in veterinary care, the global expansion of veterinary research, the increase in telehealth implementation in veterinary treatments, the effects of climate change, and preparation for zoonotic diseases. There are also a few major emerging trends expected during this period including a greater emphasis on preventive healthcare, progress in animal pharmaceuticals, biotechnology and biopharmaceuticals, the introduction of digital health technologies, the worldwide spread of veterinary medicine, adherence to sustainable and ethical practices, and focus on regulatory compliance and safety.

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Top Growth Drivers in the Veterinary Medicine Industry: What's Accelerating the Market?
The ascent in pet proprietor numbers is projected to fuel the expansion of the veterinary medicine market. A pet owner tends to be an individual who has either bought or adopted a pet animal and is responsible for its overall health and well-being. As a consequence, they procure necessary health services for their pets, bolstering the demand for veterinary pharmaceuticals and stimulating the veterinary medicine market. For instance, the Shelter Animals Count, a U.S.-based NGO, reported in 2023 that dog adoptions had augmented by 109,000 from the previous year, suggesting a positive uplift in adoption rates. However, the dog adoption figures for 2023 were seen to be approximately 108,000 less than the year prior. Accordingly, the puffing up pet owner populace is actuating the rise of the veterinary medicine market.

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What Trends Will Shape the Veterinary Medicine Market Through 2029 and Beyond?
Leading businesses in the veterinary medicine market are introducing novel products, like ethno-veterinary medicines, to secure a market advantage. These are treatments formulated from Ayurvedic principles designed to combat animal diseases. For example, in August 2023, the India-based dairy firm Milma released its range of ethno-veterinary medicines. Functioning as affordable substitutes to allopathic veterinary drugs, such medicines help reduce the financial strain of veterinary costs on farmers and offer an economic solution for animal healthcare. They serve as a straightforward, affordable, farmer-compatible tool used for both prevention and treatment of diseases.

What Are the Main 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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Which Top Companies are Driving Growth 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

Which Regions Will Dominate the Veterinary Medicine Market Through 2029?
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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