Veterinary Medicine Market Size And Forecast

Veterinary Medicine Market size was valued at USD 27.77 Billion in 2022 and is projected to reach USD 52.05 Billion by 2030, growing at a CAGR of 6.8% from 2023 to 2030.

In the near future, rising R&D and procedural developments, pet adoption rates, rising meat consumption, and required immunization are expected to boost demand for veterinary medications and vaccines for animals. The Global Veterinary Medicine Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Veterinary Medicine Market Definition

Veterinary medicines are used to promote or maintain the health of animal species, whether or not they are raised for food. In addition to food-producing animals, they are created and manufactured to cover a wide range of prophylactic and therapeutic objectives. They are given to exotic species, family pets, and wild animals. Most nations have a government regulatory agency in charge of evaluating veterinary medicines and issuing some sort of marketing permission before a product can be sold, and the UK’s system is used to demonstrate this in practice.

Veterinary medicines are evaluated against three core criteria, similar to human medicines efficacy, quality, and safety however, the terminology of these criteria varies by nation. The efficacy of a medicine is its capacity to do the task that its manufacturer claims it can. The quantities of pollutants must meet acceptable requirements, the shelf-life must be as stated by the manufacturer, and the product must be manufactured according to proper standards. The product must be safe for the animal patient, the environment, users of veterinary medicines, and consumers of animal-derived foods.

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When evaluating the safety of veterinary drugs, the latter factor is critical. When an animal is administered veterinary medicine, the majority of the dose is eliminated in urine, feces, and expired air, although minute amounts stay in bodily tissues. When veterinary drugs are used in food-producing animals, residues form, and regulatory authorities are responsible for ensuring that these do not represent a risk to consumers.

As evidenced by emerging programs like the One Health Initiative, which recognize the synergy and potential benefits of promoting collaboration among veterinarians, physicians, as well as other scientific health professionals to develop strategies to advance healthcare, public awareness of the interconnectedness of animal and human health is growing. Changing pet ownership trends, the increased emphasis placed on the human-animal link, and the function of that bond in supporting human health, especially mental health, and well-being, are all important considerations.

Global Veterinary Medicine Market Overview

The rise in the number of pet owners and the increase in the global livestock population are two main drivers driving the veterinary medicine market forward. A rise in the prevalence of numerous medical diseases in animals, as well as an increase in demand for livestock products, are also driving the veterinary medicine market forward. Furthermore, an increase in animal healthcare costs is another important driver driving market expansion. However, the absence of veterinary infrastructure in developing countries and severe restrictions governing pharmaceutical feed additives limit the expansion of the veterinary medication business. Increased awareness of animal health, on the other hand, presents a lucrative opportunity for the veterinary medicine sector.

The COVID-19 outbreak has also had a negative influence on the market. Following the World Health Organization’s classification of COVID-19 as a pandemic, countries all around the world enacted statewide lockdowns to compel social separation as a preventative measure. This resulted in disruption, limits, problems, and changes in every industry area. Similarly, the pandemic had an influence on the veterinary medicine business. Veterinary organizations all throughout the world, for example, have urged that animal patient care be limited to seriously ill animals and emergencies.

Additionally, the lockdowns have caused yearly checkup checks and optional operations to be rescheduled. Various essential stakeholders, on the other hand, have ensured the supply of veterinary drugs, as governments around the world are taking careful efforts to ensure the supply. As a result, the overall impact of COVID-19 on the veterinary market has been negative, owing to a drop in demand as veterinarian visits are limited and animal treatment is shifted to emergency and critically ill animals.

Global Veterinary Medicine Market Segmentation Analysis

The Global Veterinary Medicine Market is segmented into Animal Type, Product Type, and Geography.

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 Veterinary Medicine Market, By Animal Type

• Production Animals
• Companion Animals

Based on Animal Type, the market is bifurcated into Production Animals and Companion Animals. The rise in global protein demand has resulted in production animals capturing the majority of the market. Furthermore, increased spending on animal health, particularly in industrialized nations, is thought to be a factor in the widespread adoption of production animals. Because of the increased need for better treatment options for canines suffering from chronic disorders, the dog segment maintained a considerable revenue share.

Veterinary Medicine Market, By Product Type

• Drugs
• Vaccines
• Medicated Feed Additives

Based on Product Type, the market is bifurcated into Drugs, Vaccines, and Medicated Feed Additives. The Vaccine Industry is likely to Hold a Large Market Share. Vaccines are predicted to have a considerable market share by product. Increasing demand for animal-derived food products, a rising companion animal population, and an increase in the frequency of zoonotic diseases, as well as several government and animal-related activities, are driving this segment’s growth. Furthermore, important developments by the leading competitors in the veterinary vaccines market, such as product development, mergers and acquisitions, and launches to extend their vaccination product portfolio, are projected to improve the market’s growth potential.

Veterinary Medicine Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Veterinary Medicine Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is dominating the veterinary medicine market to this point and is projected to continue to do so in the future. The rising occurrence of zoonotic diseases, advantageous reimbursement systems, and rising expenditure on companion animals are all contributing factors to the domination. Additionally, increased pet health insurance acceptance in the United States is likely to support market growth. The concentration of big veterinary hospitals in this region that offer competitive reimbursement rates is fueling the market growth. Because of the increased buying power of healthcare providers, which results in economies of scale, the market grows as a result of the consolidation of large healthcare.

Key Players

The “Global  Veterinary Medicine Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Zoetis Inc, Virbac SA, Soparfin SCA, Merck & Co Inc, Evonik Industries, Elanco Animal Health Incorporated, Dechra Pharmaceuticals PLC, Ceva Sante Animale, Boehringer Ingelheim International GmbH, and Archer Daniels Midland.

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