Veterinary Medicine Market Size to Surpass US$ 55.8 BN by 2030

The global veterinary medicine market size is expected to surpass around US$ 55.8 billion by 2030 from valued at US$ 30.2 billion in 2020 with CAGR of 8.4% from 2021 to 2030.

The companion animal segment is anticipated to demonstrate the fastest growth during the forecast period owing to the increasing prevalence of chronic diseases and rising demand for advanced treatment alternatives for canines suffering from chronic diseases.

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The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103.0 million cattle and 32.1 million beef cow in the U.S. as of July 2020 and are expected to grow substantially in coming years. Moreover, rising R&D and procedural advancements, pet adoption rate, and increasing consumption of meats and mandatory vaccination are anticipated to boost demand for veterinary pharmaceuticals and vaccines for animals in the near future.

By Animal Type Analysis

The production animal segment led the market for veterinary medicine and accounted for more than 55.0% share of the global revenue in 2020. The production animal segment is further classified into swine, poultry, cattle, fish, and sheep and goats.

The companion animal segment is expected to demonstrate the fastest growth over the forecast period owing to the increasing prevalence of chronic diseases. The companion animal is further sub-segmented into horses, cats, dogs, and others.

Report Coverage

By Product Analysis

The pharmaceuticals segment dominated the market for veterinary medicine and held the largest revenue share of more than 57.0% in 2020. This is owing to the rising prevalence of zoonotic diseases, brucellosis, and food-borne diseases.

The biologics segment is expected to show the fastest growth in the market for veterinary medicine over the forecast period owing to the increased usage of vaccines among livestock as well as companion animals for disease prevention.

The medicinal feed additives segment is also expected to witness a significant growth rate over the forecast period owing to their increasing usage in maintaining animal health.

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By Mode of Delivery Analysis

The parenteral segment dominated the market for veterinary medicine and held the largest revenue share of over 44.0% as of 2020. The growth can be credited to the availability of product availibility and instant onset of action.

The oral segment is projected to witness the fastest CAGR over the forecast period owing to the advancements in the oral veterinary medicines segment, such as chewable tablets. In addition, increasing prevalence of chronic conditions in pets is also expected to drive the market for veterinary medicine.

By End-use Analysis

The veterinary hospitals and clinics segment dominated the market for veterinary medicine and held the largest revenue share of over 72.0% in 2020. The growth can be attributed to the advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals and clinics.

The reference laboratories segment is expected to exhibit the fastest growth over the forecast period. This growth is because these laboratories enable testing of various infections, toxic agents, and chronic diseases in specimen which are obtained from animals. These tests include general laboratory tests as well as specialized tests.

The point-of-care testing/in-house testing segment is also expected to demonstrate significant growth rate owing to their convenience, precise symptomatic testing, easy usage, and quick analysis. Strategic developments by companies are expected to contribute to the growth of the market for veterinary medicine.

By Regional Analysis

North America dominated the veterinary medicine market and accounted for revenue share of over 38.4% in 2020. The dominance is followed by the European countries due to the favorable government regulations such as the EU Veterinary Medicines Regulation and increasing adoption of pet insurance in European countries.

In Asia Pacific, the market for veterinary medicine is expected to show lucrative growth over the forecast period. Factors such as higher adoption of companion animals and increasing health concerns in animals have promoted the market growth in the region.

Key Players

• Merck Animal Health
• CevaSanteAnimale
• Vetoquinol S.A.
• Zoetis
• BoehringerIngelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago
• Indian Immunologicals Ltd.
• Neogen Corporation
• Hester Biosciences
• Philbro Animal Health

Market Segmentation

• Animal Type
  • Production
    • Poultry
    • Swine
    • Cattle
    • Sheep & Goats
    • Fish
  • Companion
    • Dogs
    • Cats
    • Horses
    • Others
• Product
  • Biologics
    • Vaccine
      • Live attenuated vaccines
      • DNA Vaccines
      • Recombinant Vaccines
      • Inactivated Vaccines
      • Others
    • Others
  • Pharmaceuticals
    • Parasiticides
    • Anti-infectives
    • Anti-inflammatory
    • Analgesics
    • Others
  • Medicated Feed Additives
• Mode of Delivery
  • Oral
  • Parenteral
  • Others (Topical, carrier)
• End-use
  • Reference Laboratories
  • Point-of-care testing/In-house testing
  • Veterinary Hospitals & Clinics
  • Others
• Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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