Global Veterinary Medicine Market Insights and Forecast to 2028

Veterinary Medicine Market Industry Outlook - 2028

The global Veterinary Medicine market size is projected to reach US$ 50090 million by 2028, from US$ 32220 million in 2021, at a CAGR of 6.4% during 2022-2028.

The increase in zoonotic & chronic sickness incidence is the main factor driving the veterinary medicine market. The number of livestock in the world has been rapidly increasing during the last few decades. Increased R&D and procedural advancements, pet adoption rates, rising meat consumption, and mandated immunisation are all anticipated to contribute to the rise in demand.

Veterinary Medicine Market Trends

The number of people who own pets has been steadily rising since humans began introducing companion animals into their homes all across the world. This factor is projected to boost the market expansion for veterinary medicine. The findings indicated a negligible impact on the COVID-19 epidemic. People who work remotely are eight times more likely to buy a new pet in 2020. While those who were divorced, separated, or widowed claimed companionship as their top reason for obtaining a pet, around two-thirds of those who were married or never married cited having more time as their top reason.

Our globe is becoming more crowded, where people and animals dwell in close quarters, increasing the probability of zoonotic diseases spreading between species. Additionally, diseases can spread more fast than ever due to the modern world's changing ecosystems, globalised trade, increased urbanisation, and continuously expanding population. Livestock farmers deal with a variety of challenges. There are several infectious and parasitic diseases, and the emergence of disorders that are resistant to antibiotics has made new biotechnological developments in vaccines necessary. Devastating outbreaks have been brought on by zoonotic illnesses throughout history. This covers illnesses like salmonella, the bubonic plague, and, more recently, COVID-19. As a result, managing food-borne illnesses requires addressing the issue of food safety, especially in light of globalization. This in turn is expected to drive the growth of the veterinary medicine market

Additionally, there has been a significant shift in innovation and investment in the area of animal health, primarily as a result of the humanization of pets and the rise in demand for protein. Governments in developing nations are experimenting with new and unique policy instruments, especially in rural areas with low incomes, in order to both increase public delivery of animal health services and to preserve functional and equitable markets for animal health services. This is expected to accelerate the market growth for veterinary medication.

As a result of rising incomes, changing diets, and population increase, the livestock sector is one of the agricultural subsectors with the fastest growth rates in middle- and low-income countries.

Veterinary Medicine Market Share Analysis

The segment that will likely grow the quickest is the companion segment. The primary reason for the segment's growth is the rising number of pets being adopted globally. The increased incidence of chronic diseases in pets is a significant factor that is anticipated to raise demand for veterinary treatment in the upcoming years.

The market is expected to grow quickest in the Asia Pacific region. This sector of the economy has expanded as a result of factors like rising adoption rates for companion animals and worries about animal health. Additionally, it is projected that the region's expanding cattle population and increased spending on veterinary and animal health services will propel the Asia Pacific region market.

Veterinary Medicine Market Scope and Market Size

Veterinary Medicine market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Veterinary Medicine market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Segment By Type 

• Oral
• Injection
• Other

Segment By Application

• Companion Animals
• Livestock Animals

By Company

• Boehringer Ingelheim
• Zoetis
• Elanco Animal Health
• Bayer Animal Health
• Merck Animal Health
• Virbac
• Dechra Veterinary Products
• Ceva
• Vetoquinol
• Meiji
• Ouro Fino Saude
• Animalcare Group
• Parnell

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Scope of the Veterinary Medicine Market Report