VETERINARY MEDICINE MARKET ANALYSIS

The global veterinary medicine market was valued at US$ 32.08 Bn in 2023 and is forecast to reach a value of US$ 50.16 Bn by 2030 at a CAGR of 5.7% between 2023 and 2030. The global veterinary medicine market is experiencing strong growth due to the rising incidence of zoonotic diseases and increase in pet ownership or growing animal adoption around the world. Moreover, rise in demand for veterinary medicine and rise in focus on the veterinary healthcare is expected to propel growth of the market. However, factors such as stringent regulatory guidelines and lack of veterinarians and are expected to hamper growth of the market.

Global Veterinary Medicine Market: Regional Insights

Based on geography, the global veterinary medicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing prevalence of zoonotic and chronic diseases, growth in the companion animal population, and growing meat consumption in this region. For instance, recent years have seen a significant increase in the adoption of companion animals. As per the American Pet Products Association's 2021-2022 national pet owner’s survey, around 70% of American households own a pet. This is up from 56% in 1988. This in turn is expected to increase the demand for veterinary medicine in the U.S., driving the growth of the market.

Europe and Asia Pacific are also expected to witness significant growth in the global veterinary medicine market due to rise in burden of zoonotic/chronic diseases, increasing meat consumption, growing animal adoption, and rising awareness among people in these regions. For instance, as per the European Pet Food Industry Federation (FEDIAF), June 2022 stats, over 90 million households (46%) in the European Union (EU) own a pet. There are around 110 million cats, 90 million dogs, 50 million birds, 30 million mammals, 15 million aquaria, and 10 million terraria, which resulted in over 20 billion EUR worth of related services and products.

Figure 1. Global Veterinary Medicine Market Share (%), By Region, 2023

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Global Veterinary Medicine Market Drivers:

• Rise in burden of zoonotic diseases to drive market growth: One of the key factors expected to propel growth of the global veterinary medicine market during the forecast period is the rising incidence of zoonotic diseases worldwide. For instance, according to the U.S. Centers for Disease Control & Prevention (CDC), zoonotic diseases are very common, both in the United States and around the world. Scientists estimate that more than six out of every ten known infectious diseases in people can be spread from animals, and three out of four new or emerging infectious diseases in people come from animals, and many diseases related to zoonoses have led to a major outbreak in the world.
• Rise in pet ownership to underpin market growth: Another factor which is driving the growth of the global veterinary medicine market is the increase in pet ownership or growing animal adoption around the world. For instance, the ownership of cats and dogs has been steadily increasing across the globe and more than half of the global population is estimated to have a pet. According to the Global Animal Health Association, HealthforAnimals, more than 500 million families in the U.S., EU, and China alone have over half a billion dogs and cats. In the U.S., over 70 percent of households owned a pet as of 2021 compared to 68 percent in 2016. This in turn is expected to increase demand for veterinary medicine.

Global Veterinary Medicine Market Opportunities:

• Increase in demand for veterinary medicine is expected to provide significant growth opportunities for players in the global veterinary medicine market. For instance, with the increasing prevalence of zoonotic/chronic diseases, the demand for safe/effective veterinary medicine is also increasing rapidly. In July 2020, Boehringer Ingelheim launched two new products in their animal healthcare portfolio for the Indian market. These new drugs, NexGard and Broadline, provide comprehensive parasite treatment for dogs and cats, respectively. Given the rapid increase in pet population, it is important for pet owners to be aware of and administer regular drugs for their pets.
• Increase in focus on the veterinary healthcare is expected to offer significant growth opportunities for players in the global veterinary medicine market. For instance, market players are focusing on developing and launching novel products for safe and effective veterinary healthcare. In December 2021, SeQuent Scientific announced the launch of veterinary medicine Halofusol (an oral solution) in 19 European countries. Halofusol is 0.5 mg/ml oral anti-protozoal solution that can be used for the prevention and reduction of diarrhea in new-born calves. Halofusol had also received approval from the European Medicines Agency (EMA).

Global Veterinary Medicine Market Trends:

Favorable government initiatives is a recent trend: Many governments across the globe are planning to set up infrastructure for new veterinary clinics, hospitals, and dispensaries, as well as planning to strengthen/equip existing ones. For instance, in May 2020, the Department of Animal Husbandry & Dairying, Government of India, announced the launch of mobile veterinary units (MVUs) to provide veterinary services at the doorstep. The overall aim of the ‘Livestock Health & Disease Control programme’ of Government of India is to improve animal health. This trend is expected to continue over the forecast period.

Advancements in veterinary healthcare is another trend: Advancements in the field of veterinary healthcare is expected to flourish the veterinary medicine market during the forecast period owing to respective benefits. Artificial intelligence (AI), virtual reality (VR), 3D imaging, and wearable medical imaging devices are few of the technologies that are expected to pave the way for future advancements in the field of veterinary diagnostic imaging around the world. This trend is also expected to continue over the forecast period.

Global Veterinary Medicine Market Restraints:

Lack of veterinarians to hinder growth of the market: One of the key factors expected to hamper growth of the global veterinary medicine market is the lack of veterinarians, especially in developing countries. For instance, the number of veterinarians has declined in some countries, raising concerns about the geographical coverage of the veterinary healthcare. The ongoing shortage of vets in rural areas could lead to an increase in animal diseases and need for veterinary care. Moreover, a rising number of pets following COVID-19 are straining the veterinary industry causing a shortage of vets worldwide.

Stringent regulations to hamper the growth of the market: Another factor which is hampering growth of the global veterinary medicine market is the stringent regulatory guidelines pertaining to vaccines approval for animals. For instance, vaccination is one of the most effective ways to reduce the disease burden in animals. However, stringent regulatory guidelines; such as the U.S. Department of Agriculture (USDA), the Food & Drug Administration (FDA), and the Environmental Protection Agency (EPA) are some of the major regulatory bodies approving veterinary medicine in the U.S. While in the European Union, the European Medicines Agency (EMA) is the leading body involved in the approval of veterinary medicine.

Figure 2. Global Veterinary Medicine Market Share (%), By Animal Type, 2023

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Global Veterinary Medicine Market Segmentation:

The global veterinary medicine market report is segmented into Animal Type, Product, Route of Administration, Distribution Channel, and Region.

• Based on Animal Type, the market is segmented into Domesticated and Companion. Of which, Companion Segment is expected to dominate the veterinary medicine market during the forecast period and this is attributed to the increasing pet population or growth in the companion animal population across the globe.
• Based on Product, the market is segmented into Drug and Vaccines. Out of which, Drug Segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of chronic diseases in animals.
• Vaccines Segment is also expected to witness robust growth in the near future and this is owing to rising incidence of zoonotic diseases and increase in demand for safe and effective vaccines.
• Based on Route of Administration, the market is segmented into Oral, Parental, and Others. Out of which, Oral Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for safe and effective veterinary drugs.
• Parental Segment is also expected to witness robust growth in the near future and this is owing to increase in demand for safe/effective veterinary vaccines.
• Based on Distribution Channel, the market is segmented into Veterinary Hospitals & Clinics, Retail Stores, and Online Pharmacies. Out of which, Veterinary Hospitals & Clinics Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of zoonotic and chronic diseases worldwide.
• Online Pharmacies Segment is also expected to witness significant growth in the near future and this is owing to increase in number of Internet and smartphone users.

Global Veterinary Medicine Market: Key Developments

• In September 2022, the U.S. Food and Drug Administration (FDA) approved SpectoGard, the first generic spectinomycin sulfate injectable solution for the treatment of bovine respiratory diseases.
• In June 2022, the Food and Drug Administration (FDA) approved Vetmedin-CA1 (pimobendan) chewable tablets, the first medication intended for delaying the onset of congestive heart failure in dogs with Stage B2 preclinical myxomatous mitral valve disease.
• In March 2022, Vetcare Oy received the U.S. Food and Drug Administration (FDA) approval for Zenalpha, for the use as a sedative and analgesic in dogs to facilitate clinical examination, clinical procedures, and minor surgical procedures.
• In August 2021, Ethos and National Veterinary Associates team up to develop advanced veterinary medicines for patients and their families and to enhance service offerings with advancements in medical care.

Global Veterinary Medicine Market: Key Companies Insights

The global veterinary medicine market is highly competitive. This is attributed to the increase in focus on the veterinary healthcare and favorable government initiatives, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global veterinary medicine market include Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh, among others.

*Definition: Veterinary medicine, a branch of medicine, deals with the prevention, management, diagnosis, and treatment of disease, disorder, and injury in animals (both companion animals and livestock animals). Veterinary drugs indirectly benefit human healthcare by restricting the spread of infectious diseases from animals to humans.