by Veterinary medicine includes various products that are used for the prevention, diagnosis and treatment of diseases in animals. Some of the key products in the veterinary medicine market include drugs for parasiticide, anti-infective, analgesic and anti-inflammatory products. Veterinary medicines provide various benefits such as effective treatment options for diseases and infections in animals, reduced recovery time and improved health of pets. With rising pet ownership worldwide, demand for high quality animal healthcare services and products has increased significantly.
The Global veterinary medicine market is estimated to be valued at US$ 39.27 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the veterinary medicine market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries Holding B.V.
Key opportunities: Growth in the companion animal population, rising pet care expenditure, and increasing incidence of zoonotic diseases are some of the key opportunities in the global veterinary medicine market.
Global expansion: Leading players in the market are expanding their production facilities and setting up manufacturing plants in different regions to cater to the growing demand for veterinary medicines worldwide.
Market Drivers
Rising pet ownership is one of the key drivers fueling growth of the Veterinary Medicine Market Growth. According to several reports, the number of pet dogs increased by around 5 million per year globally between 2015-2020. As pet adoption increases, demand for high quality animal healthcare products continues to surge. This rising pet ownership is expected to significantly drive the demand for veterinary medicines over the forecast period.
PEST Analysis
Political: Regulations regarding animal healthcare and zoonotic diseases are becoming more stringent globally which is driving demand. Regulations related to animal testing and welfare are affecting R&D and product development strategies.
Economic: Improving economic conditions in developing nations is increasing spending capability on pet care and veterinary services. Growing incomes are allowing people to spend more on animal health.
Social: Rising awareness about animal welfare and health is influencing owners to seek timely medical care and diagnosis for pets. People are treating pets as part of the family rather than as mere animals.
Technological: Advancements in disease diagnostics through technologies like PCR, immunoassays and biosensors are enabling rapid testing and faster treatment decisions. Artificial intelligence and digital tools are being utilized to improve supply chain management and enhance customer service.
North America accounts for the largest share of the global Veterinary Medicine Market in terms of value. This can be attributed to growing pet ownership, increasing per capita animal healthcare expenditure and presence of major market players in the region. Asia Pacific is projected to be the fastest growing market during the forecast period. Factors such as rising standards of living, growing awareness about animal health and increasing pet population are driving higher spending on veterinary services in developing countries of Asia Pacific.
Europe represents another major regional market for veterinary medicine globally on the back of strict regulations pertaining to animal welfare and rising animal healthcare expenditure across countries. Latin America and Middle East & Africa are lucrative emerging markets and are expected to showcase high growth rates over the next few years led by expanding veterinary infrastructure and healthcare facilities.
