Veterinary Medicine Market Is Expected To Grow At A Compound Annual Growth Rate Of 7.3% By 2030

Veterinary Medicine Industry Overview

The global veterinary medicine market size is expected to reach USD 54.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.3% over the forecast period. 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. The COVID-19 pandemic resulted in regulatory changes, which are anticipated to iron out the disruptions, thereby increasing manufacturing and adoption of vet medicines in near future.

Veterinary Medicine Market Segmentation

Grand View Research has segmented the global veterinary medicine market on the basis of animal type, product, mode of delivery, end-user, and region:

Based on the Animal Type Insights, the market is segmented into Production and Companion.

• The production animal segment led the market and accounted for more than 55.0% share of the global revenue in 2021.
• The dominant share captured by production animals is a result of the rising demand for proteins in the world.
• In addition, increasing spending on animal health, especially in the developed regions, is also presumed to be responsible for the wide-scale adoption of production animals.
• The dogs segment held a significant revenue share due to the rising demand for advanced treatment alternatives for canines suffering from chronic diseases.

Based on the Mode of Delivery Insights, the market is segmented into Oral, Parenteral, Suspension, Topical and Carrier.

• The parenteral segment held the largest revenue share of over 44% in 2021. The growth can be credited to product availability and the instant onset of action.
• The oral segment is projected to grow at the fastest CAGR from 2022 to 2030 owing to the advancements in the oral veterinary medicines segment, such as chewable tablets.
• The carrier segment is expected to grow at the fastest CAGR from 2022 to 2030 owing to advancements in the segment by market players.

Based on the End-Use Insights, the market is segmented into Reference Laboratories, Point-of-Care Testing/In-house Testing, Veterinary Hospitals & Clinics and Others.

• The veterinary hospitals & clinics held the largest market share of over 72% in 2021. The growth can be attributed to advanced diagnostic imaging, novel therapies, nuclear & regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals & clinics.
• The reference laboratories segment is expected to exhibit the fastest CAGR over the forecast period as these laboratories enable testing of various infections, toxic agents, and chronic diseases in the specimen, which is obtained from animals.

Based on the Product Insights, the market is segmented into Biologics, Pharmaceuticals and Medicated Feed Additives.

• Pharmaceuticals held a market share of more than 52.00% in 2021 owing to the rising prevalence of zoonotic diseases, brucellosis, and food-borne diseases.
• The biologics segment is expected to register the fastest CAGR 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 grow at a significant rate during the forecast years owing to their increasing usage in maintaining animal health. 

Veterinary Medicine Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market players are involved in strategic collaborations, regional expansions, and new product launches to sustain the competition. Established organizations and large enterprises are investing in acquisitions of other market players to gain a competitive edge. 

Some prominent players in the global Veterinary Medicine market include:

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago
• Indian Immunologicals Ltd.
• Neogen Corp.
• Hester Biosciences
• Phibro Animal Health

Order a free sample PDF of the Veterinary Medicine Market Intelligence Study, published by Grand View Research.