Veterinary Medicine Market Outlook 2027
The veterinary medicine market accounted for $22,973 million in 2019, and is expected to reach $29,698 million by 2027, registering a CAGR of 4.6% from 2020 to 2027.
Veterinary medicine is termed as any product used to treat various medical conditions in animals. For instance, veterinary medicine include drugs such as anti-infective drugs and parasiticides, which are administered orally in animals. Similarly, veterinary medicine also includes vaccines, which are used to build immunity in animals against various infectious diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. In addition, they also include medicated feed additives, which are mixed with animal feed to provide pharmaceutical effects in animals.
Moreover, veterinary medicine is used in various type of animals including companion animals such as dogs and cats and livestock animals such as cattle, pigs, and poultry. Furthermore, the medicine is administered in animals via different routes such as drugs are manly administered through oral route, vaccines are given through parenteral route, and some parasiticidal drug preparations are administered through topical route.
Some medical conditions in animals that are treated using veterinary medicine include pain and inflammation associated with osteoarthritis, hookworm, whipworm, infections, and others.
The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. Furthermore, factors such as surge in prevalence of various medical conditions in animals and rise in demand for livestock products also boost the veterinary medicine market growth. In addition, rise in animal healthcare expenditure is another major factor that fuels growth of the market. However, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medicate feed additives restrict veterinary medicine market growth. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.
Moreover, COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This lead to disruption, limitation, challenges and changes in each sector of every industry. Similarly, veterinary medicines industry was also impacted by the pandemic. For instance, veterinary organizations across the globe have recommended limiting animal patient care to acutely ill animals and emergencies. Furthermore, the lockdowns have led to rescheduling of annual checkup exams and elective procedures. However, various key players have ensured the supply of veterinary medicines as the governmental institutions across the globe are taking strict measures to maintain the supply. Therefore, overall impact of COVID-19 on the veterinary market remains fairly negative, owing to fall in demand as veterinary visits are limited and animal healthcare approach is changed to providing care to emergency cases and critically ill animals.
Market Segmentation
The global veterinary medicine market is segmented on the basis of product, route of administration, animal type, distribution channel, and region to provide a detailed assessment of the market. By product, it is divided into drugs, vaccines, and medicated feed additives. The drugs segment is further divided into anti-infective, anti-inflammatory, and parasiticide. In addition, the vaccines segment is divided into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Similarly, the medicated feed additives segment is divided into amino acids and antibiotics.
By route of administration, the market is classified into oral route, parenteral route, and topical route. By animal type, it is divided into companion animals and livestock animals. By distribution channel, it is classified into veterinary hospitals, veterinary clinics, and pharmacies & drug stores. By region, the veterinary medicine market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
On the basis of product, the drugs segment held a dominant share in 2019, owing to factors such as rise in prevalence of parasites in animals and surge in prevalence of various infections, which are treated using anti-infective drugs. Furthermore, other factors that contribute to growth of the market include surge in awareness related to use of drugs in animals and rise in adoption of veterinary drugs across the globe.
By Product
Vaccines segment is projected as one of the most lucrative segment.
By route of administration, the parenteral segment occupied largest share of the veterinary medicine market in 2019. Growth of this segment is attributed to large number of parenteral formulations offered by key players in the market. In addition, the topical segment exhibited the fastest growth as the key players have increased their focus toward launching novel topical products for treatment of parasites.
By Route Of Administration
Parenteral Route segment held a dominant position in 2019 and will continue to maintain the lead over the forecast period.
In 2019, North America accounted for major share of the veterinary medicine market size, and is expected to continue this trend, owing to surge in number of companion animal owners and easy availability of veterinary medicines. Moreover, other factors such as surge in animal health expenditure also boost growth of the veterinary medicine market in the region. Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to use of veterinary medicines. Other factors that boost growth of the market include surge in awareness related to animal health and rise in ownership of companion animals in the region.
By Geography
Asia-Pacific region would exhibit the highest CAGR of 6.3% during 2020-2027.
Key Market Players
The global veterinary medicine market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum veterinary medicine market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Zoetis, Inc., Merck & Co., Inc. (Intervet International B.V.), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Santé Animale, Virbac., Vetoquinol S.A., Boehringer Ingelheim International GmbH., ADM Animal Nutrition, and Evonik Industries AG.
Key Benefits For Stakeholders
- This report entails a detailed quantitative analysis along with the current global veterinary medicine market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
- The veterinary medicine market forecast is studied from 2020 to 2027.
- The veterinary medicine market size and estimations are based on a comprehensive analysis of key developments in the industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
Veterinary Medicine Market Report Highlights
| Aspects | Details |
 By Product |
|
 By Route Of Administration |
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 By Animal Type |
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 By Distribution Channel |
|
 By Region |
|
 Key Market Players | Ceva Santé Animale, Soparfin SCA., Elanco Animal Health Incorporated., Evonik Industries AG (RAG Stiftung), Zoetis Inc., Dechra Pharmaceuticals PLC., Virbac SA., Boehringer Ingelheim International GmbH, Merck & Co., Inc., Archer Daniels Midland |
Analyst Review
In accordance to several interviews conducted, the utilization of veterinary medicine is likely to witness a significant rise due to factors such as surge in prevalence of various medical conditions in animals, which require the use of veterinary medicines. Furthermore, experts of key companies believe that factors such as surge in population of livestock animals across the globe, rise in demand for livestock animal products, and increase in animal healthcare expenditure also fuel growth of the market.
The other major factors that contribute toward the growth of the market include rise in awareness associated with animal healthcare and launch of novel and advanced veterinary products in the market. Moreover, on the basis of region, the North America veterinary medicine market acquired majority share, owing to rise in animal healthcare expenditure and easy availability of veterinary medicines. Similarly, Asia-Pacific is expected to exhibit fastest growth rate during the forecast period, owing to factors such as surge in awareness associated with the use of veterinary medicine and rise in population of livestock and companion animals.
The total market value of veterinary medicine market is $22,973.06 million in 2019.
The forecast period for veterinary medicine market is 2020 to 2027
The market value of veterinary medicine market in 2019 is $21,691.17 million.
The base year is 2019 in veterinary medicine market
Top companies such as, Zoetis, Inc., Merck & Co., Inc., Boehringer Ingelheim International GmbH., Elanco Animal Health, and Ceva Santé Animale held a high market position in 2019. These key players held a high market postion owing to the strong geographical foothold in different regions.
Vaccines segment is the most influencing segment as these products saves cost that can incur from diseases in future and also play a major role in safeguarding health of livestock animals by prevent transmission and spread of contagious animal diseases (zoonotic diseases) from animals to people and from animal to animal.
The major factor that fuels the growth of the global veterinary medicine market includes rise in prevalence of various medical conditions in animals such as inflammation, canine disptemper and others which require the use of veterinary medicine
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China with a CAGR of 7.9%. This is due to rise in ownership of companion animals in the region and surge in awareness related to animal healthcare.
Veterinary medicine is defined as a drug or other preparations employed in the treatment of animals
Animals suffer from various medical conditions, which require immediate attention and treatment. Thus, veterinary medicines are employed in treatment of medical conditions in animals.
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