The global Veterinary Medicine market gathered revenue around USD 35.9 billion in 2021 and market is set to grow USD 60.9 billion by the end of 2030 and is estimated to expand at a modest CAGR of 8.0% during the prediction period 2022 to 2030.
Growth Factors:
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.
COVID19 pandemic resulted in to regulatory changes which are anticipated to iron out the disruptions thereby increasing manufacturing and adoption of vet medicines in near future. The federal government has taken various relief measures which include new tax provisions, small business loans and unemployment insurance in order to respond to the pandemic and support the veterinarians. AVMA has also taken supportive measures to support small veterinary businesses or practices. In August 2020 USFDA stated that, 6 out of 32 animal drug companies who source their API from China could soon face shortages. Due to labor shortage, there is also reduced capacity to work on animal health activities such as vaccination, good biosecurity and prophylactic treatment. The manufacturing units are taking preventive measures for uninterrupted production of veterinary drugs.
Growing consumption of meat is fueling the demand for mandatory vaccination for animals, which results in the market growth. According to The World Counts, Denmark, the global meat production has increased 2-fold from 1988 to 2018. It also stated that meat consumption is estimated to range between 460 - 570 million tons by 2050. Such factors are expected to drive the growth of the market during the forecast period.
The market leaders are involved in strategic collaborations, regional expansion, and new product launch to sustain the competition. For instance, in Elanco acquired Bayer’s animal health division in August 2020 in an attempt to strengthen its R&D capabilities, eCommerce presence, and multiply its product portfolio. Additionally, in March 2020, Virbac signed an agreement with Pebble Labs for co-development and commercialization of products for disease prevention in aquatic animals.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Veterinary Medicine market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Veterinary Medicine market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 60.9 billion by 2030 |
| Growth Rate | CAGR of 8.0% From 2022 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Animal type, product, mode of delivery, end use Region Type |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | 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 Corporation; Hester Biosciences; Philbro Animal Health. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Veterinary Medicine market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Regional Insights
North America dominated the veterinary medicine market and accounted for revenue share of over 39.2% in 2021. The dominance is followed by the European countries due to the favorable government regulations such as the EU Veterinary Medicines Regulation and increasing adoption of pet insurance in European countries.
Key contributing factors attributing towards the dominance are increasing prevalence of zoonotic diseases and favorable reimbursement programs. Moreover, increasing adoption of pet health insurance in the U.S. is also expected to contribute to market growth.
In Asia Pacific, the market for veterinary medicine is expected to show lucrative growth over the forecast period. Factors such as higher adoption of companion animals and increasing health concerns in animals have promoted the market growth in the region. In addition, growing expenditure on animal health and veterinary services and cattle population are factors that are driving the market for veterinary medicine.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the 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 Corporation; Hester Biosciences; Philbro Animal Health
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Veterinary Medicine market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Veterinary Medicine market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Veterinary Medicine markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Veterinary Medicine Market Study:
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Mode of Delivery Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Veterinary Medicine Market, By Animal Type
7.1. Veterinary Medicine Market, by Animal Type, 2022-2030
7.1.1. Production
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Companion
7.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Veterinary Medicine Market, By Product
8.1. Veterinary Medicine Market, by Product, 2022-2030
8.1.1. Biologics
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Pharmaceuticals
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Medicated Feed Additives
8.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Veterinary Medicine Market, By Mode of Delivery
9.1. Veterinary Medicine Market, by Mode of Delivery, 2022-2030
9.1.1. Oral
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Parenteral
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Others (Topical, carrier)
9.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Veterinary Medicine Market, By End-use
10.1. Veterinary Medicine Market, by End-use, 2022-2030
10.1.1. Reference Laboratories
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Point-of-care testing/In-house testing
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Veterinary Hospitals & Clinics
10.1.3.1. Market Revenue and Forecast (2019-2030)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Veterinary Medicine Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.1.2. Market Revenue and Forecast, by Product (2019-2030)
11.1.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.1.4. Market Revenue and Forecast, by End-use (2019-2030)
11.1.5. U.S.
11.1.5.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.1.5.2. Market Revenue and Forecast, by Product (2019-2030)
11.1.5.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.1.5.4. Market Revenue and Forecast, by End-use (2019-2030)
11.1.6. Rest of North America
11.1.6.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.1.6.2. Market Revenue and Forecast, by Product (2019-2030)
11.1.6.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.1.6.4. Market Revenue and Forecast, by End-use (2019-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.2.2. Market Revenue and Forecast, by Product (2019-2030)
11.2.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.2.4. Market Revenue and Forecast, by End-use (2019-2030)
11.2.5. UK
11.2.5.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.2.5.2. Market Revenue and Forecast, by Product (2019-2030)
11.2.5.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.2.5.4. Market Revenue and Forecast, by End-use (2019-2030)
11.2.6. Germany
11.2.6.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.2.6.2. Market Revenue and Forecast, by Product (2019-2030)
11.2.6.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.2.6.4. Market Revenue and Forecast, by End-use (2019-2030)
11.2.7. France
11.2.7.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.2.7.2. Market Revenue and Forecast, by Product (2019-2030)
11.2.7.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.2.7.4. Market Revenue and Forecast, by End-use (2019-2030)
11.2.8. Rest of Europe
11.2.8.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.2.8.2. Market Revenue and Forecast, by Product (2019-2030)
11.2.8.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.2.8.4. Market Revenue and Forecast, by End-use (2019-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.3.2. Market Revenue and Forecast, by Product (2019-2030)
11.3.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.3.4. Market Revenue and Forecast, by End-use (2019-2030)
11.3.5. India
11.3.5.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.3.5.2. Market Revenue and Forecast, by Product (2019-2030)
11.3.5.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.3.5.4. Market Revenue and Forecast, by End-use (2019-2030)
11.3.6. China
11.3.6.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.3.6.2. Market Revenue and Forecast, by Product (2019-2030)
11.3.6.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.3.6.4. Market Revenue and Forecast, by End-use (2019-2030)
11.3.7. Japan
11.3.7.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.3.7.2. Market Revenue and Forecast, by Product (2019-2030)
11.3.7.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.3.7.4. Market Revenue and Forecast, by End-use (2019-2030)
11.3.8. Rest of APAC
11.3.8.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.3.8.2. Market Revenue and Forecast, by Product (2019-2030)
11.3.8.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.3.8.4. Market Revenue and Forecast, by End-use (2019-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.4.2. Market Revenue and Forecast, by Product (2019-2030)
11.4.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.4.4. Market Revenue and Forecast, by End-use (2019-2030)
11.4.5. GCC
11.4.5.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.4.5.2. Market Revenue and Forecast, by Product (2019-2030)
11.4.5.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.4.5.4. Market Revenue and Forecast, by End-use (2019-2030)
11.4.6. North Africa
11.4.6.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.4.6.2. Market Revenue and Forecast, by Product (2019-2030)
11.4.6.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.4.6.4. Market Revenue and Forecast, by End-use (2019-2030)
11.4.7. South Africa
11.4.7.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.4.7.2. Market Revenue and Forecast, by Product (2019-2030)
11.4.7.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.4.7.4. Market Revenue and Forecast, by End-use (2019-2030)
11.4.8. Rest of MEA
11.4.8.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.4.8.2. Market Revenue and Forecast, by Product (2019-2030)
11.4.8.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.4.8.4. Market Revenue and Forecast, by End-use (2019-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.5.2. Market Revenue and Forecast, by Product (2019-2030)
11.5.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.5.4. Market Revenue and Forecast, by End-use (2019-2030)
11.5.5. Brazil
11.5.5.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.5.5.2. Market Revenue and Forecast, by Product (2019-2030)
11.5.5.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.5.5.4. Market Revenue and Forecast, by End-use (2019-2030)
11.5.6. Rest of LATAM
11.5.6.1. Market Revenue and Forecast, by Animal Type (2019-2030)
11.5.6.2. Market Revenue and Forecast, by Product (2019-2030)
11.5.6.3. Market Revenue and Forecast, by Mode of Delivery (2019-2030)
11.5.6.4. Market Revenue and Forecast, by End-use (2019-2030)
Chapter 12. Company Profiles
12.1. Merck Animal Health
12.1.1. Company Overview
12.1.2. Animal Type Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Ceva Sante Animale
12.2.1. Company Overview
12.2.2. Animal Type Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Vetoquinol S.A.
12.3.1. Company Overview
12.3.2. Animal Type Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Zoetis
12.4.1. Company Overview
12.4.2. Animal Type Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Boehringer Ingelheim GmbH
12.5.1. Company Overview
12.5.2. Animal Type Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Elanco
12.6.1. Company Overview
12.6.2. Animal Type Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Nutreco N.V.
12.7.1. Company Overview
12.7.2. Animal Type Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Virbac
12.8.1. Company Overview
12.8.2. Animal Type Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Kindred Biosciences, Inc.
12.9.1. Company Overview
12.9.2. Animal Type Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Biogenesis Bago
12.10.1. Company Overview
12.10.2. Animal Type Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers