The global veterinary medicine market provides an array of medicines to treat various diseases affecting livestock and companion animals. Veterinary medicines include drugs for preventing and curing a range of diseases and infections. The market offers antibiotics, antifungals, anti-inflammatories and dewormers to cater to the healthcare needs of various animals. Rising pet ownership and increasing awareness about animal welfare have propelled the demand for premium veterinary drugs and services in recent years.
The global veterinary medicine market is estimated to be valued at US$ 39.27 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the veterinary medicine market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc.
Growing pet ownership especially in developed countries coupled with rising per capita expenditure on pet care have amplified the demand for veterinary medicines in recent years. Moreover, increasing awareness about zoonotic diseases and their prevention through veterinary care is driving market growth.
Geographic expansion into emerging countries of Asia Pacific and Latin America through strategic collaborations is helping major global players to capture untapped growth opportunities in these high potential regions.
Market Key Trends
One of the key trends gaining traction in the Veterinary Medicine Market Demand is the rise of digital health solutions and telemedicine for pets. Growing internet and smartphone penetration has enabled pet owners to consult veterinarians and seek health advice online. This is facilitating easy access to healthcare while saving on travel time and costs. Furthermore, technological advancements are enabling development of novel drug delivery systems such as transdermal patches for pets, thus driving innovation and growth of the industry.
Porter’s Analysis
Threat of new entrants: High investment in R&D of new drugs make entry difficult for new players.
Bargaining power of buyers: Large pool of buyers consisting of pet owners increases their bargaining power.
Bargaining power of suppliers: Suppliers have moderate power as medicine producers have bargaining power over key raw material suppliers.
Threat of new substitutes: Low threat as veterinary treatments have limited substitutes.
Competitive rivalry: Intense as major players compete on new drug innovation and product differentiation.
Geographical Regions
North America currently holds the largest share in the global Veterinary Medicine Market in terms of value owing to high pet adoption rates and growing animal health expenditure in the US and Canada.
Asia Pacific is expected to witness the fastest growth during the forecast period due to increasing pet adoption, rising awareness about animal health, and growing per capita animal health expenditure in countries like India and China.
