The global Veterinary Medicine Market is estimated to be valued at US$ 34.08 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary medicine includes vaccines, parasiticides, anti-infective agents, and other pharmaceutical products meant for animals. These medicines help prevent and cure various diseases in livestock and companion animals.
Market key trends:
One of the key trends driving the growth of the veterinary medicine market is the rising incidence of zoonotic diseases. Various diseases that spread from animals to humans, known as zoonotic diseases, have increased over the years. Some of the major zoonotic diseases include rabies, anthrax, avian influenza, and brucellosis. Increasing focus on curbing such diseases and containing their spread through vaccination and treatment of animals is boosting the demand for veterinary medicines. Rising awareness about animal health and increasing spending on pet care are also fueling the growth of this market.
SWOT Analysis
Strength: The veterinary medicine market has strong investment in R&D activities from key players for developing novel therapeutics and vaccines. It also benefits from rising pet ownership and growing awareness about animal health.
Weakness: High costs associated with veterinary services and medications limits their access in developing nations. Fake or counterfeit medicines also pose a threat.
Opportunity: Growth opportunities lie in emerging markets, rising livestock population, and increasing incidence of zoonotic diseases. Adoption of advanced techniques like stem cell therapy and microbiome-based therapies provide new avenues.
Threats: Stringent regulations for approval of veterinary drugs and vaccines delay market entry. Threat from substitute treatment options and economic slowdowns impact spending on animal healthcare.
Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing pet ownership and growing awareness about animal health. North America dominates the veterinary medicine industry currently owing to high pet care expenditure and developed veterinary infrastructure in the US and Canada. Asia Pacific is anticipated to grow at the fastest pace during the forecast period attributed to rising livestock population and increasing per capita income in India and China.
Regional analysis
North America is expected to hold a significant share of over 35% in the global veterinary medicine market by 2030. This can be attributed to growing pet dog adoption, increasing pet care expenditure, and availability of advanced veterinary healthcare facilities in the US and Canada. Asia Pacific market is estimated to expand at the fastest CAGR during the forecast period. This is driven by rising livestock population, ban on antibiotics as growth promoters in India and China, and growing veterinary services sector in India, Thailand and Vietnam.
Key players operating in the Veterinary Medicine Market are Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh among others. Major players are focused on expanding their product portfolios through acquisitions and collaborations with biotech companies to develop innovative solutions for both companion and farm animals. They are also investing heavily in R&D of advanced products like monoclonal antibody treatments, recombinant vaccines and stem cell therapies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
