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Veterinary Medicine Market Size & Share, by Vaccines (Inactivated, Attenuated, Recombinant Vaccines); Medicated Feed Additives (Amino Acids, Antibiotics); Route of Administration (Oral, Parenteral, Topical); Animal Type (Companion Animals, Livestock Animals); End-user (Veterinary Hospitals, Veterinary Clinics, Pharmacies) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 186
  • Published Date: Dec 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

Veterinary Medicine Market size was valued at USD 50.82 billion in 2024 and is expected to reach USD 145.02 billion by 2037, expanding at around 8.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of veterinary medicine is assessed at USD 54.45 billion.
 

The growth of the market can be attributed to increasing ownership of animals and the escalating usage of animal drugs. Furthermore, the demand for cattle-based products such as meat, fish, dairy products (cheese and milk), and non-food products such as fiber (mohair, wool, leather, and cashmere) is increasing enormously. It is estimated that the cattle population was about 997 million in 2021, which further increased to approximately 1 billion heads in 2022. Hence, on account of the increasing population of cattle is estimated to propel the market during the forecast period. Additionally, it has been assessed that approximately 76% of millennials are pet owners and require veterinary care for their pets. Since veterinary care is essential for pets and should be provided with worming, vaccinations, flea and tick treatments.

Moreover, the increasing initiatives taken by the veterinary doctors have been laudable and instilling pet awareness amongst the people. The World Veterinary Association is an association that represents over 500,000 veterinarians worldwide. The mission of the association is to provide leadership to promote animal welfare and health through education and partnership. The growing initiatives from the veterinary professionals are projected to boost the market growth during the forecast period.

Growth Drivers  

  • Rising Cattle Ownerships Around the World

  • Increasing Government Initiatives

Challenges  

  • Lack of Awareness Amongst the People

Veterinary Medicine Market: Key Insights

Report Attribute Details

Base Year

2024

Forecast Year

2025-2037

CAGR

8.4%

Base Year Market Size (2024)

USD 50.82 billion

Forecast Year Market Size (2037)

USD 145.02 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Veterinary Medicine Segmentation

The veterinary medicine market is segmented by end-user into veterinary hospitals, veterinary clinics, and pharmacies. Out of which, the veterinary hospital sub-segment is anticipated to hold the largest share in the market on account of the large number of pet owners visiting the veterinary hospitals. On the back of aggressive research and technological advancement in the veterinary sector, the market is estimated to grow during the forecast period.

Our in-depth analysis of the global market includes the following segments:

           Vaccines
  • Inactivated
  • Attenuated
  • Recombinant Vaccines

             Medicated Feed Additives
  • Amino Acids
  • Antibiotics

 

 

           Route of Administration
  • Oral
  • Parenteral
  • Topical

           Animal Type
  • Companion Animals
  • Livestock Animals

           End-User
  • Veterinary Hospitals
  • Veterinary Clinics
  • Pharmacies
Vishnu Nair
Vishnu Nair
Head - Global Business Development

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Veterinary Medicine Industry - Regional Synopsis

Regionally, the veterinary medicine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America industry is set to hold largest revenue share by 2037, on the back of escalating adoption of the animals in the region. According to the USDA, there were around 103 million cattle and 32.05 million beef cows in the United States in July 2020, with the number likely to increase significantly in the upcoming years. The region comprises improved and ultra-modern infrastructure which facilitates veterinary research and development. The economists and scientists in the region are exploring innovative ways to improve client loyalty and satisfaction. Such practices are expected to propel the market during the forecast period.

The Europe region is also expected to offer promising opportunities for the growth of the market during the forecast period. Since the region has stringent policies for animal health the people are cautious regarding regular check-ups and vaccinations. Also, the research and development initiatives are extraordinary in the region and companies keep launching advanced medicines for animal care. 

Veterinary-Drug-Market-Share
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Companies Dominating the Veterinary Medicine Landscape

    • Zoetis Inc.
      • Company Overview     
      • Business Strategy 
      • Key Product Offerings 
      • Financial Performance 
      • Key Performance Indicators 
      • Risk Analysis 
      • Recent Development 
      • Regional Presence 
      • SWOT Analysis 
    • Merch & Co., Inc.,
    • Boehringer Ingelheim International GmbH
    • Ceva Sante Animale
    • Elanco Animal Health Incorporated
    • Vetoquinol SA
    • Bayer AG
    • Bimeda Holdings PLC
    • Nutreco N.V.,
    • Hester Biosciences Limite

Recent Developments

  • April 21, 2022- Boehringer Ingelheim launches a new stem cell therapy named RenuTend to improve the healing of tendon and suspensory ligament injuries in horses

  • January 13, 2022- Zoetis announces FDA approval of the medicine named Solensia (frunevetmab injection) to control the osteoarthritis pain in cats

  • Report ID: 186
  • Published Date: Dec 23, 2024
  • Report Format: PDF, PPT
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Frequently Asked Questions (FAQ)

In the year 2025, the industry size of veterinary medicine is assessed at USD 54.45 billion.

Veterinary Medicine Market size was valued at USD 50.82 billion in 2024 and is expected to reach USD 145.02 billion by 2037, expanding at around 8.4% CAGR during the forecast period i.e., between 2025-2037.

North America industry is set to hold largest revenue share by 2037, on the back of escalating adoption of the animals in the region.

The major players in the market are Vetoquinol SA, Bayer AG, Bimeda Holdings PLC, Nutreco N.V., and Hester Biosciences Limited.

Veterinary Medicine Market Report Scope

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