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How has the veterinary medicine market grown over the years?

The growth of the veterinary medicine market has been impressive in the past few years. The market size is projected to expand from $31.08 billion in 2024 to $33.29 billion in 2025, progressing at a Compound Annual Growth Rate (CAGR) of 7.1%. The unprecedented growth in the historical period can be ascribed to advancements in veterinary science, an increase in public knowledge about zoonotic diseases, emphasis on animal well-being, the international expansion of pet trade, specialization within veterinary care, and a rise in pet healthcare expenditures.

What Is the forecasted market size and growth rate for the veterinary medicine market?

Anticipations are strong for a substantial expansion in the veterinary medicine market in the coming years. By 2029, it is predicted to reach a value of $44.84 billion, with a compound annual growth rate of 7.7%. The predicted expansion during this forecast period can be credited to various factors such as the application of personalized medicine in animal care, the internationalization of veterinary research, the implementation of telehealth in animal medical care, the effects of climate change, and the readiness for zoonotic diseases. The forecast period is also likely to witness trends such as a growing emphasis on preventive health care, improvements in animal pharma, advancements in biotech and biopharmaceuticals, the emergence of digital health technology, the global reach of veterinary medicine, a commitment to sustainable and ethical practices, and a strong adherence to regulatory guidelines and safety norms.

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What are the major factors driving growth in the veterinary medicine market?

The swell in pet adoption and ownership is likely to spur the expansion of the market for veterinary medicine. These pet owners, who either adopt or own pets, ensure the health and well-being of their animals. Consequently, their commitment to providing requisite health services for their pets results in a surge for veterinary pharmaceutical demands, fueling the veterinary medicine market. For instance, Shelter Animals Count, a US-based NGO, reported in 2023 that dog adoptions had risen by 109,000 from the previous year, a sign of an uptick in adoption rates. Nevertheless, the total count of dogs adopted in 2023 was about 108,000 less than the preceding year. Therefore, the rising number of pet owners propels the veterinary medicine market’s growth.

What key areas define the segmentation of the global veterinary medicine Market?

The veterinary medicine market covered in this report is segmented –

1) By Product: Drugs, Vaccines, Medical Feed Additives

2) By Animal Type: Companion Animals, Livestock Animals

3) By Route Of Administration: Oral Route, Parental Route, Topical Route

4) By Distribution Channel: Veterinary Hospital Pharmacies, Retail Veterinary Pharmacies

5) By End-Use: Reference Laboratories, Point-Of-Care Testing Or In-House Testing, Veterinary Hospitals And Clinics, Other End-users

Subsegments:

1) By Drugs: Antimicrobials, Anti-inflammatory Drugs, Pain Management Drugs, Hormonal Drugs, Anesthetics

2) By Vaccines: Inactivated Vaccines, Live Attenuated Vaccines, Recombinant Vaccines, DNA Vaccines, Multivalent Vaccines

3) By Medical Feed Additives: Nutritional Supplements, Antimicrobial Feed Additives, Probiotics And Prebiotics, Enzymes, Growth Promoters

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What are the top market players propelling the growth of the veterinary medicine industry?

Major companies operating in the veterinary medicine market are Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals PLC, Ceva Sante Animale, Virbac, Boehringer Ingelheim International GmbH, Kindred Biosciences Inc., Biogenesis Bago SA, Indian Immunologicals Limited, Neogen Corporation, Hester Biosciences Limited, Phibro Animal Health, Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., VetPartners, National Veterinary Associates, Pathway Vet Alliance, VetCor, PetVet Care Centers, BluePearl Veterinary Partners, Banfield Pet Hospital, VCA Animal Hospitals, Mars Veterinary Health

What are the key trends shaping the future of the veterinary medicine market?

Big companies active in the realm of veterinary medicine, are introducing innovative products including ethno-veterinary medicines, to carve out a competitive advantage in the market. Developed from Ayurvedic formulations, these medicines serve the purpose of treating ailments in animals. For instance, Milma, a dairy firm based out of India, rolled out ethno-veterinary medicines in August 2023. Serving as affordable substitutes to conventional veterinary drugs, ethno-veterinary medicines help in mitigating the financial strain on farmers due to veterinary costs and offer a cost-efficient solution for animal health management. These medicines, which are both preventative and curative in nature, offer a simple, cost-effective and farmer-friendly solution.

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What regions are dominating the veterinary medicine market growth?

North America was the largest region in the veterinary medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the veterinary medicine market report during the forecast period. The regions covered in the veterinary medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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