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How Will the Veterinary Medicine Market’s Growth Rate Evolve Over the Forecast Period to 2034?

The market size of veterinary medicine has seen significant growth in the past few years. It is predicted to rise from its current 2024 value of $31.08 billion to $33.29 billion by 2025, emphasizing a compound annual growth rate (CAGR) of 7.1%. Factors contributing to the growth in the historic period are numerous but include improvements in veterinary science, an increase in awareness about zoonotic diseases, greater emphasis on animal welfare, global expansion of pet trade, a more specialized approach in veterinary care, and a rise in expenditure on pet health.

Anticipated to experience notable expansion in the near future, the veterinary medicine market is predicted to burgeon to a valuation of $44.84 billion by 2029, yielding a compound annual growth rate (CAGR) of 7.7%. The surging growth within this forecast timeframe can be credited to several factors such as customization of treatment in veterinary care, worldwide spread of veterinary research, telehealth utilization in animal care, repercussions of climate change, and measures against zoonotic diseases. Emerging trends within this period will likely revolve around preventative healthcare, advancements in animal pharmaceuticals, biotechnology and biopharmaceuticals, the incorporation of digital health tech, the globalization of veterinary medicine, promotion of sustainable and ethical practices, and emphasis on regulatory adherence and safety.

Which Factors Are Enhancing the Growth of the veterinary medicine Market?

The boost in the numbers of individuals owning or adopting a pet is predicted to foster an upward trend in the veterinary medicine market. These pet owners, responsible for the health and well-being of their pets, ensure their pets receive the necessary health services. This in turn escalates the need for veterinary medication, thus stimulating the growth of the veterinary medicine industry. As an example, in 2023, the Shelter Animals Count, a non-governmental organization in the US, reported an increase of 109,000 in dog adoptions from the previous year, reflecting a surge in adoption rates. Despite this, the total adoption numbers for 2023 were around 108,000 less than the preceding year. Consequently, the enlarging population of pet owners is a significant force propelling the veterinary medicine market.

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Who Are the Influential Players Reshaping the Veterinary Medicine Market Landscape?

Major companies operating in the veterinary medicine market are:

• Zoetis Inc._x000D_

• Merck & Co. Inc._x000D_

• Elanco Animal Health Incorporated_x000D_

• Dechra Pharmaceuticals PLC_x000D_

• Ceva Sante Animale_x000D_

What New and Evolving Trends Are Having a Lasting Impact on the Veterinary Medicine Market?

Leading organizations in the veterinary medicine market are pioneering new products like ethno-veterinary medicines, as a means to overtake their competition. The ethno-veterinary medicines, which are based on Ayurvedic formulations, have been created to combat animal diseases. For instance, Milma, a dairy company located in India, introduced ethno-veterinary medicines in August 2023. These medicines have emerged as an affordable substitute to conventional veterinary drugs. They reduce the veterinary cost burden on farmers, offering an economical solution for animal healthcare. They also function as a simple, budget-friendly tool that farmers can use for both prevention and treatment of diseases.

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What Are the Major Segments of the Veterinary Medicine Market and Their Role in Driving Growth?

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

Which Geographic Locations Are Critical to the Growth of the Veterinary Medicine Market?

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.

How Do Experts Define the Scope of the Veterinary Medicine Market?

Veterinary medicine refers to the medical field focused on the prevention, diagnosis, and treatment of diseases in animals. It is used to maintain the health and welfare of pets, livestock, and wildlife. Veterinary medicine also plays a key role in public health by controlling zoonotic diseases.

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