2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

What Factors Are Propelling the Market Growth of theVeterinary Medicine Market from 2025 to 2034?

The growth of the veterinary medicine market is anticipated to be fueled by a rise in the number of pet owners. These individuals, who either own or adopt a pet animal, maintain their pet’s health and well-being. This leads to an increased demand for veterinary pharmaceuticals, thereby propelling the veterinary medicine market. For example, the Shelter Animals Count, a non-governmental entity based in the United States, reported in 2023 that there was a surge of 109,000 in dog adoptions compared to the previous year, signaling a positive uptick in adoption rates. Yet, the total adoption count in 2023 was still around 108,000 less than the year before. Hence, the escalating pet-owning population is the prime force behind the expansion of the veterinary medicine market.

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How Will the CAGR of the Veterinary Medicine Market Influence Its Overall Growth by 2034?

Recently, the veterinary medicine market has seen robust growth. The expected growth from $31.08 billion in 2024 to $33.29 billion in 2025 implies a compound annual growth rate (CAGR) of 7.1%. Factors contributing to the historical growth include advancements in veterinary science, rising awareness about zoonotic diseases, increased emphasis on animal welfare, the global expansion of the pet trade, specialized veterinary care, and a surge in pet healthcare spending.

Anticipated robust expansion in the veterinary medicine market is projected to result in an increase to $44.84 billion by 2029, with a compound annual growth rate (CAGR) of 7.7%. This expansion over the forecast period is linked to individualized medicine in veterinary care, the global reach of veterinary research, the implementation of telehealth in veterinary practices, implications of climate change, and readiness for zoonotic diseases. Noteworthy trends projected for the same period include an emphasis on preventive healthcare, progression in animal pharmaceuticals, cultivation of biotechnology and biopharmaceuticals, the application of digital health technologies, the internationalization of veterinary medicine, the promotion of sustainable and ethical practices, and adherence to regulatory compliance and safety.

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How Are Market Trends and Innovations Revolutionizing theVeterinary Medicine Industry in Recent Times?

Leading businesses in the veterinary medicine industry are introducing innovative products including ethno-veterinary medicines to maintain their competitive position. Derived from Ayurvedic formulations, these ethno-veterinary medicines are aimed at treating animal conditions. In the context, Milma, a dairy company based out of India, introduced ethno-veterinary medicines in August 2023. These particular medicines serve as affordable alternatives to mainstream allopathic veterinary drugs, which in turn reduces the veterinary cost burden on farmers, offering a financially sound solution for animal healthcare. These medicines provide a simple, economically viable, and farmer-friendly solution, with functionality as preventatives and cures for animals.

Which Key Market Players Are Shaping the Future and Growth of theVeterinary Medicine Market?

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

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What Are the Core Segments of the Veterinary Medicine Market, and How Do They Contribute to 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

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https://www.thebusinessresearchcompany.com/customise?id=8027&type=smpGlobal Veterinary Medicine Market, Global Veterinary Medicine Market Report, Global Veterinary Medicine Market Trends, Global Veterinary Medicine Market Size

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