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Veterinary Medicine Market Emerging Trends, Challenges & Strategic Forecast (2024-2032)
The Veterinary Medicine Market Size Was Valued at USD 32.09 Billion in 2023, and is Projected to Reach USD 52.40 Billion by 2032, Growing at a CAGR of 5.6 % From 2024-2032. The Veterinary Medicine Market involves the preventive, diagnosing and treating drugs, vaccines, diagnostics and other animal health care products.
IMR Group
Description
Veterinary Medicine Market Synopsis:
The Veterinary Medicine Market Size Was Valued at USD 32.09 Billion in 2023, and is Projected to Reach USD 52.40 Billion by 2032, Growing at a CAGR of 5.6 % From 2024-2032.
The Veterinary Medicine Market involves the preventive, diagnosing and treating drugs, vaccines, diagnostics and other animal health care products. It serves a dual purpose: the upkeep of pet animals while at the same time uplifting productivity and output of commercial animals. Veterinary science advancement, better animal ownership, as well as the ability to handle animal diseases, especially those affecting livestock, are the market’s push factors.
The Market for Veterinary Medicine has over the years rapidly grown especially in the recent past years due to high spending on pets accompanied by an increased awareness of the health of those pets. Increasing numbers of individuals have make dogs and cats as thier members of the families and they helped a lot to enhance the spending for the veterinary services. Further, zoonotic diseases are, therefore, more of a concern, and so, there is a focus on immunizations and chequered medical examination. Local and foreign governments are promoting welfare and safety of animals and from an agricultural point of view, they are promoting consumption of products in the food chain leading to the use of veterinary drugs.
The farming sector is mainly driven by the rise in disease management according to production within the market for animal product foods. Precision medicine together with displacing the diagnostic processes with Artificial Intelligence all constitute threats to traditional veterinary medicine. Whereas prior innovations relate to the accuracy of the provided treatments, the later innovations refer to the optimization of veterinary practices as structures.
Veterinary Medicine Market Trend Analysis:
Increasing Use of Biologics in Veterinary Medicine
The widespread adoption of biologics – vaccines, monoclonal antibodies, and immunotherapies – as a class of drugs is yet another trend of the Veterinary Medicine Market. Due to the present development in veterinary medicine, increasing their specificity and efficacy, biologics have become essential in medical preventive and therapeutic veterinary medicine services. Vaccination and other immunizations are usually administered to overcounter pet animals and other livestock to prevent diseases. Monoclonal antibodies are relatively young and are only gaining popularity for targeted therapies for a number of diseases, both acute and chronic, including pain control and immune disorders. Higher utilization of biologics is due to the growth of the biotechnology sector and the measures taken toward the reduction of the AMR rate.
Expanding Veterinary Medicine Demand in Emerging Markets
The possibility of the Veterinary Medicine Market with the help of the emerging markets is still great. The geographical location of the Asia-Pacific, Latin American, The African continent is fast growing in intensive livestock farming, the proliferation of pet animals, and awareness in animal health. This view indicates that, there is availability of veterinary amenities and products due to the emerging cities and the increasing economy in these area. On the other hand, governments are working to enhance the rear of veterinary services and act against the safety factors that have influence on the market, and thus, making the environment stable. The growth here is a prime market untouched for the market players to tap, entrench and grow their markets in these regions.
Veterinary Medicine Market Segment Analysis:
Veterinary Medicine Market Segmented on the basis of product, route of administration, distribution channel, and Region.
By Product, the Drug segment is expected to dominate the market during the forecast period
From the Veterinary Medicine Market, there is actually that the Drug segment will lead the Market within the Veterinary Medicine Market in the predicted time period. This segment also includes antibiotics, antiparasitic & anti-inflammatory products popular for the prevention/treatment of animal diseases. Zoonotic diseases are on the rise and treatment is another major factor that has caused the increased use of veterinary drugs. Additionally, advancements in drug delivery systems and types such as the long-acting injectable and chewable tablets for pets have enhanced ease in giving the pets their medications. Last but not least the therapeutic drugs in the livestock sector mean healthy animals and finally efficiency which is another factor to do with the security of foods and chains.
By Route of Administration, Oral segment is expected to hold the largest share
Oral is expected to occupy the largest share of the Veterinary Medicine Market since its administration method is simple and the product is versatile in its application. Other forms of administered medication include tablets, capsules and powders and are commonly administered in pets and livestock’s for various illnesses. Additionally, new flavoured bases have refined the easy and efficient method of administering drugs to pets without any help from the veterinarian. Since it is the case in large-scale farming that the problem of medicines administration to animals the process of feed and water medicating is efficient and cheaper enough for oral uses. Owning to expansion in physical and online sales outlets has also boosted Oral Veterinary products and has been instrumental in the growth of this segment.
Veterinary Medicine Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
North America can dominate the Veterinary Medicine Market in the forecast periods because of the advanced veterinary healthcare system and escalating focus on animal healthcare. First, there is the United States with focused manufacturing investments in RD, a network of clinics, and high pet owners’ awareness. There is also potential within the health stream of the livestock industry mainly because disease control and eradication are central to sustaining and ensuring quality protein in the region.
Overall, high penetration of pet insurance especially in North America has boosted the enhancements of better veterinary services that have contributed to market growth. The region is also witnessing new developments in Veterinary biotechnology, novel biologics, and other precision medical instruments.
Active Key Players in the Veterinary Medicine Market
Bayer Animal Health (Germany)
Boehringer Ingelheim (Germany)
Ceva Santé Animale (France)
Dechra Pharmaceuticals (United Kingdom)
Elanco Animal Health (United States)
Heska Corporation (United States)
Idexx Laboratories (United States)
Merck Animal Health (United States)
Norbrook Laboratories (United Kingdom)
Phibro Animal Health Corporation (United States)
Vetoquinol (France)
Virbac (France)
Zoetis (United States)
Zydus Animal Health (India)
Kyoritsu Seiyaku (Japan)
Other Active Players
Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter’s Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Veterinary Medicine Market by Product
4.1 Veterinary Medicine Market Snapshot and Growth Engine
4.2 Veterinary Medicine Market Overview
4.3 Drugs Devices
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Drugs Devices: Geographic Segmentation Analysis
Chapter 5: Veterinary Medicine Market by Application
5.1 Veterinary Medicine Market Snapshot and Growth Engine
5.2 Veterinary Medicine Market Overview
5.3 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others: Geographic Segmentation Analysis
Chapter 6: Veterinary Medicine Market by End User
6.1 Veterinary Medicine Market Snapshot and Growth Engine
6.2 Veterinary Medicine Market Overview
6.3 Hospitals Clinics and Retail Outlet Others
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Hospitals Clinics and Retail Outlet Others: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Veterinary Medicine Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 BAYER ANIMAL HEALTH (GERMANY)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 BOEHRINGER INGELHEIM (GERMANY)
7.4 CEVA SANTÉ ANIMALE (FRANCE)
7.5 DECHRA PHARMACEUTICALS (UNITED KINGDOM)
7.6 ELANCO ANIMAL HEALTH (UNITED STATES)
7.7 HESKA CORPORATION (UNITED STATES)
7.8 IDEXX LABORATORIES (UNITED STATES)
7.9 MERCK ANIMAL HEALTH (UNITED STATES)
7.10 NORBROOK LABORATORIES (UNITED KINGDOM)
7.11 PHIBRO ANIMAL HEALTH CORPORATION (UNITED STATES)
7.12 VETOQUINOL (FRANCE)
7.13 VIRBAC (FRANCE)
7.14 ZOETIS (UNITED STATES)
7.15 ZYDUS ANIMAL HEALTH (INDIA)
7.16 KYORITSU SEIYAKU (JAPAN)
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Veterinary Medicine Market By Region
8.1 Overview
8.2. North America Veterinary Medicine Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Product
8.2.4.1 Drugs Devices
8.2.5 Historic and Forecasted Market Size By Application
8.2.5.1 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
8.2.6 Historic and Forecasted Market Size By End User
8.2.6.1 Hospitals Clinics and Retail Outlet Others
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Veterinary Medicine Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Product
8.3.4.1 Drugs Devices
8.3.5 Historic and Forecasted Market Size By Application
8.3.5.1 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
8.3.6 Historic and Forecasted Market Size By End User
8.3.6.1 Hospitals Clinics and Retail Outlet Others
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Veterinary Medicine Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Product
8.4.4.1 Drugs Devices
8.4.5 Historic and Forecasted Market Size By Application
8.4.5.1 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
8.4.6 Historic and Forecasted Market Size By End User
8.4.6.1 Hospitals Clinics and Retail Outlet Others
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Veterinary Medicine Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Product
8.5.4.1 Drugs Devices
8.5.5 Historic and Forecasted Market Size By Application
8.5.5.1 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
8.5.6 Historic and Forecasted Market Size By End User
8.5.6.1 Hospitals Clinics and Retail Outlet Others
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Veterinary Medicine Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Product
8.6.4.1 Drugs Devices
8.6.5 Historic and Forecasted Market Size By Application
8.6.5.1 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
8.6.6 Historic and Forecasted Market Size By End User
8.6.6.1 Hospitals Clinics and Retail Outlet Others
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Veterinary Medicine Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Product
8.7.4.1 Drugs Devices
8.7.5 Historic and Forecasted Market Size By Application
8.7.5.1 Osteoarthritis and Joint Pain Postoperative Pain Cancer Others
8.7.6 Historic and Forecasted Market Size By End User
8.7.6.1 Hospitals Clinics and Retail Outlet Others
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
Q1: What would be the forecast period in the Veterinary Medicine Market research report?
A1: The forecast period in the Veterinary Medicine Market research report is 2024-2032.
Q2: Who are the key players in the Veterinary Medicine Market?
A2: Zoetis, Elanco Animal Health, Merck Animal Health, Boehringer Ingelheim, and Ceva Santé Animale., and Other Active Players.
Q3: What are the segments of the Veterinary Medicine Market?
A3: The Veterinary Medicine Market is segmented into Product, Route of Administration, Distribution Channel, and region. By Product, the market is categorized into Drug Vaccines. By Route of Administration, the market is categorized into Oral Parental Others. By Distribution Channel, the market is categorized into Veterinary Hospitals & Clinics Retail Stores Online Pharmacies. By region, it is analyzed across North America (U.S., Canada, Mexico), Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, The Netherlands, Italy, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC), Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).
Q4: What is the Veterinary Medicine Market?
A4: The Veterinary Medicine Market involves the preventive, diagnosing and treating drugs, vaccines, diagnostics and other animal health care products. It serves a dual purpose: the upkeep of pet animals while at the same time uplifting productivity and output of commercial animals. Veterinary science advancement, better animal ownership, as well as the ability to handle animal diseases, especially those affecting livestock, are the market’s push factors.
Q5: How big is the Veterinary Medicine Market?
A5: The Veterinary Medicine Market Size Was Valued at USD 32.09 Billion in 2023, and is Projected to Reach USD 52.40 Billion by 2032, Growing at a CAGR of 5.6 % From 2024-2032.
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