Veterinary Medicine Market Size

Veterinary Medicine Market Analysis

The Veterinary Medicine Market size is estimated at USD 47.97 billion in 2024, and is expected to reach USD 69.12 billion by 2029, growing at a CAGR of 7.58% during the forecast period (2024-2029).

The impact of COVID-19 was observed in the livestock sector as well. The supply chain was disrupted, leading to difficulty in moving animal products such as meat, milk, and eggs to markets. Restrictions were implemented on the seasonal border crossing with ruminants. Therefore, lockdowns and limits had a significant negative impact on the industry under study. According to a new study published by the Nature Conservancy of Canada in April 2022, as the COVID-19 limitations started to loosen up, there was a rise in the demand for dog services on Canada's Prince Edward Island. The rise in pet ownership following the COVID-19 pandemic will have a favorable effect on the veterinary medicine industry throughout the course of the forecast period. Hence, even though the veterinary medicine market was significantly impacted by the COVID-19 pandemic during the early phase, currently, the market has gained traction, and it is expected to witness healthy growth during the forecast period.

The major factors responsible for the growth of the veterinary medicine market are the increasing burden of chronic diseases among animals, growing animal adoption, and the increase in drug preferences by pet and poultry farm owners, coupled with continued growth in the human population, leading to increased demand for meat and animal-based products. Currently, the global livestock population is also witnessing a surge. According to the United States Department of Agriculture (USDA), in February 2022, there are about 91.9 million cattle and calves and about 5.07 million sheep in the United States. This is expected to grow substantially in coming years.

Moreover, increasing research and development investments, high pet adoption rate, and growing consumption of meats and mandatory vaccination for the animals are anticipated to boost the demand for veterinary pharmaceuticals and vaccines for animals in the near future. The prevalence of zoonotic diseases and other chronic conditions in animals, such as Eastern equine encephalitis, a deadly infection affecting the brain, is increasingly contributing to the steady growth of the veterinary medicine business. It affects a wide range of creatures, including birds, amphibians, and reptiles. In animals, obesity is also an issue which is related to other diseases. For instance, according to an article published by frontiers in October 2022, obesity is one of the most common nutritional disease in dogs, and its prevalence has increased in recent decades. The article also stated that several countries have demonstrated a prevalence of obesity in dogs similar to that observed in humans. According to data from the United States Department of Agriculture (USDA) in May 2022, due to highly pathogenic avian influenza in backyards and commercial settings, approximately 37.96 million birds got infected.

The enormous bird population impacted by the disease and in need of effective diagnostic procedures contributes to the expansion of the market under investigation. Thus, the increasing burden of chronic diseases, coupled with the rising adoption of animals, is expected to boost market growth over the forecast period. Numerous recent development by key market players are another factor for the market growth. For instance, in September 2022, Zoetis announced that they have completed the acquisition of Jurox, a privately held animal health company that develops, manufactures, and markets a wide range of veterinary medicines for treating livestock and companion animals. Furthermore, the major market players' ongoing product releases and developments for companion animals are fueling the market growth. For instance, in April 2021, Credelio Plus received a marketing authorization valid throughout the European Union. Thus, the above mentioned factors are expected to increase the market growth.

However, the high costs associated with animal healthcare and the lack of awareness about animal health in the emerging nations are expected to hinder the market growth.