The veterinary medicine market was worth USD 28,012.73 Million and continues to grow in size. Market Research Future (MRFR) presumes that the market size will be expanding at rate of 5.57% from 2020 t0 2027, as the number of diseases among animals continues to mount.
Pet ownership is on the rise, chronic diseases are on the rise, and meat consumption is on the rise, both of which are driving the global veterinary medicine market. Animal diseases are becoming more common, posing a significant threat to food security. Climate change and globalization are two of the most important factors contributing to the increase in animal diseases. Animal disease is caused not only by natural causes, but also by human activity. Aside from meat, demand for dairy products has increased as well. Increased meat and dairy intake necessitates livestock protection and continuous health surveillance in order to prevent disease transmission from animals to humans. The emphasis on improving the protection of fresh meat has shifted in response to rising meat consumption. As a result, there is a growing demand for mandatory animal vaccinations to ensure their health.
Norbrook Laboratories, Merck Animal Health, Ceva, Dechra Pharmaceuticals plc, Zoetis, Vetoquinol S.A., Boehringer Ingelheim, Bayer AG, Chanelle Pharma Group, Elanco are the major veterinary medicine developers in the industry.
The veterinary medicine industry, depending on animal type, can be considered for domesticated as well as companion.
Veterinary medicines can be trifurcated with respect to biological, medicinal feed additives, and pharmaceuticals. The pharmaceuticals segment, with the maximum share of 57.0%, is in the lead owing to the surging cases of zoonotic diseases, food-borne diseases, and brucellosis.
The route of administration-based segments can be parental, oral, and more.
The veterinary medicines are sold via various distribution channels, namely retail stores, online pharmacies, as well as veterinary hospitals & clinics.
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The Americas presides over the veterinary medicine market as the top gainer, thanks to the rapid surge in pet ownership coupled with the rising cases of zoonotic diseases. On top of this, the rise in research-based activities and the use of cutting-edge medicine production technologies will lead to a higher demand for veterinary medicines in the ensuing years.
Securing the fastest growth rate, Asia Pacific will be one of the most promising markets for veterinary medicine in the years ahead. Significant efforts given by various non-governmental firms in the field, mounting number of private veterinary clinics, soaring awareness about animal welfare, and the tremendous growth of the veterinary sector foster the business value in the region.
Europe has one of the biggest livestock populations in the world, which also gives way to a number of livestock diseases. This raises the need for veterinary medicines, while the soaring adoption of companion animals and rising initiatives by government agencies also add to the value of the European market. Surge in zoonotic diseases; and the pharmaceutical companies focusing on R&D for new drugs favor the market as well.
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