The global veterinary medicine market size is expected to be worth around US$ 55.8 billion by 2030, according to a new report by Vision Research Reports.
The global veterinary medicine market size was valued at US$ 30.2 billion in 2020 and is anticipated to grow at a CAGR of 8.4% during forecast period 2021 to 2030.
|Market Size||US$ 55.8 Bn by 2030|
|Growth Rate||CAGR of 8.4% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Animal type, product, mode of delivery, end use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Merck Animal Health; Ceva Sante Animale; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim GmbH; Elanco, Nutreco N.V.; Virbac; Kindred Biosciences, Inc.; Biogenesis Bago; Indian Immunologicals Ltd.; Neogen Corporation; Hester Biosciences; Philbro Animal Health|
The companion animal segment is anticipated to demonstrate the fastest growth during the forecast period owing to the increasing prevalence of chronic diseases and rising demand for advanced treatment alternatives for canines suffering from chronic diseases.
The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103.0 million cattle and 32.1 million beef cow in the U.S. as of July 2020 and are expected to grow substantially in coming years. Moreover, rising R&D and procedural advancements, pet adoption rate, and increasing consumption of meats and mandatory vaccination are anticipated to boost demand for veterinary pharmaceuticals and vaccines for animals in the near future.
By Animal Type Analysis
The production animal segment led the market for veterinary medicine and accounted for more than 55.0% share of the global revenue in 2020. The production animal segment is further classified into swine, poultry, cattle, fish, and sheep and goats.
The companion animal segment is expected to demonstrate the fastest growth over the forecast period owing to the increasing prevalence of chronic diseases. The companion animal is further sub-segmented into horses, cats, dogs, and others.
By Product Analysis
The pharmaceuticals segment dominated the market for veterinary medicine and held the largest revenue share of more than 57.0% in 2020. This is owing to therising prevalence of zoonotic diseases, brucellosis, and food-borne diseases.
The biologics segment is expected to show the fastest growth in the market for veterinary medicine over the forecast period owing to the increased usage of vaccines among livestock as well as companion animals for disease prevention.
The medicinal feed additives segment is also expected to witness a significant growth rate over the forecast period owing to their increasing usage in maintaining animal health.
By Mode of Delivery Analysis
The parenteral segment dominated the market for veterinary medicine and held the largest revenue share of over 44.0% as of 2020. The growth can be credited to the availability of product availibility and instant onset of action.
The oral segment is projected to witness the fastest CAGR over the forecast period owing to the advancements in the oral veterinary medicines segment, such as chewable tablets. In addition, increasing prevalence of chronic conditions in pets is also expected to drive the market for veterinary medicine.
By End-use Analysis
The veterinary hospitals and clinics segment dominated the market for veterinary medicine and held the largest revenue share of over 72.0% in 2020. The growth can be attributed to the advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals and clinics.
The reference laboratories segment is expected to exhibit the fastest growth over the forecast period. This growth is because these laboratories enable testing of various infections, toxic agents, and chronic diseases in specimen which are obtained from animals. These tests include general laboratory tests as well as specialized tests.
The point-of-care testing/in-house testing segment is also expected to demonstrate significant growth rate owing to their convenience, precise symptomatic testing, easy usage, and quick analysis. Strategic developments by companies are expected to contribute to the growth of the market for veterinary medicine.
By Regional Analysis
North America dominated the veterinary medicine market and accounted for revenue share of over 38.4% in 2020. The dominance is followed by the European countries due to the favorable government regulations such as the EU Veterinary Medicines Regulation and increasing adoption of pet insurance in European countries.
In Asia Pacific, the market for veterinary medicine is expected to show lucrative growth over the forecast period. Factors such as higher adoption of companion animals and increasing health concerns in animals have promoted the market growth in the region.
Merck Animal Health
Ceva Sante Animale
Boehringer Ingelheim GmbH
Kindred Biosciences, Inc.
Indian Immunologicals Ltd.
Philbro Animal Health
Sheep & Goats
Live attenuated vaccines
Medicated Feed Additives
Mode of Delivery
Others (Topical, carrier)
Point-of-care testing/In-house testing
Veterinary Hospitals & Clinics
Middle East & Africa
The Veterinary Medicine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Veterinary Medicine market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Veterinary Medicine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary Medicine market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary Medicine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Veterinary Medicine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Veterinary Medicine by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary Medicine market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary Medicine market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary Medicine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Veterinary Medicine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Veterinary Medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary Medicine market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary Medicine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary Medicine market. These factors have benefited the growth of the global market for Veterinary Medicine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary Medicine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Veterinary Medicine are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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