August 2018
The Global Veterinary Medicine Market Size accounted for USD 41.8 Billion in 2024 and is estimated to achieve a market size of USD 76.0 Billion by 2033 growing at a CAGR of 6.9% from 2025 to 2033.
The Global Veterinary Medicine Market Size accounted for USD 41.8 Billion in 2024 and is estimated to achieve a market size of USD 76.0 Billion by 2033 growing at a CAGR of 6.9% from 2025 to 2033.
Each substance for the treatment of different medical problems in animals is referred to as veterinary medicine. For instance, veterinary medications include medications that can be delivered orally on animals, such as anti-infection drugs and parasiticides. Similarly, veterinary medicine also contains vaccines used in animals for immunity from multiple infectious diseases, such as Equine Flu (EIV) and 3-respiratory syncytial parainfluenza. They also include medicated feed additives combined with animal feed for medicinal results in livestock. In addition, medical care is applied in different animal forms, including associated livestock like dogs and cats and cattle such as bovine cows, pigs and poultry. In addition, treatment is used in animals on multiple routes such as oral administering of medications, parenteral injection, and topical administration of certain parasiticidal medications.
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Market |
Veterinary Medicine Market |
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Veterinary Medicine Market Size 2024 |
USD 41.8 Billion |
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Veterinary Medicine Market Forecast 2033 |
USD 76.0 Billion |
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Veterinary Medicine Market CAGR During 2025 - 2033 |
6.9% |
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Veterinary Medicine Market Analysis Period |
2021 - 2033 |
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Veterinary Medicine Market Base Year |
2024 |
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Veterinary Medicine Market Forecast Data |
2025 - 2033 |
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Segments Covered |
By Animal Type, By Product, By Route of Administration, By Distribution Channel, and By Geography |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Key Companies Profiled |
Biogénesis Bagó, Merck & Co., Inc., Bimeda Corporate, Phibro Animal Health Corporation, Ceva Santé Animale, Elanco, Boehringer Ingelheim International GmbH, Zoetis Inc., Dechra Pharmaceuticals PLC, and Virbac. |
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Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Increased numbers of livestock owners and boosting the livestock population globally are among the main drivers in the advancement of the veterinary medicine industry. According to the USDA (United States Department of Agriculture), the total cattle and calf population in the U.S. reached approximately 94.4 million head in early 2024, indicating the robust scale of animal healthcare needs.
In addition, factors like the increase in the prevalence and rise in demand for livestock products with different medical problems in animals also fuel the market growth with veterinary medicine. The World Organization for Animal Health (OIE) states that over 60% of existing and emerging human infectious diseases are zoonotic, originating from animals, underscoring the need for effective veterinary care. In addition, increased spending on animal welfare is another significant factor driving demand growth. In the U.S., pet industry expenditure surpassed $136.8 billion in 2022, as per the American Pet Products Association (APPA), with veterinary care accounting for a significant portion.
However, lack of veterinary facilities in underdeveloped countries and stringent regulations pertaining to medicinal feed additives hinder demand development in veterinary medicines. For example, the U.S. FDA’s Guidance for Industry #213 limits the use of medically important antimicrobials in livestock, tightening the regulatory framework for animal drug manufacturers. Instead, growing knowledge of animal welfare gives the industry of veterinary medicine a profitable opportunity. The European Commission’s Animal Health Law (Regulation (EU) 2016/429) supports this with policies emphasizing preventive care and responsible medication practices.
In comparison, COVID-19 has had a negative impact on the market. For instance, countries around the world introduced national locks in place after the WHO declared COVID-19 a pandemic as a way of regulating social distance. In each field of every industry, there are disturbances, restrictions, threats and improvements. In addition, the pandemic also threatened the veterinary medicines sector. Veterinary associations around the world, for instance, have recommended that animal patient care be limited to acutely diseased animals and emergencies. According to a USDA report, routine procedures in veterinary clinics were postponed and elective treatments were deferred during peak lockdown periods, contributing to a temporary drop in demand.
In addition, the lockdowns culminated in the annual control and elective procedures being re-scheduled. However, several major actors have ensured the availability of veterinary drugs as government agencies around the world take rigorous availability maintenance steps. Therefore, overall effect of COVID-19 on the veterinary industry remains reasonably negative, owing to decline in demand as veterinary visits are reduced and animal healthcare strategy is shifted to providing treatment to emergency cases and critically sick animals.
The worldwide market for veterinary medicine is split based on animal type, product, route of administration, distribution channel, and geography.
According to veterinary medicine industry analysis, the production animals sector accounts for the majority of revenue in the market, driven by rising demand for animal-derived food products such as milk, meat, and eggs. With expanding worldwide population levels and nutritional understanding, livestock production has become more intensive, necessitating increased illness prevention, productivity development, and overall animal health management. Cattle and poultry account for a large proportion of production animals due to their commercial worth and widespread farming practices, particularly in emerging economies. Furthermore, government attempts to promote animal health, together with the rise in zoonotic illnesses, have increased the use of veterinary medications and vaccines. Surveillance programs and required vaccination laws in nations such as the United States, China, and India help to strengthen this section even further.
The pharmaceuticals sector dominates the veterinary medicine market due to its diverse therapeutic applications and steady demand from companion and producing animals. This sector comprises a variety of medicines such as anti-infectives, parasiticides, analgesics, and anti-inflammatory medications, all of which are essential for managing infections, pain, and inflammation. The increasing prevalence of infectious and parasitic diseases, combined with improved diagnostic capabilities, is pushing medication use. Furthermore, rising awareness among livestock and pet owners about early treatment and preventive care has boosted market penetration. Enhanced R&D efforts, as well as regulatory approvals for innovative formulations, are propelling the category forward in both existing and growing markets.
The injectable category is expected to rise significantly throughout the veterinary medicine market forecast period due to its high efficacy, rapid onset of action, and accurate dosage distribution. This technique is preferred for treating acute infections and administering vaccines, particularly in production animals where prompt and extensive immunization is required. Antibiotics, anti-inflammatory medications, and parasiticides are increasingly administered in injectable form, resulting in consistent therapeutic outcomes. Long-acting injectables and combination medicines are two examples of delivery technology advancements that are beneficial to the industry. Furthermore, the rising prevalence of infectious illnesses, combined with expanded livestock immunization efforts around the world, is driving up the usage of injectable veterinary drugs in both developing and developed countries.
According to veterinary medicine market forecast, veterinary hospitals and clinics have emerged as the most important distribution channels in the industry, because to their direct access to veterinary specialists and ability to provide emergency care. These institutions are the principal point of contact for pet and livestock owners seeking diagnosis, prescriptions, and treatments, with constant and prompt pharmaceutical delivery. Clinics are becoming better able to stock a wide range of pharmaceutical and biologic drugs as their knowledge of animal health expands and the number of veterinary practitioners grows, particularly in cities. Furthermore, trust in professional counsel increases the consumer's preference for this channel over others.
North America
Europe
Asia-Pacific
Latin America
The Middle East & Africa
The veterinary medicine market was led by North America, representing a share of more than 37% of global sales in 2024. According to the U.S. Department of Agriculture (USDA), the North American veterinary medicine market recorded revenues of $15.4 billion in 2024, with the pharmaceutical segment accounting for 67% of the market's overall value.
The European countries are dominant due to beneficial legislation of the government, including the EU regulation on veterinary medicine, and the expanded acceptance in European countries of pet insurance. The increasing prevalence of zoonotic diseases and favorable reimbursement initiatives are important factors attributable to dominance. In addition, growing acceptance of pet health insurance in the U.S. can also allow the demand in veterinary pharmaceuticals to expand.
The demand is anticipated to expand profitably in Asia-Pacific over the veterinary medicine market forecast period. Markets in the area have been promoted by factors such as increased acceptance of accompanying livestock and an increase in welfare issues for livestock. In addition, increased spending on animal, medical, and cattle care is driving the veterinary medicine industry. According to the Food and Agriculture Organization (FAO), Asia accounts for over 50% of global livestock production, with China and India being key contributors.
Some of the top veterinary medicine companies offered in our report include Biogénesis Bagó, Merck & Co., Inc., Bimeda Corporate, Phibro Animal Health Corporation, Ceva Santé Animale, Elanco, Boehringer Ingelheim International GmbH, Zoetis Inc., Dechra Pharmaceuticals PLC, and Virbac.
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