by The global Veterinary Medicine Market is estimated to be valued at US$ 34.08 Bn in 2023 and is expected to exhibit a CAGR of 5.7 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary medicine includes pharmaceuticals and biologicals used to treat and prevent diseases in animals. They include vaccines, antibiotics, antifungals, antiparasitics, and other pharmaceuticals. Growing pet adoption rates globally has increased awareness about animal health. Rising consumption of livestock including cattle and poultry has also boosted the demand for veterinary medicine to ensure prevention and treatment of diseases. Growing trends of pet humanization and increasing animal welfare spending is propelling the veterinary medicine market growth.
Market key trends:
One of the key trends in the veterinary medicine market is development of novel drug delivery methods. Companies are investing in R&D to develop advanced drug delivery systems such as transdermal, injectable, and oral formulations to improve drug efficacy and ensure better compliance. Growing preferences for vaccines over antibiotics is another trend witnessed due to rising awareness about antimicrobial resistance. Advent of stem cell therapy and regenerative medicine is also gaining traction in the veterinary medicine industry for treating chronic conditions in pets and livestock.
Porter’s Analysis
Threat of new entrants: Low. High upfront capital requirements and stringent regulatory requirements pose barriers to new companies.
Bargaining power of buyers: Moderate. Large veterinary clinics and pet owners have greater negotiating power over drug pricing.
Bargaining power of suppliers: Moderate. Key suppliers of veterinary medicines are few large multinational companies.
Threat of new substitutes: Low. There aren’t many alternatives available for veterinary medicines and they play a critical role in pet healthcare.
Competitive rivalry: High. Key players compete intensely to gain market share through new product launches and acquisitions.
Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing pet ownership and rising demand for pet insurance. The market size for 2023 is US$ 34.08 Bn.
North America dominates the veterinary medicine market, accounting for over 40% revenue share in 2023. Rising pet healthcare expenditure and intensive production of veterinary medicines are driving the market in the region. Asia Pacific is expected to be the fastest growing market owing to growing pet population, increasing livestock farming and improving veterinary infrastructure in countries like India and China.
Key players operating in the veterinary medicine market are Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh, among others. Key players are focused on new product launches and boosting production capabilities in high growth markets through strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
