by Veterinary medicine involves the application of medical, surgical, and diagnostic techniques for animal treatment. It includes drugs, vaccines, diagnostics tools that prevent animals from acquiring and spreading diseases. Over the years, there has been a rise in pet ownership worldwide which is driving the demand for animal health. With growing humanization of pets, people are now willing to spend more on vet care and animal well-being.
The global veterinary medicine market is estimated to be valued at US$ 39.27 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for animal healthcare owing to factors such as increasing pet ownership and humanization of pets is a major driver propelling the growth of the veterinary medicine market. According to the American Pet Products Association, pet ownership in the US has risen from 56% to 67% of households between 1988 to 2019. Surging pet adoption during COVID-19 pandemic has further boosted the market. Additionally, growing awareness about zoonotic diseases among consumers and stringent regulations regarding animal health and trade of veterinary medicine are also fueling the market growth. However, high costs associated with veterinary care limits the overall market development.
SWOT Analysis
Strength: The veterinary medicine market has strong growth potential driven by increasing pet adoption and rising awareness about animal health. Rising per capita disposable income allows pet owners to spend more on veterinary services and medicines. The growing trend of humanization of pets further boosts demand for advanced veterinary care and products.
Weakness: High costs associated with R&D of novel veterinary drugs limit investments from small companies. Significant capital is required for clinical trials that delays the entry of affordable generic drugs. Lack of trained veterinarians in rural areas of developing nations restrict access to healthcare for livestock.
Opportunity: Untapped rural healthcare markets in Asia and Africa offer lucrative growth prospects. Rapid urbanization is driving the demand for pet insurance and specialized veterinary services in emerging economies. The application of advanced technologies such as AI, 3D printing, and stem cell therapy can revolutionize disease diagnosis and treatment.
Threats: Strict regulations on the approval and usage of antibiotics in animal feed hamper industry revenues. Potential outbreaks of zoonotic diseases negatively impact demand. Rising preferences for substitutes like herbal and homeopathic remedies threaten the sales of conventional medications.
Key Takeaways
The global veterinary medicine market is expected to witness high growth over the forecast period driven by growing pet ownership in developing nations. The global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
Asia Pacific region dominates the market currently owing to a large livestock population and increasing adoption of pets in China, India, and other Southeast Asian countries. The region is projected to witness the fastest growth through 2031 on account of rising disposable incomes, rapid urbanization, and growing awareness about animal healthcare.
Key players operating in the veterinary medicine market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries Holdings B.V., National Iranian Oil Company, PETRONAS, Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell plc. These leading companies are focusing on expanding their product portfolios and global footprint through mergers and acquisitions to leverage opportunities in high growth markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
