The Growing Potential of Veterinary Medicine Market is Driven by Rising Pet Ownership

The veterinary medicine market deals with the prevention, diagnosis and treatment of diseases affecting companion animals. Veterinary medicines play a vital role in delivering healthcare to pets and farm animals. They comprise various pharmaceutical products such as vaccines, antimicrobials, medicinal feed additives and parasiticides that are used for therapeutic and prophylactic purposes. Rising pet ownership over the years, especially in developing nations, is leading to increased expenditure on animal health. Growing awareness about zoonotic diseases and their impact on public health has also boosted the demand for veterinary drugs and biologicals.

The global veterinary medicine market is estimated to be valued at US$ 39.27 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024-2031.

Veterinary Medicine Market 

Increased companion animal population along with rising per capita animal healthcare expenditure drive the sales of veterinary medicines. Various innovations in drug delivery systems help improve treatment outcomes while minimizing side effects in animals. Moreover, growing meat consumption worldwide is propelling the use of various therapeutics in livestock animals to prevent infections and ensure optimum growth performance.

Key Takeaways
Key players operating in the veterinary medicine market include BASF SE, Bayer AG, Boehringer Ingelheim, Elanco Animal Health, Merck Animal Health, Virbac and Zoetis Inc. These companies offer an extensive portfolio of veterinary pharmaceuticals and biologics to treat various illnesses in companion and farm animals.
The rising companion animal population globally has increased the demand for pet healthcare services. According to recent statistics, the number of pet dogs rose by over 12 million in the US since 2000. This growing pet ownership is a major factor catalyzing the veterinary medicine industry.
Several market players are also focusing on expanding their operations across emerging markets to tap the rising demand for quality animal care products from livestock farmers and pet owners in developing nations like China, India, Brazil and others. This global expansion allows companies to diversify revenues and further strengthen their market position.

Market Key Trends
One of the key trends witnessed in the Veterinary Medicine Market Demand is the rising adoption of advanced drug delivery technologies.Companies are investing heavily in R&D to develop innovative delivery systems such as transdermal drug patches, oromucosal gels and long-acting injections that can ensure convenient and precise drug administration in animals. This helps drive better treatment outcomes while overcoming issues like unwillingness of animals to consume oral medications. The growing popularity of such novel delivery formats is anticipated to boost the overall market revenues over the coming years.

Porter’s Analysis
Threat of new entrants: High R&D cost and investments required for new market entrants to develop and commercialize new veterinary medicine products deters new competitors.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options and presence of many established suppliers.
Bargaining power of suppliers: Suppliers have high bargaining power due to certain chemicals and active pharmaceutical ingredients being proprietary in nature and having few suppliers.
Threat of new substitutes: Threat of substitutes is low as there are limited alternative treatment options available for various animal diseases and conditions.
Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Geographical Regions
North America currently holds the largest share of the global veterinary medicine market. This is attributed to factors such as higher pet adoption rates, growing prevalence of zoonotic diseases, and increasing pet healthcare expenditure in the region.

The Asia Pacific region is projected to witness the fastest growth over the forecast period. This can be accredited to improving animal health awareness, rapid development of veterinary healthcare infrastructure, and rising meat consumption & dairy sales in developing countries like India and China.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

 

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