Veterinary medicine products include vaccines, pharmaceuticals, feed additives and other medication aimed at treating and preventing animal diseases. These products aid in promoting animal health and combating disease-causing organisms. Growing companion animal ownership and rising focus on zoonotic diseases have increased the demand for veterinary medicine. The market offers a wide range of antibiotics, parasiticides and other pharmaceuticals for proper veterinary care. Integration of IoT devices is enabling efficient disease surveillance and medication delivery systems.

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.

Key Takeaways

Key players operating in the Veterinary Medicine are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell.

The rising expenditure on animal health presents significant growth opportunities for major players. Growing awareness about zoonotic diseases and their prevention through veterinary vaccines and drugs is another key opportunity.

Integration of IoT devices and other advanced technologies is enabling real-time disease monitoring, more precise drug dispensing and streamlining supply chain operations. This is expected to drive efficiencies and boost market growth over the forecast period.

Market drivers

Growing Companion Animal Ownership: Rising disposable incomes and changing attitudes towards pet care are fueling companion animal adoption. This is translating to higher demand for veterinary vaccines, medicines and supplements to ensure their health and wellbeing.

Prevention of Zoonotic Diseases: Focus on curbing zoonotic disease transmission from animals to humans through vaccination programs, antiviral treatment and other preventive measures is driving market revenues. Strict regulations regarding veterinary healthcare standards further support market expansion.

Current challenges in Veterinary Medicine Market
The Veterinary Medicine Market Demand faces various challenges currently. One of the major issues is lack of accessibility and availability of veterinary services in rural and underdeveloped regions. Most veterinary infrastructure and facilities are concentrated in urban regions resulting in large animal populations lacking proper medical attention in rural areas. Secondly, rising pet care costs have made advanced veterinary treatments unaffordable for many pet owners. Developing cost-effective therapies and ensuring insurance coverage can help tackle this challenge. Strict regulations around the usage of antibiotics and growth promoters in animal feed for safety reasons also impact the market. Additionally, lack of skilled manpower and high employee turnover increases operational challenges for veterinary clinics and hospitals.

SWOT Analysis
Strength: Growing pet population worldwide along with increasing animal ownership creates robust demand. Advancing diagnostic technologies and therapeutic options are expanding market scope.
Weakness: High setup and operational costs of veterinary facilities limit service reach especially in remote regions. Dependence on few patented drugs increases supply risks.
Opportunity: Emergence of pet insurance can boost access to premium care. Cell-based and gene-based therapies present new avenues. Adoption of telehealth tools has accelerated during pandemic with opportunities to continue post-Covid.
Threats: Outbreaks of zoonotic diseases which impact animal health and trade. Growing resistance to antimicrobials threatens efficacy of treatments. Price control regulations can squeeze profits of innovator companies.

Geographical Regions
In terms of value, North America accounts for the largest share of over 30% of global veterinary medicine market led by the United States. This is attributed to high pet ownership, growing animal sector, and advanced veterinary infrastructure in the region. Western Europe is the second largest regional market with major markets in Germany, France and the UK. Emerging countries of Asia Pacific led by China and India are witnessing fastest market growth on the back of growing livestock industry, increasing discretionary spending on pet care, and rising standards of animal welfare. The Latin American region is also expanding steadily due to abovementioned factors along with beef and dairy export opportunities in Brazil, Argentina and Mexico.

The fastest growing regional market for veterinary medicine is expected to be Asia Pacific between 2024 to 2031 propelled by double digit annual growth in China and India. This is a result of expanding urban middle-class populations with greater expendable income for companion animal care along with a burgeoning livestock sector amid growing protein demand. Additionally, advancements in regulations and veterinary institutions are augmenting market access in the region.

Get more insights on Veterinary Medicine Market

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)