According to IMARC Group latest report titled “Veterinary Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on veterinary medicine market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global veterinary medicine market size reached US$ 35.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.1 Billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2024-2032.

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Veterinary Medicine Market Overview

Veterinary medicine refers to a branch of medical science dedicated to the prevention, diagnosis, and treatment of diseases, disorders, and injuries in animals. Spanning a wide range of species, from domestic pets and livestock to wildlife and exotic animals, this field plays a critical role in ensuring the health and well-being of animals. Veterinary professionals, including veterinarians and veterinary technicians, employ an extensive array of medical techniques similar to those used in human medicine, alongside specialized procedures tailored to the unique anatomical and physiological needs of different animal species. Their work encompasses a variety of services such as vaccinations, surgical interventions, emergency care, and the management of chronic conditions.  

Veterinary Medicine Market Trends

The rising pet ownership globally, coupled with pet owner’s willingness to spend more on healthcare services for their pets is driving the global market. Moreover, in the livestock sector, the need for efficient and healthy animal husbandry practices is becoming increasingly critical to meet the global demand for food. This necessity drives the demand for veterinary medicines that ensure the health and productivity of farm animals, including vaccines, antimicrobials, and nutritional additives. The focus on preventing outbreaks of animal diseases and ensuring food safety standards also significantly contributes to the market's growth. Furthermore, regulatory support for animal welfare and public health safety standards across countries is encouraging the development and adoption of new veterinary medicines and treatments.   

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Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players operating in the market.

  • Archer-Daniels-Midland Company
  • Boehringer Ingelheim GmbH
  • Cargill Incorporated
  • Ceva Santé Animale
  • Dechra Pharmaceuticals PLC
  • Elanco Animal Health Incorporated
  • Evonik Industries AG
  • Merck & Co. Inc.
  • Neogen Corporation
  • Vetoquinol S.A.
  • Virbac
  • Zoetis Inc.

Key Market Segmentation:

Our report has categorized the market based on product, animal type, route of administration and distribution channel.

Breakup by Product:

  • Drugs
    • Anti-infective
    • Anti-inflammatory
    • Parasiticide
  • Vaccines
    • Inactivated Vaccines
    • Attenuated Vaccines
    • Recombinant Vaccines
  • Medicated Feed Additives
    • Amino Acids
    • Antibiotics

Breakup by Animal Type:

  • Production
  • Companion

Breakup by Route of Administration:

  • Oral
  • Parenteral
  • Topical

Breakup by Distribution Channel:

  • Veterinary Hospitals and Clinics
  • Point-of-Care Testing/In-house Testing
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, South Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Key Highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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