Veterinary medicine refers to the branch of medicine that deals with the prevention, diagnosis and treatment of diseases affecting animals. Veterinary medicines are widely used for vaccination, parasitic diseases, infections, nutritional deficiencies and surgeries in companion animals such as dogs, cats, horses and other livestock. Growing rates of pet adoption across the world has propelled the demand for veterinary healthcare services. According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 70 million US households own a pet.
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 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing pet adoption rates is one of the key drivers propelling growth of the global veterinary medicine market. According to the 2021-2022 APPA National Pet Owners Survey, approximately 90.5 million homes in the U.S. own at least one pet. The familiarity of pets has gradually increased over time in several households and owning a pet is considered to have physical and mental health benefits for pet owners. This growing pet adoption trend has significantly increased demand for routine veterinary care and medicines especially in developed regions. Moreover, development of innovative veterinary medicines for treatment of complex diseases is also boosting the market growth. Lucrative opportunities lie within developing advanced animal drugs and therapeutics for rapidly growing pet population across the globe. However, stringent regulatory framework associated with veterinary drug approval process poses a major challenge for market players.
Segment Analysis
The veterinary medicine market can be segmented into pharmaceuticals, vaccines, and feed additives. Pharmaceuticals dominate the market with over 45% share as they are widely used for disease treatment in pets and livestock animals. Within pharmaceuticals, antimicrobials account for the largest share due to their use in treating bacterial infections in animals. Vaccines are the second largest segment due to rising immunization of pets and livestock against various infectious diseases. Feed additives form the smallest segment but are expected to witness fastest growth at 6% CAGR owing to their importance in ensuring health and growth of livestock animals.
PEST Analysis
Political: Regulations regarding animal health and welfare are becoming more stringent globally, driving demand for quality medicines and vaccines. Also, government support for livestock development in developing nations is promoting market growth.
Economic: Rising disposable incomes are allowing people to spend more on pet care and healthcare, boosting sales. Growth in livestock industry due to meat consumption rise is another key driver.
Social: Rising pet ownership and humanization of pets is prompting higher spending on pet nutrition and health. Livestock owners are also increasing focus on animal welfare.
Technological: Advancements in drug delivery systems, feed additives, and vaccine technologies are improving treatment effectiveness and animal protection against diseases. Digitization of veterinary services is also augmenting the market.
Key Takeaways
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 to 2031.
Regional analysis indicates that North America dominates currently with over 30% share due to high pet ownership and advanced animal healthcare infrastructure in countries like the US and Canada. Asia Pacific is poised to witness fastest growth at 6.5% CAGR owing to rapidly expanding livestock industry in China and India.
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., and SABIC. BASF SE is a leader in veterinary pharmaceuticals with wide product portfolio for pet and livestock health. BP Plc. is a prominent player specializing in nutritional feed additives.
Get more insights on this topic: https://www.ukwebwire.com/veterinary-medicine-market-trends-size-and-share-analysis/
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