Veterinary Medicine Market

Global Veterinary Medicine Market Is Estimated to Witness High Growth Owing to Increasing Pet Ownership and Rising Prevalence of Animal Diseases

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The veterinary medicine market is estimated to be valued at US$32.08 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The veterinary medicine market comprises pharmaceuticals and vaccines used for the treatment and prevention of diseases in animals. The market is driven by factors such as increasing pet ownership, rising disposable income, and growing awareness about the health and well-being of animals. The use of veterinary medicine is not limited to companion animals but extends to livestock and farm animals as well. With the increasing demand for animal-derived products and the rising prevalence of animal diseases, the demand for veterinary medicine is expected to witness significant growth.

Market Dynamics:

The growth of the veterinary medicine market can be attributed to two key drivers. Firstly, the increasing pet ownership worldwide is driving the demand for veterinary medicine products and services. As more people adopt pets, there is a greater need for preventive healthcare, regular check-ups, and treatment of illnesses or injuries. Secondly, the rising prevalence of animal diseases, such as zoonotic diseases, infectious diseases, and chronic diseases, is fueling the demand for veterinary medicine. These factors, combined with advancements in veterinary medicine technology and increased government initiatives, are expected to drive market growth over the forecast period.

SWOT Analysis:

  • Strength: The veterinary medicine market is expected to witness high growth due to increasing pet adoption and the growing need for animal healthcare services. The market players have strong product portfolios and established distribution networks.
  • Weakness: The veterinary medicine market has limited access to advanced treatments and technologies in certain regions, hindering the market growth. Additionally, the high cost of veterinary medications and treatments is a major concern for pet owners.
  • Opportunity: The increasing trend of pet humanization and awareness regarding pet healthcare presents an opportunity for market growth. Moreover, the expanding pet insurance industry and the rise in pet ownership in emerging economies are expected to drive market demand.
  • Threats: The presence of counterfeit veterinary medicines in the market poses a threat to the quality and safety of animal healthcare. Additionally, stringent government regulations and approval processes for veterinary medicines can limit market growth.

Key Takeaways:

The Global Veterinary Medicine Market Growth is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to the increasing pet adoption and growing need for animal healthcare services. The market is dominated by North America, which is the fastest-growing region, driven by the high pet ownership rate and availability of advanced veterinary treatments. The key players operating in the market are Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh. These companies have strong product portfolios and established distribution networks, allowing them to capture a significant market share.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it