Global Veterinary Medicine Market by Animal Type (Production, Companion), by Mode Of Delivery (Parenteral, Oral) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global veterinary medicine market was valued at USD 29.2 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 7.4%) between 2021 and 2028. The key drivers of the veterinary medicine market are increasing zoonotic cases and chronic diseases. Over the last few decades, the global livestock population has seen a rapid increase. The USDA estimates that there are approximately 103.0million cattle in the United States and 32.1million beef cows in the country as of July 2020. These numbers will continue to rise in the coming years. In the near future, there will be a rise in R&D and procedural advances, pet adoption rate and increased consumption of meats as well as mandatory vaccinations. These factors are expected to increase demand for veterinary pharmaceuticals.

The increasing number of pet owners is driving the demand for better treatment options. This is leading to a rise in pet health costs. The American Pet Products Association reports that the total U.S. pet industry spending rose to USD 95.7 billion in 2019, from USD 90.5 billion in 2018. It is expected to rise to USD 99.0 billion by 2020. This is an increase of about 11% over 1988, when 56% of U.S. households owned a pet.

The demand for mandatory vaccinations for animals is increasing, which in turn leads to a growing market for veterinary medicine. The World Counts, Denmark reports that the world's meat production increased by 2 fold between 1988 and 2018. The World Counts, Denmark also reported that the global meat production has increased 2-fold from 1988 to 2018.

All industries have been affected by the global epidemic of COVID-19, including veterinary medicine. Idexx and other participants have tested thousands of cats and dogs for the virus. The results were negative. In order to prevent contamination and maintain hygiene, pet parents should keep their pets away from each other. It has also been observed in the livestock industry. It has been difficult to transport animal products like meat, milk, and eggs to the markets. Seasonal border crossings with ruminants have been restricted. FAO issued new policies regarding livestock production and the supply chain of livestock products in April 2020.

Information on Animal Types

The market for veterinary medicine was led by the production animal segment, which accounted for over 55.0% of global revenue in 2020. Further, the production animal segment can be divided into swine and poultry, fish, cattle, sheep, and goats. The world's increasing demand for protein is the reason that production animals account for the majority of the market share. The widespread adoption of production animals is also attributed to the increasing expenditure on livestock health, particularly in developed regions. The USDA (United States Department of Agriculture), NASS (National Agricultural Statistics Service) reports that the 2018 total chicken production and value of the sales of chicken were USD 46.3 billion. This is an increase of approximately 8% over 2017's USD 42.7 billion.

Due to the rising prevalence of chronic diseases, the fastest growth is expected in the companion animal segment. Further sub-segments of companion animals include horses, cats and dogs. Due to the growing demand for advanced treatments for canines with chronic diseases, the dogs segment accounted for 40.0% of the total segment. According to the AVMA report in 2019, the U.S. spent USD 95.7 billion on pets. Cats and dogs accounted for a large portion of that figure. Over the forecasted time, the market for veterinary medicine will be driven by the above-mentioned elements.

Product Insights

In 2020, the pharmaceuticals segment held the largest share of revenue at more than 57.0%. The increasing prevalence of food-borne diseases and zoonotic disease, as well as brucellosis, is the reason for this dominance. The market can be divided into pharmaceuticals and medicated feed additives. The bifurcation of biologics can be further broken down into vaccinations, and other. Monoclonal antibodies and immunomodulators are just a few of the other options. Further, pharmaceuticals can be divided into anti-infectives and parasiticides as well as analgesics and anti-inflammatory.

Due to increased use of vaccines in livestock and companion animals, the biologics segment will see the most rapid growth in the market for veterinarian medicine during the forecast period. In addition, the recent epidemics have led to huge losses in the animal breeding sector, which has fueled the demand for vaccines as protection against these epidemics. A significant number of acquisitions and mergers by major companies in the market to increase their vaccine product portfolio are expected to enhance the market's growth potential. Ceva, for example, signed an agreement in October 2019 with ProBioGen Ag to produce vectorized poultry vaccines using ProBioGen’s proprietary AGE1.CR technology. Both companies were able to build on their long-term partnerships and track record in developing innovative vaccines.

Due to their increased use in animal health, the market for medicinal feed additives is expected to grow at a rapid pace over the forecast period. The demand for meat and dairy is on the rise, which will also drive the growth of the medical feed additives market.

Mode of Delivery Insights

As of 2020, the parenteral market dominated the veterinary medicine market and held the largest revenue share at over 44.0%. This growth can be attributed to product availability and the instant onset of effect. Parenteral drugs usually have a therapeutic effect within one hour of administration. This makes them more popular. The market can be divided into parenteral, oral and other delivery modes based on the mode of delivery. Other options include topical and targeted drug delivery, etc.

Due to advancements in oral veterinary medicine segment such as chewable tablet, the fastest CAGR is expected to be seen in the oral segment over the forecast period. The market for veterinary medicine is expected to grow due to the increasing number of pets with chronic conditions. Merck, for example, received FDA approval in July 2020 for Bravecto monthly chews to dogs and puppies. This allowed it to expand its product range. Powder and tablets are further sub-categories of oral delivery.

There are also topical, carrier, and suspension methods of administration. The market share for topical products is the highest due to their high use in animal skin infections. The market players' advancements will see the carrier segment grow at a faster rate.

End-use Insights

In 2020, the market leader in veterinary medicine was the veterinary hospitals and clinics segment. They held the largest revenue share at 72.0%. This growth can be attributed primarily to advanced diagnostic imaging, novel therapies and nuclear and regeneration medicines as well as specialized surgeries that are available at the clinics and vet hospitals. The market can be divided into three segments based on end use: point-of-care testing/inhouse testing, reference labs, veterinary hospitals, clinics and other.

Over the forecast period, the fastest growth is expected in the reference laboratories segment. These laboratories allow testing for various diseases, toxic agents and chronic conditions in specimens that have been obtained from animals. These tests can be used for both general laboratory and specialized testing.

Point-of-care testing/inhouse testing is expected to show significant growth due to its convenience, accurate symptomatic testing, quick analysis, and easy use. Companies are expected to make strategic decisions that will help grow the market for veterinary medicine. Zoetis, for instance, acquired Abaxis in August 2018, which is a leader among veterinary point of care diagnostic instruments. This acquisition allowed Zoetis to expand its product line.

Regional Insights

North America was the dominant market for veterinary medicine in 2020, accounting for a revenue share of more than 38.4%. European countries follow North America's lead due to favorable government regulations, such as the EU Veterinary Medicines Regulation. Also, pet insurance is being increasingly adopted in Europe.

The dominance can be attributed to the increasing incidence of zoonotic disease and favorable reimbursement programs. Market growth will also be supported by the increasing adoption of pet insurance in the United States.

The market for veterinary medicine in Asia Pacific is expected to grow at a lucrative rate over the forecast period. Market growth has been driven by factors such as increased adoption of companion animals, and growing health concerns for animals. The market for veterinary medicine is also being driven by the increasing expenditure on animal health, veterinary services, and cattle population.

Market Share Insights & Key Companies

Market leaders participate in strategic collaborations, regional expansion and product launches to maintain their competitive edge. To gain an edge in the market, large corporations and established organizations are looking to acquire other market players. Merck, for example, acquired IdentiGEN in August 2020. This company deals in DNA-based traceability solutions for aquaculture, livestock, and other markets from MML Growth Capital Partners in Ireland. This acquisition allowed the company to expand its product range.

Ceva also signed an agreement in October 2019 with ProBioGen Ag to produce vectorized poultry vaccines by using ProBioGen’s proprietary AGE1.CR technology. Both companies were able to build on their long-term partnerships and track record in developing innovative vaccines. The following are some of the most prominent players in the veterinary medicine industry:

• Merck Animal Health

• Ceva Sante Animale

• Vetoquinol S.A.

• Zoetis

• Boehringer Ingelheim GmbH

• Elanco

• Nutreco N.V.

• Virbac

• Kindred Biosciences, Inc.

• Biogenesis Bago

• Indian Immunologicals Ltd.

• Neogen Corporation

• Hester Biosciences

• Philbro Animal Health

Up Market Research published a new report titled “Veterinary Medicine Market research report which is segmented by Animal Type (Production, Companion), by Mode Of Delivery (Parenteral, Oral), By Players/Companies Zoetis, Boehringer Ingelheim GmbH, Indian Immunologicals Ltd, Hester Biosciences, Nutreco NV, Elanco, Neogen Corporation, Ceva Sante Animale, Philbro Animal Health, Biogenesis Bago, Virbac, Kindred Biosciences Inc, Merck Animal Health, Vetoquinol SA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Veterinary Medicine Market Report Segments:

The market is segmented by Animal Type (Production, Companion), by Mode Of Delivery (Parenteral, Oral).

Veterinary Medicine Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Veterinary Medicine Market

Overview of the regional outlook of the Veterinary Medicine Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Veterinary Medicine Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Veterinary Medicine Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Production

                2. Companion

                1. Parenteral

                2. Oral

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Veterinary Medicine Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Veterinary Medicine Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.