Veterinary Medicine Market Trends And Opportunities 2030

Veterinary Medicine Industry Overview

The global veterinary medicine market size was estimated at USD 29.4 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030.

 

The increasing cases of zoonotic & chronic diseases are the key driver to this market. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103 million cattle and 32.05 million beef cows in the U.S. in July 2020 and the number is expected to grow substantially in the coming years. Moreover, rising R&D & procedural advancements, pet adoption rate, and increasing consumption of meats & mandatory vaccination are anticipated to boost the demand for veterinary pharmaceuticals & vaccines for animals in the near future.

 

Gather more insights about the market drivers, restrains and growth of the Global Veterinary Medicine Market

 

An increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting in rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 103.6 billion in 2020 from USD 97.1 billion in 2019, and it is estimated to reach more than USD 109.6 billion in 2022.Moreover, about 67% of households in the U.S. owned a pet, which is equal to approximately 84.9 million homes in 2020.Furthermore, R&D investments in the veterinary industry-leading towards new product developments are likely to offer lucrative growth opportunities. For instance, in June 2021, the Biotestlab business introduced a non-steroidal anti-inflammatory drug THERMONORM, which has an active substance acetylsalicylic acid used for poultry, pigs, and calves.

 

The global outbreak of COVID-19 has impacted all industries including veterinary medicine. IDEXX along with other leading participants has already tested more than thousands of dogs & cats for the virus, with test results being negative. Pet parents are advised to keep a safe distance from their pets to maintain hygiene and reduce the risk of contamination. The impact has been seen in the livestock sector as well. There has been difficulty in moving animal products, such as meat, milk, and eggs, to markets. Restrictions have been implemented on the seasonal border crossing with ruminants. In April 2020, FAO published a new policy regarding the production of livestock and the supply chain of livestock products during COVID-19.

 

Browse through Grand View Research’s Animal Health Industry Research Reports

• Veterinary CT Imaging Market: The global veterinary CT imaging market is growing at a rapid speed and is expected to witness significant growth over the forecast period of 2023-2030.
• Swine Vaccines Market: The global swine vaccines market size was valued at USD 1.5 billion in 2021 and is expected to expand at a CAGR of 4.9% from 2022 to 2030.

 

Market Share Insights

• October 2021 Zoetis invested in new manufacturing and development facility in Ireland, to increase its Monoclonal Antibodies (mAbs) production capabilities. This is anticipated to enhance its veterinary therapeutic biopharmaceuticals portfolio.
• August 2020: Merck acquired IdentiGEN, a company dealing in DNA-based animal traceability solutions for aquaculture & livestock from Ireland-based MML Growth Capital Partners. This helped the company expand its product portfolio. Initiatives like these are further contributing to market growth.

 

Key Companies Profile

Some of the key players operating in the global veterinary medicine market include:

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago

 

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