Global Veterinary Medicine Market Grows Tremendously at a CAGR of 5.20%

Veterinary medicine encompasses preventing, treating, managing, and diagnosing animal diseases, disorders, and injuries. It involves animal husbandry, breeding, nutrition research, and product development. The scope of veterinary medicine is vast, as it incorporates all animal species, both domesticated and companion, and many diseases that can affect different species. Veterinary medicine is widely practiced both with and without professional supervision. A veterinary physician (a veterinarian, veterinary surgeon, or "vet") typically manages professional care; however, veterinary nurses, technicians, and assistants are frequently involved. Market Dynamics Growing Rates of Pet Ownership Drives the Global Market The increase in pet ownership drives the demand for improved care for companion animals, increasing the total expenditure on pets. As estimated by the American Pet Products Association, the pet industry in the United States has experienced a significant expenditure increase. In 2019, the total expenditures in the pet industry increased by USD 5.2 billion compared to 2018. Nearly 67% of American households have a companion. The rising prevalence of pet insurance in developed nations also drives up the pet ownership rate. Countries such as Brazil, China, and Ukraine also invest heavily in animal health. Consequently, the increase in the number of companion animals and expenditures drives the expansion of the veterinary medicine industry. Increasing Investment in Veterinary Hospitals Creates Tremendous Opportunities Rising expenditures on veterinary hospitals to ensure quality services present a lucrative market expansion opportunity. The worldwide rise in pet ownership has propelled animal hospitals and clinics. Recently, pet owners' expenditures on animal well-being have increased significantly due to rising per capita income. In addition, the future of veterinary medicine depends on technological progress and exceptional patient care. Pet owners are looking for the most effective animal treatments and are prepared to spend more. This has led to an increase in veterinary hospital investment. Regional Analysis Americas is the most significant global veterinary medicine market shareholder and is anticipated to exhibit a CAGR of 5.44% during the forecast period. The Americas has been bifurcated into North America and Latin America. The market's growth is anticipated to be supported by the rising number of pets and livestock and the prevalence of veterinary practices. The American Veterinary Medical Association (AVMA) predicted that approximately 110,531 veterinary practices were in operation in 2017, increasing to 113,390 in 2018. Similarly, according to statistics published by the Canadian Veterinary Medical Association in 2018, there were approximately 12,517 veterinarians in Canada. Furthermore, according to the Canadian Animal Health Institute (CAHI), the dog population increased from 7.6 million in 2016 to 8.2 million in 2018. Moreover, introducing new products also played a crucial role in market expansion. In 2017, Elanco, a U.S.-based global animal health company, introduced Galliprant to treat inflammation and discomfort associated with canine osteoarthritis (OA). Thus, the high number of veterinarians, the increasing prevalence of animal disorders, and the rise in pet ownership are anticipated to contribute to the market's growth. Europe is anticipated to exhibit a CAGR of 4.87% over the forecast period. Europe's market value would trail the Americas over the forecast period. This results from the escalating prevalence of diseases, the certification of new products, and an established veterinary healthcare infrastructure. The prevalence of cancer contributes to the expansion of the market. According to the Animal Tumor Registry of Genoa, the incidence rate of malignant cancers among canines in Italy is estimated to be 185.7 per 100,000 cases. In addition, a high prevalence of animal diseases, such as musculoskeletal disorders, osteoarthritis, and cancer, will spur the expansion of the market over the forecast period. According to a study conducted in the United Kingdom, approximately 2.5% of canines suffer from osteoarthritis yearly. Key Highlights The global veterinary medicine market was valued at USD 32.77 billion in 2022. It is estimated to reach USD 52.47 billion by 2031, growing at a CAGR of 5.37% during the forecast period (2023–2031). Based on animal type, the global veterinary medicine market is segmented into domesticated and companion. The domesticated segment owns the highest market share and is estimated to exhibit a CAGR of 5.99% during the forecast period. Based on product, the global veterinary medicine market is bifurcated into drugs and vaccines. The drugs segment dominates the global market share and is projected to exhibit a CAGR of 4.86% over the forecast period. Based on the route of administration, the global veterinary medicine market is divided into oral, parental, and other. The oral segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.01% over the forecast period. Based on distribution channels, the global veterinary medicine market is divided into veterinary hospitals and clinics, retail stores, and online pharmacies. The veterinary hospitals and clinics segment owns the largest market share and is predicted to exhibit a CAGR of 5.60% throughout the forecast period. Americas is the most significant global veterinary medicine market shareholder and is anticipated to exhibit a CAGR of 5.44% during the forecast period. Competitive Players The key global veterinary medicine market players are Ceva, Elanco, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Norbrook Laboratories, Zoetis, Merck Animal Health, Boehringer Ingelheim, Vetoquinol S.A., and others. Market News In January 2023, The U.S. Department of Agriculture (USDA) granted a conditional license for honeybee vaccination against American Foulbrood disease caused by Paenibacillus larvae, it was announced today by Dalan Animal Health, Inc. ("Dalan"), a pioneering biotech company in the field of insect health. In June 2023, IDEXX Laboratories, Inc., a global leader in pet healthcare innovation, introduced the first veterinary diagnostic test for detecting kidney damage in cats and dogs. Global Veterinary Medicine Market: Segmentation By Animal Type Domesticated Companion By Product Drug Vaccines By Route of Administration Oral Parental Others By Distribution Channel Veterinary Hospitals and Clinics Retail Stores Online Pharmacies By Regions Americas Europe Asia-Pacific The Middle East and Africa