Veterinary Medicine Market
Report ID: SQMIG35J2174
Report ID: SQMIG35J2174
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Report ID:
SQMIG35J2174 |
Region:
Global |
Published Date: January, 2026
Pages:
193
|Tables:
115
|Figures:
70
Global Veterinary Medicine Market size was valued at USD 54.13 Billion in 2024 and is poised to grow from USD 58.84 Billion in 2025 to USD 114.69 Billion by 2033, growing at a CAGR of 8.7% during the forecast period (2026–2033).
The global veterinary medicine market growth is fueled by increasing demand for animal protein, the emergence of zoonotic disease in animals, and the emergence of new items. Significant advancements in veterinary medicine and the expansion of pet insurance also bolster the sector.
As an example, Elanco Animal Health in August 2024 announced the FDA had completed its review of Credelio Quattro, its new broad-spectrum parasiticide product, and is entering the final two-month administrative review timeframe. The new product is used to treat fleas, ticks, heartworms and other internal parasites and is anticipated to receive US market approval prior to the month being completed in October 2024, and to be available in pet and veterinary retail by early Q1 2025.
Moreover, growth in the global veterinary medicine sector is attributable to the higher number of federally funded animal health and wellness programs available to consumers in the last decade to offer direct support for animal welfare, and quality food supply and drug safety. These programs are aimed at increasing safety and improvement of animal welfare for animals, culling zoonotic pathogens/domestic diseases, and assisting in more sustainable farming practices. The rules and regulations set forth by the federal government encourage and control the approval, production, distribution and use of veterinary drugs, vaccines and feed additives, and similarly provide control and oversight that guarantees safety, efficacy, and quality of products used on animals to assure customer confidence and trust in animal health products.
How is Precision Veterinary Medicine Shaping the Future of Animal Care?
Managing with the present landscape of animal health management, precision veterinary medicine is developing using advanced AI and machine learning. These technologies help veterinarians analyze genetic and environmental data to arrive at the most suitable treatments and ways to minimize the risk of disease. A good example is the partnership between Zoetis and AI technologies in 2024 for the early detection of diseases in cattle. This helped farmers improve productivity and reduce death rates. By 2025, there would be increasing use of AI technologies in pet diagnostics-from Antech's predictive algorithms for canine renal disease to other diagnoses and treatments. The entire veterinary community will find that these innovations cut costs and enhance animal care via faster and more accurate decision-making.
Market snapshot - 2026-2033
Global Market Size
USD 49.8 billion
Largest Segment
Production Animals
Fastest Growth
Companion Animals
Growth Rate
8.7% CAGR
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Global Veterinary Medicine Market is segmented by Product Type, Animal Type, Route of Administration, Distribution Channel and region. Based on Product Type, the market is segmented into Pharmaceuticals, Vaccines, Medicated Feed Additives & Supplements and Diagnostics & Services (supportive). Based on Animal Type, the market is segmented into Companion Animals (cats, dogs, pets), Production / Livestock Animals (cattle, swine, poultry, aquaculture) and Others. Based on Route of Administration, the market is segmented into Injectable, Oral (tablets, powders), Topical & Spot-On and Feed-Based Additives. Based on Distribution Channel, the market is segmented into Veterinary Hospitals & Clinics, Retail Veterinary Pharmacies, Online Pharmacies and Feed Mill / Livestock Supply Channels. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
As per the 2024 veterinary medicine market analysis, the production animals segment dominated the market. Due to extensive use of medicines by farmers to stop and control diseases for further farming of animals, demand for veterinary products has increased among livestock farmers. With a growing human population comes the increasing demand for animal products such as meat, milk, and dairy, which pushes the livestock industry to put in higher efforts toward animal growth. Increased veterinary medicine will thus be required to ensure the health and contentment of these animals.
An upsurge in the companion animals' category is expected during the forecast period due to an increase in the number of pet owners, the anthropomorphism of pets, and an increase in pet expenditure. Cats and dogs remain the most prominent pets. It is believed that this segment will grow strongly over the next few years with more products for dogs and cats developed and a strong pipeline in research and development. The launch of Zenrelia in September 2024 by Elanco Animal Health, a JAK inhibitor for once-daily oral administration by dogs, has received approval from the FDA for the treatment of allergic and atopic dermatitis. The launch of Zenrelia is an illustration of Elanco's commitment to providing veterinarians with additional treatment alternatives for improving the health of pets and their owners.
As per the 2024 veterinary medicine market forecast, the injectable category is the largest segment in the market. An injectable drug is one that is administered via veins, muscles, or under the skin. Major contributors to the growth of the market were the plethora of injectable medications available to prescribers, the higher cost compared to other types of medications, and the feasibility of the injectable route. The injectable route has currently become a go-to for prescribers, as it can lead to rapid onset of action, precise dose delivery and control, and increased bioavailability.
However, the oral category is anticipated to have the highest veterinary medicine market share because it is less expensive, easy to administer, and widely accepted by pet owners and livestock producers alike. Flavored liquids, chews, and pills have made it easier for pet owners to maintain adherence to treatment resulting in improved efficacy. The increased demand for long-term treatments and preventative care for pets is resulting in raised revenues across international markets, as pet owners tend to be more interested in and accepting oral medications.
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As per the veterinary medicine market regional analysis, the largest share of sales in the market is held by North America in the year 2024. Important players exist in such markets, huge amounts of money are spent on dependents, pets are being treated more like children and increase the awareness of zoonotic diseases among the general public. For instance, key international players such as Zoetis, Merck & Co., Inc., Elanco Animal Health, and Vetbiologics are all based in the U.S. and are applying different strategies to gain market share.
The U.S. veterinary medicine market is increasing due to an overall increase in pet ownership, livestock production, preventive care consciousness, and incidences of zoonotic diseases in humans. A report released by the American Pet Products Association (APPA) in October 2024 stated that there are about 59.8 million households in the U.S. that own a dog and 42.1 million households with a cat. There has also been an increase in livestock, with significant increases in the number of cattle, sheep, pigs, and chickens raised for meat. For example, as of January 2024, U.S. Farmers and Ranchers Association's report on livestock and poultry markets and trade stated that there were 87.8 million cattle and 74.97 million pigs in the U.S. Keeping the health and productivity of such many livestock requires a high level of veterinary care and treatment.
More people owned dogs in Canada, but demands for preventive care keep increasing. These factors make animal health regulations very much on the government's agenda. Pet ownership is expensive, and demand is rising as more people raise livestock in provinces like Saskatchewan and Alberta. For example, companies in Canada have now started to adopt telemedicine programs and digital diagnostics to improve service delivery in medicine.
The veterinary medicine market of the globe comes under the European capital for animal welfare, one of the strictest in the world. These laws pertain to the use of veterinary medicines in promoting health and ensuring happiness in animals, whether companions or members of the livestock sector. Veterinary care facilities have also been well developed in this region. With huge advancements in technology, the market has witnessed advancement and expansion in terms of treatment methods offered and new drugs and diagnostic tools developed for the care of patients.
Strict animal welfare regulations, a sophisticated veterinary system, and a high degree of knowledge about zoonotic diseases drive the UK market. With more pet ownership and good livestock demand, there will always be bright growth opportunities in the coming times. Regulated by the Veterinary Medicines Directorate, companies such as Dechra Pharmaceuticals are at the forefront of innovative ideas and exports.
France is one of those countries which possess quite enough of most animal segments in Europe. This includes dairy and poultry. Thus, it needs veterinary services for this. The country also boasts a strong pet market, taking strides towards preventive healthcare with more people acquiring them. Ceva Santé Animale is in France and is considered one of the major animal health companies in the world, affecting both the global and European markets quite significantly.
The German veterinary medicine market is fueled through increase in the number of pet and livestock adoptions; use of preventive care; and enhancement of awareness on keeping farm and pet animals healthy. For instance, it is stated that Germany has the largest dairy cattle herd and second-largest population of cattle in the EU, as per the reference made by German Livestock. With half of all German farms working with livestock, according to the International Committee for Animal Recording (ICAR), this is expected to fuel the veterinary medicine industry.
Over the next few years, the Asia Pacific veterinary medicine market is projected to witness the fastest growth rate. With the growth of the economy in Asia-Pacific, expansion of the middle class becomes pertinent; more spending also occurs, and urbanization is rising. This goes along with changes in the prevailing lifestyle, such as a rising interest in having pets. The urban population tends to spend more time taking their pets to the vet, therefore increasing demand for various categories of veterinary medicines, preventive treatment, and healthcare services. Market players have begun to take advantage of opportunities in these relatively new markets. Due to such outlooks, India has witnessed a wave of entry by several new companies in the animal health sector in the previous years. As an illustration of market potential, in January 2024, ENTOD Pharmaceuticals announced its entry into the veterinary space through launching "Fur," a brand of veterinary ocular therapeutics such as lubricating eye drops, anti-allergic drugs, antibiotics, and anti-glaucoma agents.
In India, the veterinary medicine market is likely to have a CAGR of 10.5% during the forecast period due to livestock rearing activities, growth in the dairy industry, and aid from key players. A host of players, such as Zoetis, Merck Animal Health, and Elanco, are investing into India, establishing research and development centers, and updating their manufacturing capacity to cope with rising local demands. The growth is driven by efficient workforces, low costs, and a thriving livestock economy in India, enhancing its position as a site for veterinary innovations. For example, in September 2024, Zoetis announced an expansion of its Global Capability Center in Hyderabad, India, confirming the company's intention to use India's workforce to develop innovative, advanced products to address animal health needs around the world. The expansion will create hundreds of jobs specializing in advanced technologies, such as AI, machine learning, and data science, consistent with Zoetis' objective to enhance its R&D and digital capabilities.
China has one of the fastest developing veterinary medicine markets due to its population of farm animals and increasing centerization with growing pet ownership. Government action towards food safety and animal disease management requirements is causing increased demand. The fact that increasingly domestic and foreign businesses are pouring investments in there and because of the growing R&D activities in vaccines and biologics, China will probably lead the market in the future.
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Growing Adoption of Pets
Need For Intensive Livestock Production and Food Safety
Issues Around Regulatory and Approval Pathway
Price Pressure and Low Reimbursement
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The global veterinary medicine market outlook is not yet so densely populated; it is being mostly dominated by a few large, integrated animal health firms that control most of the global R&D, production, and distribution. There are several smaller companies that target specialized areas, such as companion animal services, feed additives, and diagnostics. Strategies to protect pipeline assets include contract manufacturing for biologics, partnerships with e-companies for digital health, and merger and acquisition (M&A) activities. As such, targeted startups can enter the market if they have defined plans regarding distribution or reimbursement.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the veterinary medicine market's upcoming stage of significant growth is attributed to pet humanization, expansion in livestock production, and even faster advances in new technological approaches. While large companies will continue to take advantage of their scale, the ecosystem is evolving. Targeted biologics, AI diagnostics, and telehealth are beginning to create new value pockets. In some areas, adoption will be impacted due to complicated regulatory hurdles and out-of-pocket costs, but digital models and subscription services are beginning to make solutions more affordable and sustainable. Rising affluence and awareness of animal health issues position emerging markets, especially Asia-Pacific and India. The industry has begun to move away from generic medications and is now creating comprehensive healthcare solutions, using data to inform productivity, preventative, and pet health.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 54.13 Billion |
| Market size value in 2033 | USD 114.69 Billion |
| Growth Rate | 8.7% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Veterinary Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Veterinary Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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