Market Overview
Global Veterinary Medicine Market was valued at USD 28.01 billion in 2019 and is slated to register a CAGR of 5.57% during the forecast period of 2020 to 2027.
Market Dynamics
Pet ownership is on the rise, chronic diseases are on the rise, and meat consumption is on the rise, both of which are driving the global veterinary medicine market. Animal diseases are becoming more common, posing a significant threat to food security. Climate change and globalization are two of the most important factors contributing to the increase in animal diseases. Animal disease is caused not only by natural causes, but also by human activity. Aside from meat, demand for dairy products has increased as well. Increased meat and dairy intake necessitates livestock protection and continuous health surveillance in order to prevent disease transmission from animals to humans. The emphasis on improving the protection of fresh meat has shifted in response to rising meat consumption. As a result, there is a growing demand for mandatory animal vaccinations to ensure their health.
Segmental Analysis
Global Veterinary Medicine Market has been divided based on Animal Type, Product, Route of Administration, and Distribution Channel.
On the basis of animal type, the market is bifurcated into domesticated and companion. During the forecast period, the companion segment is projected to rise at the fastest pace, with a CAGR of 6.04 percent. The companion animal segment is growing due to an increase in pet adoption.
The market is divided into two types of products: medicines and vaccines. With a market value of USD 17,604.08 million in 2019, the drugs segment had the largest market share. The growth of the drugs segment is being driven by an increase in the number of chronic diseases in animals.
The market is divided into oral, maternal, and other routes of administration. With 50.6 percent of the market share in 2019, the oral segment was the most common. The advances in the oral veterinary medicines market, such as chewable tablets, are responsible for this large share. Furthermore, the rising prevalence of chronic diseases in pets is expected to fuel the veterinary medicine industry.
The sector is divided into three categories based on distribution channels: veterinary hospitals and clinics, department shops, and online pharmacies. With a market value of USD 31,196.57 million in 2027, the veterinary hospitals clinics segment had the largest market share. The advanced diagnostic imaging, innovative therapies, nuclear and regenerative drugs, laser diagnostics, and specialized surgeries available in veterinary hospitals and clinics are all contributing to the segment’s development.
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Regional Analysis
The global veterinary medicine market is divided into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa. Because of the increase in companion animal ownership and the rising prevalence of animal diseases in the region, the Americas are expected to command the largest market. In 2017, 69,075 dental operations were conducted in German hospitals, according to Atlas Dental. Furthermore, the demand is expected to expand due to a growing population of pets and livestock, as well as a high number of veterinary practices. According to the American Veterinary Medical Association (AVMA), there were 110,531 veterinary practices in service in 2017, with 113,394 in 2018. Similarly, according to figures from the Canadian Veterinary Medical Association, there were approximately 12,517 veterinarians in Canada in 2018.
Europe accounted for a sizable portion of the global veterinary medicine industry. The rising prevalence of diseases, new product approvals, and the presence of a well-developed veterinary healthcare system can all be attributed to this. In 2017, the Industrial Association of Pet Care Producers estimated that 34.3 million pets, including dogs, cats, small mammals, and birds, lived, up 2.7 million from 2016.
Because of the growing penetration of the veterinary sector, the rise in the number of private veterinary clinics, the concern about animal welfare, and government campaigns for the welfare of pet animals in China, Japan, India, South Korea, and Australia, Asia-Pacific is projected to command the third largest area in the global market. According to a research paper published in 2017, China had 50.8 million puppies. The market’s expansion will be aided by the region’s strong pet population.
Due to the prevalence of low-income countries in the region, the veterinary medicine market in the Middle East and Africa is expected to rise steadily during the review period. Furthermore, according to data from the Organization for Economic Co-operation and Development (OECD), the average household net adjusted disposable income per capita in South Africa is USD 10,872 per year, far lower than the OECD average of USD 30,563.
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Competitive Analysis
The Prominent Players in the Global Veterinary Medicine Market are Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
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