PUBLISHER: Grand View Research | PRODUCT CODE: 1446523
PUBLISHER: Grand View Research | PRODUCT CODE: 1446523
The U.S. veterinary medicine market size is anticipated to reach USD 21.80 billion by 2030 and is projected to grow at a CAGR of 6.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising incidence rates of zoonotic diseases, increased livestock population, growing focus on preventive care, advancements in pet medicine and increasing pet ownership are the major factors contributing to the market growth. According to the March 2023 report released by the American Pet Products Association (APPA), dogs are the most popular pets in the U.S., with 65.1 million households owning a dog. Cats come in second with 46.5 million households, followed by freshwater fish with 11.1 million households.
The livestock population has grown significantly, leading to an increase in zoonotic diseases and chronic diseases. This has led to a growing emphasis on preventive healthcare measures to maintain the health and productivity of animals. Moreover, advancements in technology have revolutionized veterinary medicine by enhancing diagnostic capabilities, treatment options, and medical devices, thereby improving the quality of animal care.