Veterinary Medicine - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)

According to Mordor Intelligence, the veterinary medicine market size is expected to grow from USD 42.88 billion in 2025 to USD 46.72 billion in 2026 and is forecast to reach USD 69.37 billion by 2031 at 8.23% CAGR over 2026-2031.

This report is Segmented by Product Type (Drugs, Vaccines, Medicated Feed Additives), Animal Type (Companion Animals, Livestock Animals), Mode of Delivery (Parenteral, Oral, and More), End User (Veterinary Hospitals, Veterinary Clinics, and More), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, South America). The Market Forecasts are Provided in Terms of Value (USD).

Global Veterinary Medicine Market Trends and Insights

Rising Chronic Animal Diseases & Pet Ownership

Pet-ownership levels climbed to 67% of U.S. households in 2024 and continue to rise, while chronic conditions now affect approximately 40% of dogs older than seven years. The annual spend per companion animal reached USD 1,620 in 2025, a 12% year-over-year increase, as owners opt for long-term disease management over euthanasia. Four-point-four million pets carried insurance in North America by the end of 2025, shifting more out-of-pocket risk to insurers and enabling the uptake of premium biologics. China, with a population of over 200 million pets in 2025, mirrors these patterns as urban millennials allocate 15% of their disposable income to pet care. The resulting demand underscores a durable driver for the veterinary medicine market across both mature and emerging economies.

Industrialised Livestock Expansion

China rebuilt its swine herd to 450 million head by mid-2025 under biosecurity rules that require trivalent vaccines, triggering sustained demand for porcine biologics. India's layer-hen capacity increased by 8% between 2024 and 2025, resulting in the production of 52 billion eggs, which subsequently raised demand for respiratory vaccines. Brazil's 234 million-head cattle sector is trialing methane-reducing feed additives that also improve weight gain, thereby boosting therapeutic volumes. Vietnam's aquaculture producers lowered antibiotic use by 22% in 2025 by adopting autogenous vaccines. Together, these developments serve as a long-term catalyst for the veterinary medicine market, as producers shift from growth-promoting antibiotics to preventive platforms.

High Cost of Advanced Veterinary Care & Diagnostics

MRI scans cost USD 2,500-3,500 in the United States in 2025, discouraging 40% of uninsured owners from pursuing advanced imaging. Cytopoint therapy for a 30-kg dog costs USD 1,080-1,440 per year, while generic steroids total USD 180, creating adherence gaps. South American cattle operations earn margins below USD 50 per head, making USD 2 vaccines unviable unless mortality risk is severe. Small Indian dairy farmers spend under USD 12 annually per cow, relying on subsidized campaigns. High price points, therefore, constrain premium uptake, tempering expansion of the veterinary medicine market.

Other drivers and restraints analyzed in the detailed report include:

1. Regulatory Antibiotic-Stewardship Push for Vaccines/Biologics
2. Break-Through MAbs & Gene-Based Therapies Approvals
3. Stringent Multi-Region Regulatory Pathways

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Drugs controlled a 57.11% share in 2025, but vaccines are on track for a 10.62% CAGR, a pivot that mirrors antibiotic-stewardship mandates. Parasiticides, such as NexGard and Credelio, generated more than USD 1 billion combined in 2025, buoyed by warming climates that extend flea and tick seasons. Anti-infective sales declined 18% year-over-year in Europe, as the use of fluoroquinolones and cephalosporins decreased. Recombinant vaccines offer DIVA capability, and Zoetis's Fostera Gold PCV MH earned USD 180 million in 2025 by bundling protection against two porcine pathogens. Amino-acid feed additives expanded by 9% as producers sought growth promotion without antibiotics.

Companion animals accounted for 55.93% of 2025 revenue; however, livestock treatments are projected to have a 12.26% CAGR, a rate that will progressively narrow the gap. Dogs represented 62% of companion-animal turnover thanks to higher dosing volumes and a greater orthopedic surgery burden. Cats followed at 32%, boosted by feline-specific biologics such as Solensia. Cattle remain the largest livestock spenders by absolute value. Yet, poultry is expected to grow fastest as China, India, and the United States vaccinate billions of birds at a minimal per-dose cost. The swine sector's recovery from African swine fever has led to high vaccine uptake, reaching 78% of commercial farms by 2025.

Complete Report Scope:

• By Product Type
  • Drugs
    • Anti-infectives
    • Anti-inflammatory
    • Parasiticides
    • Biologics / Vaccines
    • Other Drugs
  • Vaccines
    • Inactive Vaccines
    • Attenuated Vaccines
    • Recombinant Vaccines
    • Other Vaccines
  • Medicated Feed Additives
    • Aminoacids
    • Antibiotics
    • Other Medicated Feed Additives
• By Animal Type
  • Companion Animals
    • Dogs
    • Cats
    • Other Companion Animals
  • Livestock Animals
    • Cattle
    • Poultry
    • Swine
    • Sheep & Goats
    • Other Livestock
• By Mode of Delivery
  • Parenteral
  • Oral
  • Topical
  • Other Mode of Delivery
• By End User
  • Veterinary Hospitals
  • Veterinary Clinics
  • Home-care Settings
  • Research & Academic Institutes
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Geography Analysis

North America generated 41.46% of the 2025 revenue, driven by 85 million U.S. pet households and an annual per-pet spend exceeding USD 1,500. The region's regulatory emphasis on antimicrobial stewardship pushes vaccine adoption, while e-pharmacy leadership expands access. Europe captured 28% of 2025 sales as pet insurance coverage exceeded 25% in the United Kingdom and Sweden, stabilizing out-of-pocket expenses. Regulation (EU) 2019/6 reinforces the use of preventive biologics, and pain-management rules increase analgesic uptake in livestock.

The Asia-Pacific region is poised for an 11.86% CAGR and is gradually challenging North American dominance as China rebuilds its hog herd and India scales up poultry capacity. Rising urban disposable incomes lift companion-animal demand; tier-1 Chinese cities alone counted 121 million pets in 2025. Cold-chain gaps remain a constraint; however, domestic biologics manufacturing investments are ramping up, signaling a long-term upside for the veterinary medicine market.

South America contributed 9% of 2025 turnover, chiefly from Brazil's 234 million-head cattle herd; however, per-animal spend lags global averages because producers favor generics. Middle East & Africa held 6%, with equine therapeutics in GCC countries and South African vaccines against foot-and-mouth disease anchoring demand. Regional growth prospects depend on improving cold-chain infrastructure and gains in purchasing power.

1. Biogenesis Bago
2. Bimeda
3. Boehringer Ingelheim
4. Ceva Sante Animale
5. China Animal Husbandry Co.
6. Dechra Pharmaceuticals
7. Elanco
8. Hester Biosciences
9. Hipra
10. Huvepharma
11. IDEXX
12. Kyoritsu Seiyaku
13. Merck
14. Neogen
15. Norbrook
16. Phibro Animal Health
17. Vetoquinol
18. Virbac
19. Zoetis

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support