PUBLISHER: The Business Research Company | PRODUCT CODE: 1938736
PUBLISHER: The Business Research Company | PRODUCT CODE: 1938736
Veterinary medicine is a branch of medicine dedicated to preventing, diagnosing, and treating diseases in animals. It is essential for ensuring the health and well-being of pets, livestock, and wildlife. Additionally, veterinary medicine contributes significantly to public health by managing zoonotic diseases.
The primary products within veterinary medicine include drugs, vaccines, and medical feed additives. Drugs are pharmacologically active substances administered to animals to address illness and enhance their health and growth. These medications are provided through oral, parental (injection), and topical (on the skin) routes of administration. They are distributed via diverse channels, including veterinary hospital pharmacies and retail veterinary pharmacies. These products cater to various end-users such as reference laboratories, point-of-care testing or in-house testing facilities, veterinary hospitals and clinics, among others. The animals benefiting from these medications span companion and livestock animals.
Tariffs have influenced the veterinary medicine market by increasing import costs for drugs, vaccines, and medical feed additives, leading to higher production costs and delayed product availability. The livestock and companion animal segments in regions like North America and Europe are most affected due to reliance on imported raw materials and finished products. However, tariffs have also encouraged local production and investment in domestic manufacturing, creating opportunities for regional suppliers and cost-optimized solutions.
The veterinary medicine market research report is one of a series of new reports from The Business Research Company that provides veterinary medicine market statistics, including veterinary medicine industry global market size, regional shares, competitors with a veterinary medicine market share, detailed veterinary medicine market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary medicine industry. This veterinary medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary medicine market size has grown strongly in recent years. It will grow from $33.21 billion in 2025 to $35.74 billion in 2026 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to growing livestock population, increasing pet ownership, rising prevalence of animal diseases, expansion of veterinary hospitals and clinics, government initiatives supporting animal health.
The veterinary medicine market size is expected to see strong growth in the next few years. It will grow to $47.94 billion in 2030 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to advancements in veterinary biotechnology, increasing adoption of digital veterinary solutions, rising demand for animal vaccines, growth in companion animal healthcare spending, expansion of veterinary pharmaceutical manufacturing. Major trends in the forecast period include rising focus on zoonotic disease control, increasing demand for preventive veterinary care, growth in animal welfare awareness, expansion of tele-veterinary services, adoption of evidence-based veterinary practices.
The rising number of pet owners is expected to drive growth in the veterinary medicine market. Pet owners are individuals who own or adopt companion animals and are responsible for their care and health. The increase in pet ownership is driven by the desire for companionship and emotional support, resulting in higher rates of pet adoption globally. Veterinary medicine supports pet owners by preventing, diagnosing, and treating illnesses in animals, ensuring they remain healthy and enjoy longer, happier lives. For example, in 2023, according to Shelter Animals Count, a US-based non-governmental organization, dog adoptions increased by 109,000 compared to 2022, reflecting positive growth in adoption rates, although the total number of dogs adopted in 2023 was still nearly 108,000 lower than the prior year. Therefore, the growing pet owner population is propelling the veterinary medicine market.
Leading players in the veterinary medicine market are innovating new products, such as ethno-veterinary medicines, to maintain a competitive edge. Ethno-veterinary medicines are formulations derived from Ayurvedic practices designed to treat animal diseases. For instance, in August 2023, Milma, an India-based dairy company, launched ethno-veterinary medicines. These products serve as low-cost alternatives to allopathic veterinary drugs, reducing veterinary expenses for farmers and providing cost-effective solutions for animal healthcare. They are simple, affordable, and farmer-friendly tools used both as preventives and curatives.
In December 2024, Animalcare Group plc, a UK-based animal health and veterinary pharmaceutical company, acquired Randlab for approximately $120 million. Through this acquisition, Animalcare aimed to strengthen and expand its presence in the global equine veterinary market, broaden its product portfolio, and accelerate earnings growth by leveraging Randlab's established brands and geographic reach in Australia, New Zealand, and the Middle East. Randlab is an Australia-based equine veterinary pharmaceutical company specializing in the development, manufacture, and distribution of a broad portfolio of equine health products and prescription medicines for equine veterinarians and their clients.
Major companies operating in the veterinary medicine market are Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals PLC, Ceva Sante Animale, Virbac, Boehringer Ingelheim International GmbH, Kindred Biosciences Inc., Biogenesis Bago SA, Indian Immunologicals Limited, Neogen Corporation, Hester Biosciences Limited, Phibro Animal Health, Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., Bayer Animal Health
North America was the largest region in the veterinary medicine market in 2025. Asia-Pacific is expected to be the fastest-growing region in the veterinary medicine market report during the forecast period. The regions covered in the veterinary medicine market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The veterinary medicine market consists of sales of dicloxacillin, erythromycin, tetracycline, and retinoids, which are naturally occurring and synthetic compounds with vitamin A activity. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Veterinary Medicine Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses veterinary medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary medicine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The veterinary medicine market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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