Summary

Veterinary Medicine Market Growth & Trends

The global veterinary medicine market size is estimated to reach USD 80.85 billion by 2030, registering a CAGR of 8.5% from 2025 to 2030, according to a new report by Grand View Research, Inc. Some of the key factors driving market growth include increasing advancements in veterinary medicine, demand for animal protein, pet humanization, and a growing focus on improving animal health outcomes. As per the Food and Agriculture Organization and internal GVR estimates, the global cattle population increased from 1.4 billion to 1.5 billion between 2017 to 2022. This led to increased demand for veterinary products and services in the cattle segment and is expected to continue in the near future driven by growing consumption of beef, milk, and dairy products.

The COVID-19 pandemic had both positive and negative impacts on the market. Negative impact includes supply chain constraints, limited access to veterinary care, and operational hurdles. Positive impact include a surge in pet ownership, increased awareness about animal healthcare, humanization of pets, uptake of telehealth, and adoption of pet insurance. The market was further influenced by factors such as the African Swine Fever and the macroeconomic headwinds of 2022. However, the strong underlying drivers ensure sustained growth of the market in the coming years.

Increased R&D activities are anticipated to propel the market growth over the forecast period. R&D investments support the development of innovative therapies and treatments for various veterinary diseases. This includes the discovery & development of new pharmaceuticals and vaccines that enhance the effectiveness and safety of veterinary healthcare. In May 2023, ILC Therapeutics partnered with Dechra Pharmaceuticals to research & develop its Caniferon product for atopic dermatitis treatment in dogs. Moreover, in July 2022, Animol Discovery, Inc.- specializing in drug discovery, raised USD 34 million of series B funding. This enabled the company to expand and enhance its drug discovery platform and its pipeline of novel active pharmaceutical ingredients (APIs).

Veterinary Medicine Market Report Highlights

• By product, the pharmaceuticals segment dominated the market in 2024 with a share of about 67.38%. The biologics segment is estimated to grow at the fastest rate

• The production animals segment held the largest market share by animal type in 2024. The companion animals segment, on the other hand, is expected to grow at the highest CAGR in the coming years

• In terms of route of administration, injectable segment accounted for the highest share of the market in 2024 while other routes are expected to the fastest over the forecast period

• Injectables often provide a faster onset of action and higher bioavailability compared to oral or topical routes because they bypass the digestive system and are absorbed directly into the bloodstream. These benefits associated with the injectable route contribute to the higher share of the segment.

• By distribution channel, veterinary hospitals and clinics dominated the market in 2024. E-commerce segment is projected to grow at the fastest rate in the near future

• E-commerce platforms often offer competitive pricing and discounts on veterinary medicines & products. This can be cost-effective for animal owners, especially when purchasing in bulk or for long-term treatments

• In 2024, North America attributed to the highest share of the market by region. Asia Pacific is anticipated to grow the fastest from 2025 to 2030.

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources
1.3.4. Primary Research
1.4. Information/Data Analysis
1.5. Market Formulation & Visualization
1.6. Data Validation & Publishing
1.7. Model Details
1.7.1. Commodity flow analysis
1.7.2. Global Market: CAGR Calculation
1.8. List of Secondary Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Veterinary Medicine Market Variable Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market
3.1.2. Ancillary Market
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Rise In Livestock Population And Increasing Pet Ownership Rates
3.2.1.2. Increase In The Number Of Zoonotic & Chronic Diseases
3.2.1.3. Rising R&D And Procedural Advancements
3.2.1.4. Increasing Consumption Of Meat And Mandatory Vaccinations
3.2.2. Market Restraint Analysis
3.2.2.1. Government Intervention
3.2.2.2. Increasing Influx Of Counterfeit Drugs
3.2.2.3. Short Product Exclusivity PeriodRising research on antibiotic alternatives
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenge Analysis
3.3. Veterinary Medicine Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of suppliers
3.3.1.2. Bargaining power of buyers
3.3.1.3. Threat of substitution
3.3.1.4. Threat of new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political & Legal Landscape
3.3.2.2. Economic and Social Landscape
3.3.2.3. Technological landscape
3.3.2.4. Environmental Landscape
3.4. Regulatory Framework
3.5. Estimated Animal Population by key species & key countries, 2018-2024
3.6. User Perspective Analysis
3.6.1. Pet owners
3.6.2. Veterinarians
3.6.3. Pharmaceutical companies
3.6.4. Regulatory bodies
3.6.5. Retailers and distributors
3.6.6. Agricultural sector
3.7. COVID-19 Impact Analysis
Chapter 4. Veterinary Medicine Market: Product Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Veterinary Medicine Market: Product Movement Analysis
4.3. Veterinary Medicine Market Size & Trend Analysis, by Product, 2018 to 2030 (USD Million)
4.4. Biologics
4.4.1. Biologics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4.2. Vaccine
4.4.2.1. Vaccines Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4.2.2. Modified/ Attenuated Live
4.4.2.2.1. Modified/ Attenuated Live Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4.2.3. Inactivated (Killed)
4.4.2.3.1. Inactivated (Killed) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4.2.4. Other Vaccines
4.4.2.4.1. Other Vaccines Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4.3. Other Biologics
4.4.3.1. Other Biologics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5. Pharmaceuticals
4.5.1. Pharmaceuticals Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5.1.1. Parasiticides
4.5.1.1.1. Parasiticides Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5.1.2. Anti-infectives
4.5.1.2.1. Anti-infectives Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5.1.3. Anti-inflammatory
4.5.1.3.1. Anti-inflammatory Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5.1.4. Analgesics
4.5.1.4.1. Analgesics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5.1.5. Others
4.5.1.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.6. Medicated Feed Additives
4.6.1. Medicated Feed Additives Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Veterinary Medicine Market: By Animal Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Veterinary Medicine Market: By Animal Type Movement Analysis
5.3. Veterinary Medicine Market Size & Trend Analysis, by Animal Type, 2018 to 2030 (USD Million)
5.3.1. Production Animals
5.3.1.1. Production Animals Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.1.2. Poultry
5.3.1.2.1. Poultry Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.1.3. Pigs
5.3.1.3.1. Pigs Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.1.4. Cattles
5.3.1.4.1. Cattles Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.1.5. Sheep & Goats
5.3.1.5.1. Sheep & Goats Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.1.6. Others
5.3.1.6.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.2. Companion Animals
5.3.2.1. Companion Animals Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.2.2. Dogs
5.3.2.2.1. Dogs Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.2.3. Cats
5.3.2.3.1. Cats Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.2.4. Horses
5.3.2.4.1. Horses Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.3.2.5. Others
5.3.2.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Veterinary Medicine Market: By Route of Administration Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Veterinary Medicine Market: By Route of Administration Movement Analysis
6.3. Veterinary Medicine Market Size & Trend Analysis, by Route Of Administration, 2018 to 2030 (USD Million)
6.3.1. Oral
6.3.1.1. Oral Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3.2. Injectables
6.3.2.1. Injectables Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3.3. Topical
6.3.3.1. Topical Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3.4. Other routes
6.3.4.1. Other routes Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Veterinary Medicine Market: By Distribution Channel Estimates & Trend Analysis
7.1. Segment Dashboard
7.2. Veterinary Medicine Market: By Distribution Channel Movement Analysis
7.3. Veterinary Medicine Market Size & Trend Analysis by Distribution Channel, 2018 to 2030 (USD Million)
7.3.1. Veterinary Hospitals & clinics
7.3.1.1. Veterinary Hospitals & clinics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.2. E-commerce
7.3.2.1. E-commerce Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.3. Offline retail stores
7.3.3.1. Offline retail stores Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3.4. Others
7.3.4.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Veterinary Medicine Market: Regional Estimates & Trend Analysis
8.1. Regional Dashboard
8.2. Veterinary Medicine Market Share, By Region, 2024 & 2030, USD Million
8.3. Regional Outlook
8.4. North America
8.4.1. North America Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.4.2. U.S.
8.4.2.1. Key Country Dynamics
8.4.2.2. U.S. Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.4.3. Canada
8.4.3.1. Key Country Dynamics
8.4.3.2. Canada Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.4.4. Mexico
8.4.4.1. Key Country Dynamics
8.4.4.2. Mexico Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5. Europe
8.5.1. Europe Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.2. UK
8.5.2.1. Key Country Dynamics
8.5.2.2. UK Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.3. Germany
8.5.3.1. Key Country Dynamics
8.5.3.2. Germany Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.4. France
8.5.4.1. Key Country Dynamics
8.5.4.2. France Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.5. Italy
8.5.5.1. Key Country Dynamics
8.5.5.2. Italy Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.6. Spain
8.5.6.1. Key Country Dynamics
8.5.6.2. Spain Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.7. Denmark
8.5.7.1. Key Country Dynamics
8.5.7.2. Denmark Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.8. Sweden
8.5.8.1. Key Country Dynamics
8.5.8.2. Sweden Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.9. Norway
8.5.9.1. Key Country Dynamics
8.5.9.2. Norway Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.5.10. Netherlands
8.5.10.1. Key Country Dynamics
8.5.10.2. Romania Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6. Asia Pacific
8.6.1. Asia Pacific Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6.2. Japan
8.6.2.1. Key Country Dynamics
8.6.2.2. Japan Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6.3. China
8.6.3.1. Key Country Dynamics
8.6.3.2. China Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6.4. India
8.6.4.1. Key Country Dynamics
8.6.4.2. India Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6.5. Australia
8.6.5.1. Key Country Dynamics
8.6.5.2. Australia Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6.6. South Korea
8.6.6.1. Key Country Dynamics
8.6.6.2. South Korea Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.6.7. Thailand
8.6.7.1. Key Country Dynamics
8.6.7.2. Thailand Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.7. Latin America
8.7.1. Latin America Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.7.2. Brazil
8.7.2.1. Key Country Dynamics
8.7.2.2. Brazil Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.7.3. Argentina
8.7.3.1. Key Country Dynamics
8.7.3.2. Argentina Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8. Middle East & Africa
8.8.1. Middle East & Africa Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8.2. South Africa
8.8.2.1. Key Country Dynamics
8.8.2.2. South Africa Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8.3. Saudi Arabia
8.8.3.1. Key Country Dynamics
8.8.3.2. Saudi Arabia Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8.4. UAE
8.8.4.1. Key Country Dynamics
8.8.4.2. UAE Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8.5. Kuwait
8.8.5.1. Key Country Dynamics
8.8.5.2. Kuwait Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8.6. Egypt
8.8.6.1. Key Country Dynamics
8.8.6.2. Egypt Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
8.8.7. Israel
8.8.7.1. Key Country Dynamics
8.8.7.2. Israel Veterinary Medicine Market Estimates And Forecasts, 2018 - 2030 (USD Million)
Chapter 9. Competitive Landscape
9.1. Market Participant Categorization
9.2. Company Market Position Analysis/ Heap Map Analysis
9.3. Company Profiles
9.3.1. Zoetis Inc.
9.3.1.1. Participant’s Overview
9.3.1.2. Financial Performance
9.3.1.3. Product Benchmarking
9.3.1.4. Strategic Initiatives
9.3.2. Boehringer Ingelheim International Gmbh
9.3.2.1. Participant’s Overview
9.3.2.2. Financial Performance
9.3.2.3. Product Benchmarking
9.3.2.4. Strategic Initiatives
9.3.3. Merck & Co., Inc.
9.3.3.1. Participant’s Overview
9.3.3.2. Financial Performance
9.3.3.3. Product Benchmarking
9.3.3.4. Strategic Initiatives
9.3.4. Elanco
9.3.4.1. Participant’s Overview
9.3.4.2. Financial Performance
9.3.4.3. Product Benchmarking
9.3.4.4. Strategic Initiatives
9.3.5. Ceva
9.3.5.1. Participant’s Overview
9.3.5.2. Financial Performance
9.3.5.3. Product Benchmarking
9.3.5.4. Strategic Initiatives
9.3.6. Dechra Pharmaceuticals PLC
9.3.6.1. Participant’s Overview
9.3.6.2. Financial Performance
9.3.6.3. Product Benchmarking
9.3.6.4. Strategic Initiatives
9.3.7. Phibro Animal Health Corporation
9.3.7.1. Participant’s Overview
9.3.7.2. Financial Performance
9.3.7.3. Product Benchmarking
9.3.7.4. Strategic Initiatives
9.3.8. Virbac S.A.
9.3.8.1. Participant’s Overview
9.3.8.2. Financial Performance
9.3.8.3. Product Benchmarking
9.3.8.4. Strategic Initiatives
9.3.9. Bimeda, Corporate
9.3.9.1. Participant’s Overview
9.3.9.2. Financial Performance
9.3.9.3. Product Benchmarking
9.3.9.4. Strategic Initiatives
9.3.10. Biogenesis Bago
9.3.10.1. Participant’s Overview
9.3.10.2. Financial Performance
9.3.10.3. Product Benchmarking
9.3.10.4. Strategic Initiatives
9.4. Strategy Mapping
9.4.1. Mergers & Acquisitions
9.4.2. Partnerships & Collaborations
9.4.3. Expansion
9.4.4. Product launch
9.4.5. Product Approval
9.4.6. Others
9.5. List of Other Players