U.S. Veterinary Medicine Market Size, Share & Trends Analysis Report By Product (Biologics, Pharmaceuticals), By Animal Type, By Route Of Administration, By Distribution Channel, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The U.S. veterinary medicine market size was estimated at USD 13.82 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2030. This can be attributed to the rising incidences of zoonotic diseases, increased livestock population, growing focus on preventive care, advancements in pet medicine, and increasing pet ownership.According to the March 2023 report released by the American Pet Products Association (APPA), 86.9 million households in the U.S. own a pet.

The veterinary medicine market is continuously growing as a result of the increasing incidence of zoonotic diseases and other chronic diseases in animals, such as Eastern equine encephalitis, a deadly brain infection. It impacts many animals, such as reptiles, amphibians, and birds. In addition, animal obesity is a problem that is linked to several different illnesses. According to the 2022 U.S. Pet Obesity Prevalence Survey by the Association for Pet Obesity Prevention, there was an increase in dogs and cats that are overweight or obese, with 61% of cats and 59% of dogs falling into this category.

The livestock population has increased, with significant growth in the numbers of cattle, sheep, pigs, and poultry being raised for meat production. For instance, as of January 2024, the U.S. had 87.8 million cattle and 74.97 million swine stock, according to the U.S. Foreign Agricultural Service's Livestock and Poultry: World Markets and Trade report. This substantial livestock population necessitates comprehensive veterinary care and medical interventions to maintain health and productivity.

There is a growing emphasis on preventive healthcare measures for animals, driven by the desire to avoid costly treatments and improve overall animal well-being. Veterinary professionals are increasingly promoting preventive care practices such as regular wellness exams, vaccinations, parasite control, and nutritional counseling. This shift towards preventive healthcare has improved the quality of life for animals and also contributed to the expansion of the veterinary medicine market.The American Pet Products Association estimated that in 2022, pet owners spent USD 31.5 billion on supplies, live animals, and OTC medicine, and 35.9 billion on vet care and products.

Advancements in technology have revolutionized the field of veterinary medicine. These have led to better diagnostic capabilities, innovative treatment options, and enhanced medical devices. With the help of telemedicine, digital imaging, minimally invasive surgeries, and advanced laboratory diagnostics, the quality of animal care has dramatically improved, and the scope of veterinary services has expanded. These technological advancements have contributed significantly to the overall growth of the animal veterinary medicine market. For instance, in November 2023, ADM Tronics announced the commercial launch of a non-invasive veterinary therapy device, Vet-Sonotron, for pain treatment without drugs.

Market Concentration & Characteristics

The market growth stage is medium, and the pace of the market growth is accelerating. The veterinary medicine market in the U.S. features a high degree of innovation due to the rapid advancements in technology and research, along with a growing demand for improved animal healthcare.Advances in animal health and welfare can be attributed to improvements in diagnostic tools, treatment modalities, and preventive care. The market is expected to witness further revolutionary developments in the years to come as research and technology keep evolving.

The market is characterized by a medium level of merger and acquisition (M&A) activity. The level of mergers and acquisitions in the market has been steadily increasing over the past few years. For instance, in June 2023, Wedgewood Pharmacy announced its merger with Blue Rabbit, an emerging player in veterinary prescription management and pharmacy solutions. The merger expands Wedgewood's operations to include small-animal dispensing centers in Raleigh, North Carolina, and Novato, California, as well as specialized equine pharmacies in Lexington, Kentucky, and Bakersfield, California.

The market is also subject to increasing regulatory scrutiny. The market is significantly shaped and influenced by regulations. These regulations are designed to safeguard public health, protect animal health and welfare, and guarantee the efficacy and safety of veterinary products. The Food and Drug Administration (FDA) of the U.S. supervises veterinary medication approval and registration. Strict regulatory requirements ensure that products meet safety and efficacy standards before marketing. The approval procedure can impact the amount of time and expense required to introduce new products to the market.

There are a limited number of direct product substitutes for veterinary medicine. However, one alternative that has gained popularity is holistic veterinary care. It offers a different perspective than traditional veterinary medicine by emphasizing preventive measures and natural treatments. This approach often involves alternative therapies such as acupuncture, chiropractic care, herbal medicine, and nutritional supplements. While it may not completely replace traditional veterinary medicine, holistic care can complement or substitute for specific conditions or individuals who prefer a more natural approach to animal health.

End-user concentration is a significant factor in the veterinary medicine market. Since there are a number of end-users that are driving demand for veterinary medicine. The market caters to a diverse range of end users including pet owners, livestock producers, veterinary hospitals, clinics, and research institutions.

Product Insights

Based on product, the pharmaceuticals segment accounted for the largest market revenue share in 2023. The segment growth can be attributed to a combination of factors, including increasing pet ownership, technological advancements, growing awareness of animal health, investments in R&D, and a shift towards preventive healthcare. Pharmaceutical companies are investing heavily in R&D activities to introduce new and improved veterinary medicines. For instance, In August 2021, Virbac announced the availability of the ground-breaking drug STELFONTA (tigilanol tailgate injection), which the FDA approved as a non-surgical treatment option for canine mast cell tumors in veterinary clinics across the U.S.

The biologics segment is expected to register the fastest CAGR during the forecast period. The market is expected to rise due to factors such as rising costs for animal health, the accessibility of veterinary medications, R&D initiatives, the introduction of new products by key companies, and the increasing incidence of animal diseases. For instance, in April 2022, Boehringer Ingelheim International GmbH launched RenuTend, a novel stem cell treatment to speed up the recovery of suspensory ligament and tendon damage in horses.

Animal Type Insights

Based on animal type, the production animals segment led the market with the largest revenue share of 58.5% in 2023. This high percentage can be attributed to combination of factors such as increasing demand for animal protein due to population growth, disease prevention, technological advancements, rising focus on animal welfare, and globalization of livestock production. As per the Livestock and Poultry: World Markets and Trade report by the U.S. Foreign Agricultural Service, the U.S. imported 2.05 million cattle and exported 0.20 million.

The companion animals segment is expected to register the fastest CAGR during the forecast period.This can be attributed to the rise in pet ownership, pet expenditures, and pet humanization. Cats and dogs are the most common pets. 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. Moreover, a robust R&D pipeline and expanding access to canine and feline medications are anticipated to drive the growth of this segment in the upcoming years. For instance, in February 2024, Cellular Longevity, Inc. announced the first dog in its pivotal clinical trial for its medicine LOY-002, the STAY study, has received a dose. The company is developing LOY-002 to help elderly dogs live longer and stay in better health as they age.

Route of Administration insights

Based on route of administration, the injectable segment dominated the market in 2023. The market is expanding due to the availability of numerous injectable medications and the benefits associated with the injectable approach. The injectable route offers a quicker onset of effect, more accurate dosage control, and increased drug absorption, leading to its increasing popularity. In May 2023, Zoetis Services LLC announced the approval of Librela (bedinvetmab injectable) by the U.S. Food and Drug Administration for treating pain in dogs suffering from osteoarthritis.

The topical segment is expected to witness a significant CAGR during the forecast period, owing to increasing pet ownership, focus on preventive healthcare, and growing veterinary healthcare expenditure. Moreover, Technological advancements in veterinary medicine have also contributed to the growth of the veterinary topical medicine market. New formulations and delivery systems have been developed for topical medicines, making them more effective and easier to administer to animals. These advancements have led to an increased demand for veterinary topical medicines as they offer improved patient outcomes and compliance. For instance, In July 2023, Boehringer Ingelheim International GmbH launched NexGard COMBO, a broad-spectrum topical cat parasite treatment.

Distribution Channel Insights

Based on distribution channel, the veterinary hospitals & clinics segment dominated the market in 2023. This is due to consumers seeking personalized care for their pets and regulatory requirements. Regulations set by FDA dictate how veterinary medications are distributed, stored, and administered. Compliance with these regulations is essential for veterinary hospitals and clinics to operate legally and ensure the safety and efficacy of the medications they dispense. For instance, as per the guidelines by the U.S. FDA, from June 2023, owners of livestock must obtain a prescription from a veterinarian to buy certain medications for animals

The E-commerce segment is expected to register the fastest CAGR over the forecast period. This is owing to the ease of obtaining medications online, the large assortment of products, the ability to compare prices, and the aggressive pricing provided by e-commerce platforms. For instance, In May 2023, Giant Eagle Inc. partnered with Allivet, a digital pet pharmacy, to include its PetRx platform as an online pet-related option for grocery store customers. The platform will provide quick delivery, discounts on pet healthcare goods, and an AutoShip service for scheduled delivery to pet parents.

Memphis, Tennessee Animal Veterinary Medicine Market Trends

The animal veterinary market in Memphis, Tennessee, provides essential healthcare services for pets and animals in the region. This market encompasses various drugs and medicinal treatments for companion animals and livestock. In December 2023, Memphis Animal Services provided free drive-through dog immunizations for pets in need.

Medina, Ohio Animal Veterinary Medicine Market Trends

The market for veterinary services in Medina is influenced by various factors, such as the population of pets and livestock, the socio-economic status of residents, advancements in veterinary medicine, and the presence of veterinary clinics and hospitals. In August 2022, Bil-Jac launched Bil-Jac Smart-Jacs Dog Treats, a new range of useful pet treats. The new range introduces two treatment formulas that support healthy digestion and skin and coat health.

Key U.S. Veterinary Medicine Company Insights

Some of the key players operating in the market include Zoetis Services LLC; Boehringer Ingelheim International GmbH; Merck & Co., Inc.; and Elanco.

• Zoetis is a global animal health company that has been present in the market for 70 years. The company offers high-quality pharmaceuticals and immunizations, various services, diagnostic tools, and genetic testing

• Boehringer Ingelheim International GmbH is a pharmaceutical company. The company offers a wide range of products and services for various species, including vaccines, pharmaceuticals, parasiticides, and nutraceuticals. The company’s products are designed to prevent and treat animal diseases, improve animal welfare, and enhance productivity in livestock

Phibro Animal Health Corporation; Bimeda Corporate; and IDEXX; Vetbiologics are some of the other market participants in the U.S. market.

• Phibro Animal Health is a company specializing in mineral nutrition and animal health. Its products include animal nutrition, livestock vaccinations, anthelmintics, antibacterials, and anticoccidials

• Bimeda Corporate is a marketer, manufacturer, and animal health, and veterinary medications distributor. The five main product categories that comprise Bimeda U.S.'s portfolio are injectables, nutritional supplements, water-soluble antimicrobials, and ecto- and endo-parasiticides

Recent Developments

• In February 2024, Merck & Co., Inc. announced the signing of a definitive agreement to acquire the aqua business of Elanco, which includes an innovative portfolio of medications and vaccines, food, and supplements for aquatic animals

• In January 2024, Bimeda Corporate launched BOVitalize, an oral vitamin and mineral supplement for bulls, ruminating calves, and dairy and beef cows, in the U.S

• In October 2023, Merck & Co., Inc. announced the availability of novel canine oncology therapy, caninized monoclonal antibody gilvetmab, to veterinary specialists practicing oncology across the U.S

• In October 2023, Kemin Industries, Inc. and ilender collaborated to introduce the MEFLUVACTM H5 PLUS 8 vaccine to empower the Peruvian poultry sector to combat avian influenza

• In September 2023, Elanco announced the first shipments of Varenzin -CA1 (molidustat oral suspension), The U.S. FDA approved it under certain conditions approved by the FDA as the first and sole treatment for non-regenerative anemia in cats suffering from chronic kidney disease (CKD), to veterinary clinics across the U.S

• In August 2023, Boehringer Ingelheim International GmbH declared that the FDA has approved SENVELGO (velagliflozin oral solution), a ground-breaking novel treatment for diabetic cats, the business stated. SENVELGO is a once-daily liquid oral solution that cat owners can give their pets straight into their mouths or mix with a small amount of food

• In July 2023, Bimeda Corporate declared the availability of SpectoGard (spectinomycin sulfate) sterile solution to the cattle producers and veterinarians in the U.S

• In June 2023, Zoetis Services LLC announced that Apoquel Chewable (oclacitinib chewable tablet) had been authorized by the U.S. FDA for the treatment of atopic dermatitis and pruritus linked to allergic dermatitis in dogs who are at least 12 months of age

U.S. Veterinary Medicine Market Report Scope

U.S. Veterinary Medicine Market Report Segmentation

This report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. veterinary medicine market report based on product, animal type,route of administration, and distribution channel.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Biologics

    • Vaccines

      • Modified/ Attenuated live

      • Inactivated (Killed)

      • Other Vaccines

    • Other Biologics

  • Pharmaceuticals

    • Parasiticides

    • Anti-infectives

    • Anti-inflammatory

    • Analgesics

    • Other

  • Medicated Feed Additives

• Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Production Animals

    • Poultry

    • Pigs

    • Cattle

    • Sheep & Goats

    • Other

  • Companion Animals

    • Dogs

    • Cats

    • Horses

    • Others

• Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

  • Oral

  • Injectable

  • Topical

  • Other Routes

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Veterinary Hospitals & Clinics

  • E-commerce

  • Offline Retail Stores

  • Others