GVR Report cover Veterinary Medicine Market Size, Share & Trends Report

Veterinary Medicine Market Size, Share & Trends Analysis Report By Product (Biologics, Pharmaceuticals), By Animal Type (Production, Companion), By Mode Of Delivery (Oral, Parenteral), By End Use, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-3-68038-885-5
  • Number of Pages: 200
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report Overview

The global veterinary medicine market size was estimated at USD 29.4 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. The increasing cases of zoonotic & chronic diseases are the key driver to this market. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103 million cattle and 32.05 million beef cows in the U.S. in July 2020 and the number is expected to grow substantially in the coming years. Moreover, rising R&D & procedural advancements, pet adoption rate, and increasing consumption of meats & mandatory vaccination are anticipated to boost the demand for veterinary pharmaceuticals & vaccines for animals in the near future.

U.S. veterinary medicine market size, by product, 2020 - 2030 (USD Billion)

An increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting in rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 103.6 billion in 2020 from USD 97.1 billion in 2019, and it is estimated to reach more than USD 109.6 billion in 2022.Moreover, about 67% of households in the U.S. owned a pet, which is equal to approximately 84.9 million homes in 2020.Furthermore, R&D investments in the veterinary industry-leading towards new product developments are likely to offer lucrative growth opportunities. For instance, in June 2021, the Biotestlab business introduced a non-steroidal anti-inflammatory drug THERMONORM, which has an active substance acetylsalicylic acid used for poultry, pigs, and calves.

The global outbreak of COVID-19 has impacted all industries including veterinary medicine. IDEXX along with other leading participants has already tested more than thousands of dogs & cats for the virus, with test results being negative. Pet parents are advised to keep a safe distance from their pets to maintain hygiene and reduce the risk of contamination. The impact has been seen in the livestock sector as well. There has been difficulty in moving animal products, such as meat, milk, and eggs, to markets. Restrictions have been implemented on the seasonal border crossing with ruminants. In April 2020, FAO published a new policy regarding the production of livestock and the supply chain of livestock products during COVID-19.

Animal Type Insights

The production animal segment led the market and accounted for more than 55.0% share of the global revenue in 2021. The production animal segment is further classified into swine, poultry, cattle, fish, and sheep & goats. The dominant share captured by production animals is a result of the rising demand for proteins in the world. In addition, increasing spending on animal health, especially in the developed regions, is also presumed to be responsible for the wide-scale adoption of production animals. According to the USDA (United States Department of Agriculture) NASS (National Agricultural Statistics Service), the total production from eggs, broilers, & turkey, and the value of sales from the chicken was USD 35.5 billion in 2020.

The companion animal segment is expected to demonstrate the fastest CAGR over the forecast period owing to the increasing prevalence of chronic diseases. The companion animal segment is further sub-segmented into horses, cats, dogs & others. The dogs segment held a significantrevenue share due to the rising demand for advanced treatment alternatives for canines suffering from chronic diseases. As per an AVMA report, in the U.S., petspending reached about USD 95.7 billion in 2019, with dogs and cats contributing to a dominant share. The above-mentioned factors are expected to propel the market growth over the forecasted period.

Product Insights

On the basis of product, the market is segmented into biologics, pharmaceuticals, and medicated feed additives. The biologics segment is bifurcated into vaccines and others. The others segment include monoclonal antibodies, immunomodulators, hormonal supplements, etc. The pharmaceuticals are further divided into anti-infectives, parasiticides, analgesics, anti-inflammatory, and others. Pharmaceuticals held a market share of more than 52.00% in 2021 owing to the rising prevalence of zoonotic diseases, brucellosis, and food-borne diseases. The biologics segment is expected to register the fastest CAGR over the forecast period owing to the increased usage of vaccines among livestock as well as companion animals for disease prevention.

Moreover, epidemics over the previous years have caused huge losses in the animal breeding industry, propelling the demand for vaccinations as protection against such epidemics. In addition, a significant number of mergers & acquisitions undertaken by key companies in the market to expand their product portfolio of vaccines is expected to boost the growth potential to a significant level. The medicinal feed additives segment is also expected to grow at a significant rate during the forecast years owing to their increasing usage in maintaining animal health. Furthermore, the rising global population is boosting the demand for meat as well as dairy, which also drives the segment growth.

Mode of Delivery Insights

On the basis of mode of delivery, the market is segmented into oral, parenteral, and others. The others segment includes topical, targeted drug delivery, etc. The parenteral segment held the largest revenue share of over 44% in 2021. The growth can be credited to product availability and the instant onset of action. The therapeutic effect for parenteral drugs is usually achieved within an hour after the administration, thus it is preferred for faster action. The oral segment is projected to grow at the fastest CAGR from 2022 to 2030 owing to the advancements in the oral veterinary medicines segment, such as chewable tablets.

Moreover, the increasing prevalence of chronic conditions in pets is also expected to drive market growth. For instance, in July 2020, Merck received the U.S. FDA approval for Bravecto monthly chews for dogs and puppies, hence expanding its product portfolio. The oral mode of delivery is further segmented into powder and tablets. Other modes of administration include suspension, topical, and carrier. Among these, the topical segment is expected to hold the largest market share owing to its high adoption for the treatment of skin infections in animals. On the other hand, the carrier segment is expected to grow at the fastest CAGR from 2022 to 2030 owing to advancements in the segment by market players.

End-use Insights

Based on end uses, the market is segmented into point-of-care testing/in-house testing, reference laboratories, veterinary hospitals & clinics, and others. The veterinary hospitals & clinics held the largest market share of over 72% in 2021. The growth can be attributed to advanced diagnostic imaging, novel therapies, nuclear & regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals & clinics.The reference laboratories segment is expected to exhibit the fastest CAGR over the forecast period as these laboratories enable testing of various infections, toxic agents, and chronic diseases in the specimen, which is obtained from animals.

Global veterinary medicinemarket share by enduse, 2021 (%)

These tests include general laboratory tests as well as specialized tests.Point-of-care testing/in-house testing is also expected to demonstrate significant growth owing to their convenience, precise symptomatic testing, easy usage, and quick analysis. Strategic developments by companies are expected to contribute to market growth. For instance, AAD proclaimed a USD 7.0 million investment to grow the corporation’s platform for fast, point-of-care decisions in animal and human health.

Regional Insights

On the basis of geographies, the global market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market is dominant in the Europe region. The region accounted for the maximum share of more than 26.00% of the global revenue in 2021. This growth is mainly due to favorable government regulations, such as the EU Veterinary Medicines Regulation, and the increasing adoption of pet insurance. North America was the second-largest regional market in 2021 due to the factors, such as the increasing prevalence of zoonotic diseases and favorable reimbursement programs.

Moreover, the increasing adoption of pet health insurance in the U.S. is also expected to contribute to market growth. The Asia Pacific market is expected to register the fastest growth rate over the forecast period. Factors, such as higher adoption of companion animals and increasing health concerns in animals, have promoted the market growth in this region. In addition, the growing expenditure on animal health & veterinary services, and the cattle population are expected to drive the market in the Asia Pacific region.

Key Companies & Share Insights

The market players are involved in strategic collaborations, regional expansions, and new product launches to sustain the competition. Established organizations and large enterprises are investing in acquisitions of other market players to gain a competitive edge. For instance, in October 2021, Zoetis invested in new manufacturing and development facility in Ireland, to increase its Monoclonal Antibodies (mAbs) production capabilities. This is anticipated to enhance its veterinary therapeutic biopharmaceuticals portfolio.In August 2020, Merck acquired IdentiGEN, a company dealing in DNA-based animal traceability solutions for aquaculture & livestock from Ireland-based MML Growth Capital Partners. This helped the company expand its product portfolio. Initiatives like these are further contributing to market growth. Some of the key players operating in the global veterinary medicine market include:

  • Merck Animal Health

  • Ceva Sante Animale

  • Vetoquinol S.A.

  • Zoetis

  • Boehringer Ingelheim GmbH

  • Elanco

  • Nutreco N.V.

  • Virbac

  • Kindred Biosciences, Inc.

  • Biogenesis Bago

  • Indian Immunologicals Ltd.

  • Neogen Corp.

  • Hester Biosciences

  • Phibro Animal Health

  • Dechra Pharmaceuticals PLC

Veterinary Medicine Market Report Scope

Report Attribute


Market size value in 2022

USD 31.2 billion

Revenue forecast in 2030

USD 54.6 billion

Growth rate

CAGR of 7.3% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billionand CAGR from 2022 to 2030

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Animal type, product, mode of delivery, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain, Russia, Japan, China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia

Key companies profiled

Merck Animal Health; Ceva Sante Animale; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim GmbH; Elanco; Nutreco N.V.; Virbac; Kindred Biosciences, Inc.; Biogenesis Bago; Indian Immunologicals Ltd.; Neogen Corp.; Hester Biosciences; Phibro Animal Health; Dechra Pharmaceuticals PLC

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global veterinary medicine market report on the basis of animal type, product, mode of delivery, end use, and region:

  • Animal Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Production

      • Poultry

      • Swine

      • Cattle

      • Sheep & Goats

      • Fish

    • Companion

      • Dogs

      • Cats

      • Horses

      • Others

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Biologics

      • Vaccine

        • Live attenuated vaccines

        • DNA Vaccines

        • Recombinant Vaccines

        • Inactivated Vaccines

        • Others

      • Others

    • Pharmaceuticals

      • Parasiticides

      • Anti-infectives

      • Anti-inflammatory

      • Analgesics

      • Others

    • Medicated Feed Additives

  • Mode of Delivery Outlook (Revenue, USD Million, 2017 - 2030)

    • Oral

      • Powder

      • Tablets

    • Parenteral

    • Suspension

    • Topical

    • Carrier

  • End-use Outlook (Revenue, USD Million, 2017 - 2030)

    • Reference Laboratories

    • Point-of-care testing/In-house testing

    • Veterinary Hospitals & Clinics

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Turkey

      • Israel

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