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

Veterinary Medicine Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Product, By Mode Of Delivery (Oral, Parenteral), By End Use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-885-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 218

Report Overview

The global veterinary medicine market size was estimated at USD 29.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103.0 million cattle and 32.1 million beef cow in the U.S. as of July 2020 and are expected to grow substantially in coming years. Moreover, rising R&D and procedural advancements, pet adoption rate, and increasing consumption of meats and mandatory vaccination are anticipated to boost demand for veterinary pharmaceuticals and vaccines for animals in the near future.

U.S. veterinary medicine market size, by product, 2016 - 2028 (USD Billion)

Increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting into rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 95.7 billion in 2019 from USD 90.5 billion in 2018, and it is estimated to reach USD 99.0 billion in 2020.Moreover, in 2019-2020, about 67.0% of households in the U.S. owned a pet, which is equal to approximately 84.9 million homes.This percentage had increased by about 11% since 1988, where 56% of the households in the U.S. owned a pet.

Furthermore, growing consumption of meat is fueling the demand for mandatory vaccination for animals, which results in the growth of the market for veterinary medicine. According to The World Counts, Denmark, the global meat production has increased 2-fold from 1988 to 2018. It also stated that meat consumption is estimated to range between 460-570 million tons by 2050.

The global outbreak of COVID-19 has impacted all the industries including veterinary medicine. Idexx along with other lead participants have already tested more than thousands of dogs and cats for the virus, with test results being negative. Pet parents are advised to keep a safe distance from their pets in order 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, eggs to markets. Restriction has been implemented on seasonal border crossing with ruminants. In April 2020, FAO published new policy regarding the production of livestock and supply chain of livestock products during COVID 19.

Animal Type Insights

The production animal segment led the market for veterinary medicine and accounted for more than 55.0% share of the global revenue in 2020. The production animal segment is further classified into swine, poultry, cattle, fish, and sheep and goats. The dominant share captured by production animal is a consequence of rising demand for proteins in the world. Additionally, 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 USDA (United States Department of Agriculture) NASS (National Agricultural Statistics Service), the total production from eggs, broilers, and turkey, and the value of sales from chicken was USD 46.3 billion in 2018, an increase of about 8% from USD 42.7 billion in 2017.

The companion animal segment is expected to demonstrate the fastest growth over the forecast period owing to the increasing prevalence of chronic diseases. The companion animal is further sub-segmented into horses, cats, dogs, and others. The dogs segment took about 40.0% share of the segment due to the rising demand for advanced treatment alternatives for canines suffering from chronic diseases. As per the AVMA report, in the U.S., spending on pets 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 for veterinary medicine over the forecasted period.

Product Insights

The pharmaceuticals segment dominated the market for veterinary medicine and held the largest revenue share of more than 57.0% in 2020. This is owing to therising prevalence of zoonotic diseases, brucellosis, and food-borne diseases. On the basis of product, the market is segmented into biologics, pharmaceuticals, and medicated feed additives. The biologics is further bifurcated into vaccines and others. Others include monoclonal antibodies, immunomodulators, hormonal supplements etc. The pharmaceuticals is further divided into anti-infectives, parasiticides, analgesics, anti-inflammatory, and others.

The biologics segment is expected to show the fastest growth in the market for veterinary medicine 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, significant number of mergers and acquisitions undertaken by key companies in the market in order to expand their product portfolio of vaccines portfolio is expected to boost the growth potential to a significant level. For instance, in October 2019, Ceva signed an agreement with ProBioGen Ag for manufacturing vectorized poultry vaccines using ProBioGen’s proprietary AGE1.CR technology. This helped both companies to strengthen their long-term partnership and long track record of developing innovative vaccines.

The medicinal feed additives segment is also expected to witness a significant growth rate over the forecast period owing to their increasing usage in maintaining animal health. Furthermore, the rising global population is increasing the demand for meat as well as dairy, which also drives the growth of the medicinal feed additives segment.

Mode of Delivery Insights

The parenteral segment dominated the market for veterinary medicine and held the largest revenue share of over 44.0% as of 2020. The growth can be credited to the availability of product availibility and 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. On the basis of mode of delivery, the market is segmented into oral, parenteral and others. Others includes topical, targeted drug delivery etc.

The oral segment is projected to witness the fastest CAGR over the forecast period owing to the advancements in the oral veterinary medicines segment, such as chewable tablets. In addition, increasing prevalence of chronic conditions in pets is also expected to drive the market for veterinary medicine. 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. 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 treatment of skin infections in animals. On the other hand, carrier segment is expected to grow at the fastest growth rate owing to advancements in the segment by market players.

End-use Insights

The veterinary hospitals and clinics segment dominated the market for veterinary medicine and held the largest revenue share of over 72.0% in 2020. The growth can be attributed to the advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals and clinics. Based on end use, the market is segmented into point-of-care testing/in-house testing, reference laboratories, veterinary hospitals and clinics, and others.

Global veterinary medicine market share, by end use, 2020 (%)

The reference laboratories segment is expected to exhibit the fastest growth over the forecast period. This growth is because these laboratories enable testing of various infections, toxic agents, and chronic diseases in specimen which are obtained from animals. These tests include general laboratory tests as well as specialized tests.

The point-of-care testing/in-house testing segment is also expected to demonstrate significant growth rate owing to their convenience, precise symptomatic testing, easy usage, and quick analysis. Strategic developments by companies are expected to contribute to the growth of the market for veterinary medicine. For instance, Zoetis acquired Abaxis in July 2018, which is a leader in veterinary point-of-care diagnostic instruments. Zoetis expanded its product portfolio through this.

Regional Insights

North America dominated the veterinary medicine market and accounted for revenue share of over 38.4% in 2020. The dominance is followed by the European countries due to the favorable government regulations such as the EU Veterinary Medicines Regulation and increasing adoption of pet insurance in European countries.

Key contributing factors attributing towards the dominance are increasing prevalence of zoonotic diseases and favorable reimbursement programs. Moreover, increasing adoption of pet health insurance in the U.S. is also expected to contribute to market growth.

In Asia Pacific, the market for veterinary medicine is expected to show lucrative growth over the forecast period. Factors such as higher adoption of companion animals and increasing health concerns in animals have promoted the market growth in the region. In addition, growing expenditure on animal health and veterinary services and cattle population are factors that are driving the market for veterinary medicine.

Key Companies & Market Share Insights

The market leaders are involved in strategic collaborations, regional expansion, and new product launch 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 August 2020, Merck acquired IdentiGEN, a company dealing in DNA-based animal traceability solutions for aquaculture and livestock from Ireland-based MML Growth Capital Partners. This helped the company expand its product portfolio.

Furthermore, in October 2019, Ceva signed an agreement with ProBioGen Ag for manufacturing vectorized poultry vaccines using ProBioGen’s proprietary AGE1.CR technology. This helped both companies to strengthen their long-term partnership and long track record of developing innovative vaccines. Some of the prominent players in the 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 Corporation

  • Hester Biosciences

  • Philbro Animal Health

Veterinary Medicine Market Report Scope

Report Attribute


Market size value in 2021

USD 30.8 billion

Revenue forecast in 2028

USD 50.8 billion

Growth Rate

CAGR of 7.4% from 2021 to 2028

Base year for estimation


Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD Million and CAGR from 2021 to 2028

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; 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 Corporation; Hester Biosciences; Philbro Animal Health

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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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 2016 to 2028. 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, 2016 - 2028)

    • Production

      • Poultry

      • Swine

      • Cattle

      • Sheep & Goats

      • Fish

    • Companion

      • Dogs

      • Cats

      • Horses

      • Others

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • 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, 2016 - 2028)

    • Oral

    • Parenteral

    • Others (Topical, carrier)

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Reference Laboratories

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

    • Veterinary Hospitals & Clinics

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

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