Veterinary Medicine Market To Reach $113.48 Billion By 2033

Veterinary Medicine Market Growth & Trends

The global veterinary medicine market size is expected to reach USD 113.48 billion by 2033, registering a CAGR of 10.36% from 2025 to 2033, 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).

 Request a free sample copy or view report summary: Veterinary Medicine Market Report

Veterinary Medicine Market Report Highlights

• On the basis of product, pharmaceuticals segment dominated the market with largest revenue share of 58.81% in 2024. The segment is comprised of anti-inflammatories, parasiticides, antibiotics, and other drugs.

• On the basis of animal, production animal segment dominated with largest revenue share in 2024, driven by growing focus on food safety, sustainability, and evidence-based livestock health management.

• On the basis of route of administration, injectable segment held the largest revenue share in 2024, owing to its rapid absorption, immediate onset, and suitability for acute and chronic treatments

• On the basis of distribution channel, hospitals and clinics constituted the largest revenue segment in 2024. They offer a wide range of advanced veterinary treatment services, including prescribed medications, to ensure the most effective treatment for pet owners

• North America dominated the market with largest revenue share of 35.53% in 2024. The market is driven by rising pet ownership, increasing concerns around zoonotic and emerging diseases, innovation in pharmaceuticals and vaccines, and a shift toward preventive and sustainable animal care.

Veterinary Medicine Market Segmentation

Grand View Research has segmented the global veterinary medicine market report based on product, animal, route of administration, distribution channel and region:

Veterinary Medicine Product Outlook (Revenue, USD Million, 2021 - 2033)

• Biologics

  • Vaccines

    • Modified/ Attenuated Live

    • Inactivated (Killed)

    • Other Vaccines

  • Other Biologics

• Pharmaceuticals

  • Parasiticides

  • Anti-infectives

  • Anti-inflammatory

  • Analgesics

  • Others

• Medicated Feed Additives

Veterinary Medicine Animal Outlook (Revenue, USD Million, 2021 - 2033)

• Production Animals

  • Poultry

  • Pigs

  • Cattle

  • Sheep & Goats

  • Others

• Companion Animals

  • Dogs

  • Cats

  • Horses

  • Others

Veterinary Medicine Route of Administration Outlook (Revenue, USD Million, 2021 - 2033)

• Oral

• Injectable

• Topical

• Other Routes

Veterinary Medicine Distribution Channel Outlook (Revenue, USD Million, 2021 - 2033)

• Veterinary Hospitals & Clinics

• E-commerce

• Offline Retail Stores

• Others

Veterinary Medicine Region Outlook (Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • UAE

  • Saudi Arabia

  • Kuwait

  • Qatar

  • Oman

List of Key Players in the Veterinary Medicine Market

• Zoetis Inc.

• Boehringer Ingelheim International Gmbh

• Merck & Co., Inc.

• Elanco

• Dechra Pharmaceuticals PLC

• Ceva Santé Animale

• Phibro Animal Health Corporation

• Virbac

• Bimeda Corporate

• Biogénesis Bagó