U.S. Veterinary Medicine Market To Reach $21.80 Billion By 2030

U.S. Veterinary Market Growth & Trends

The U.S. veterinary medicine market size is anticipated to reach USD 21.80 billion by 2030 and is projected to grow at a CAGR of 6.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising incidence rates of zoonotic diseases, increased livestock population, growing focus on preventive care, advancements in pet medicine and increasing pet ownership are the major factors contributing to the market growth. 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.

The livestock population has grown significantly, leading to an increase in zoonotic diseases and chronic diseases. This has led to a growing emphasis on preventive healthcare measures to maintain the health and productivity of animals. Moreover, advancements in technology have revolutionized veterinary medicine by enhancing diagnostic capabilities, treatment options, and medical devices, thereby improving the quality of animal care.

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U.S. Veterinary Medicine Market Report Highlights

• Based on products, the pharmaceuticals segment led the market with the largest revenue share of 67.6% in 2023, owing to growing investments in research and development and advancements in the field of medicine

• Based on the animal type, the production animals segment held the market with largest revenue share of 58.5% in 2023, due to an increasing demand for animal protein due to population growth and globalization of livestock production. Companion animals in animal type segment are anticipated to witness fastest CAGR over the forecast period

• Based on route of administration, the injectable segment dominated the market in 2023 and oral segment is anticipated to witness a significant growth in CAGR over the forecast period, owing to an increasing pet ownership and focus on preventive healthcare

• Based on distribution channel, the veterinary hospitals & clinics segment held the majority of the market share in 2023 and e-commerce segment is expected to grow at the fastest CAGR over forecast period

• 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

U.S. Veterinary Medicine Market Segmentation

Grand View Research has segmented the U.S. veterinary medicine market based on the product, animal type, route of administration, and distribution channel:

U.S. Veterinary Medicine 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

  • Others

• Medicated Feed Additives

U.S. Veterinary Medicine Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Production Animals

  • Poultry

  • Pigs

  • Cattle

  • Sheep & Goats

  • Others

• Companion Animals

  • Dogs

  • Cats

  • Horses

  • Others

U.S. Veterinary Medicine Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

• Oral

• Injectable

• Topical

• Other Routes

U.S. Veterinary Medicine Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Veterinary Hospitals & Clinics

• E-commerce

• Offline Retail Stores

• Others

List of Key Players in the U.S. Veterinary Medicine Market

• Zoetis Services LLC

• Boehringer Ingelheim International GmbH

• Merck & Co., Inc.

• Elanco

• Ceva

• Phibro Animal Health Corporation

• Bimeda Corporate

• IDEXX

• Vetbiologics

• Neogen Corporation

• ADM

• Kindred Biosciences, Inc.

• Cargill, Incorporated