Veterinary Medicine Market By Animal Type, By Product, By Distribution Channel And Forecast 2023-2032|Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals Plc, Ceva Sante Animale

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The Veterinary Medicine Global Market Report 2023 by The Business Research Company, provides veterinary medicine market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Veterinary Medicine Global Market Report 2023, the global veterinary medicine market size is expected to grow from $26.94 billion in 2022 to $28.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global veterinary medicine is expected to grow to $37.08 billion in 2027 at a CAGR of 6.5%.

The increase in number of pet owners is expected to propel the growth of the veterinary medicine market. Pet owners are individuals who own or adopt a pet animal. Pet owners take care of their pets and their health. Thus, they provide necessary health facilities to the pets, which increases the demand for veterinary drugs and drives the veterinary medicine market.

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The veterinary medicine market is segmented:

1) By Product: Drugs, Vaccines, and Medical feed additives

2) By Animal Type: Companion animals, Livestock animals

3) By Route of Administration: Oral route, Parental route, Topical route

4) By Distribution Channel: Veterinary Hospital Pharmacies, Retail Veterinary Pharmacies

5) By End-use: Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Other End-users

Product innovation is a key trend moving forward in the veterinary medicine market. Major companies operating in the veterinary medicine market are introducing new products, such as Stelfonta injectables, to sustain their position in the market. For instance, in July 2020, Virbac, a France-based company focused on animal health product development, launched a Stelfonta injectable to treat mast cell tumours in dogs. The new product is a breakthrough solution for mast cell tumors, which are a leading form of skin cancer. Stelfonta uniquely destroys tumours without the need for surgery.

The veterinary medicine market report table of contents includes: