Veterinary Medicine Market Is Estimated To Witness High Growth Owing To Rising Pet Adoption
The veterinary medicine market is estimated to be valued at US$ 34.08 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary medicines are used for the prevention and treatment of various animal diseases. The key products in this market include vaccines, parasiticides, anti-infectives, medicines for NSAIDs, and antifungal and anti-microbial medicines. These medicines are used for livestock animals as well as companion animals such as dogs and cats. Growing pet adoption, rising animal health expenditure, and increasing prevalence of zoonotic diseases are driving the demand for veterinary medicines.
Market Dynamics:
Rising pet adoption around the globe is a major factor driving growth of the veterinary medicine market. According to the American Pet Products Association, US pet industry spending reached US$ 103 billion in 2021, indicating growing humanization of pets. Furthermore, increasing consumer awareness regarding animal health is also contributing to market growth. According to Centers for Disease Control and Prevention (CDC), about 75% of emerging infectious diseases in humans have animal origins, commonly known as zoonotic diseases. Increasing awareness about potential zoonotic diseases and their prevention through animal treatment and vaccines is boosting demand for veterinary medicines. Additionally, growing meat consumption and rise of factory farming is spurring veterinary medicine demand from the livestock sector for prevention and treatment of diseases.
SWOT Analysis
Strength:
- Growing pet adoption rates globally drive demand for veterinary services and products. Strong bond between pets and owners results in willingness to spend on pet health.
- Advancements in diagnostic techniques and therapeutics aid in improved disease management and care. Portfolio expansion into specialized areas increases market reach.
- Established distribution channels facilitate easy access and availability of drugs & supplies to veterinarians.
Weakness:
- Strict regulatory compliances and high costs associated with new drug development results in delayed market approvals.
- Shortage of veterinary practitioners in certain geographical regions hampers accessibility in rural & remote areas.
Opportunity:
- Emerging markets like Asia Pacific & Latin America offer lucrative prospects backed by growing pet ownership and increasing per capita animal healthcare expenditure.
- Infectious disease outbreaks in livestock and changing disease patterns increase demand for vaccines and specialized treatments.
Threats:
- Substitution threat from alternative therapeutic areas and pet feeding options impacts product sales.
- Economic slowdowns pressurize veterinary operating margins due to slackening demand and pricing pressures.
Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing pet adoption across the world. Rising disposable income allows owners to spend more on advanced healthcare of companion animals.
Regional analysis: North America dominated the global market in 2023, accounting for over 35% share. However, Asia Pacific is projected to witness highest CAGR during the forecast period with growing pet humanization trend and shifting focus towards animal welfare in countries like India and China.
Key players: Key players operating in the veterinary medicine market are Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh, among others. Market leaders are focusing on expanding their manufacturing capabilities and portfolio through mergers and acquisitions to strengthen foothold.