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Veterinary Medicine Market Size to Worth Around USD 52 BN by 2030

Precedence Research
Precedence Research

The global veterinary medicine market size is predicted to be worth around USD 93.67 billion by 2032 from valued at USD 45.71 billion in 2022 and it is growing at a CAGR of 7.43% from 2023 and 2032.

Ottawa, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Precedence Research predicts, the global veterinary medicine market will reach at USD 49.11 billion in 2022. The veterinary medication market driving factors are rising chronic diseases, rising pet ownership, and rising meat consumption. Food security was seriously threatened by the incidence of animal diseases, which is on the rise.

The main causes of the rise in animal chronic diseases are climate change and globalization. Additionally, human acts as well as natural occurrences can cause diseases in animals. In addition, it is anticipated that the market for veterinary opioid medications would grow significantly in the upcoming years.

After the outbreak of the COVID-19 pandemic, the need for vaccines for pets and other animals had also increased due to which the market witnessed significant growth. The need for alternative medicine has also grown after the outbreak of the COVID-19 pandemic to reduce the administration of antibiotics.

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The veterinary medicine market report estimations are derived based on a hybrid model leveraging top down and bottom-up approach tracking major market player’s revenue and integrating information with market comparison model using a TAM model to assess how many animal health products would be in demand based on the existing demand from target consumers.

The growth can be attributed to high global prevalence of chronic diseases, which has compelled animal health companies to produce advanced treatment options. Rise in the number of companies has led to a high demand for animal products and collaborative efforts are being made to improve contamination risks with pathogen as well as food borne diseases, which is contributing to the market growth. Moreover, growing demand for pet adoption and increasing income in developing countries are among the factors expected to fuel the growth of this market. Moreover, increasing number of veterinary practitioners and pet insurance policies are among the major factors driving the demand for veterinary medicine.

Key Takeaways:

  • North America market has held revenue share of 27% in 2022.

  • By animal type, the production segment has garnered revenue share of 55% in 2022.

  • By product, the pharmaceuticals segment has accounted 60% revenue share in 2022.

  • By mode of delivery, the parenteral segment has held maximum revenue share of 45% in 2022.

  • By end-user, the veterinary hospitals and clinics segment has accounted 73% revenue share in 2022.

Regional Snapshots

The market for veterinary medicine has been dominated by North America thus far, and this is predicted to continue during the projected period. The rising incidence of zoonotic infections, favorable reimbursement policies, and rising costs for companion animals are major contributors to the domination. Furthermore, The EU Veterinary Medicines Regulation and the rising use of pet insurance are two factors that have contributed to this growth. Due to factors such as advantageous reimbursement programs and the rising prevalence of zoonotic illnesses.

Additionally, it is anticipated that rising pet health insurance acceptance in the U.S. will support market expansion. This sector of the economy has expanded as a result of factors like rising adoption rates for companion animals and worries about animal health. Additionally, it is projected that the region's expanding cattle population and increased spending on veterinary and animal health services will propel the Asia Pacific region market.

Report highlights

  • Production animals dominated the market in 2022 according to animal type. The world's expanding demand for proteins is the cause of producing animals capturing the lion's share of the market. Additionally, the parenteral category had the highest revenue by mode; this increase can be attributed to the product's accessibility and immediate effectiveness. Due to the increased incidence of zoonotic diseases, brucellosis, and foodborne illnesses, medicines had a market share of more than 50% in 2021.

  • The veterinary hospitals & clinics held the greatest market share in 2022 when looking at end users. The availability of innovative therapeutics, laser diagnostics, nuclear & regenerative medicines, and specialist surgery in veterinary hospitals & clinics can be credited with the growth.

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Scope of the Report

Report Attributes

Details

Revenue Forecast by 2032

USD 93.67 Billion

CAGR

7.43% from 2023 to 2032

North America Revenue Share

27% in 2022

Pharmaceuticals Segment Share

60% in 2022

Parenteral Segment Share

45% in 2022

Key Players

Ceva Sante Animale, Zoetis, Vetoquinol S.A., Neogen Corp., Hester Biosciences, Biogenesis Bago, Ceva Sante Animale, Vetoquinol S.A., Phibro Animal Health, Dechra Pharmaceuticals PLC and Others

Market dynamics

Drivers

The surge in livestock ownership and the number of pet owners are driving the market's expansion. Additionally, the rise in demand for livestock products and the rise in the prevalence of various medical disorders in animals are driving the growth of the veterinary medication market. The cost of providing for animals is rising, which is also accelerating market expansion. Additionally, the increased demand for animal vaccinations that are required by law is accelerating the expansion of the veterinary medication market.

India has the fastest-growing dog population, which boosts the country's veterinary care business. The market is expanding as a result of both rising spending and the number of companion animals. According to the Food and Agriculture Organization (FAO), by 2025, the world's per capita meat consumption is expected to reach 35.3 kg. And according to World Counts, 460–570 million tons of beef will be consumed globally by 2050. Additionally, the market growth for veterinary medicines is being boosted by the consumption of dairy products. The increased use of meat and dairy products calls for increased livestock safety to stop the transfer of disease from animals to humans.

INCREASE IN NUMBER OF ZOONOTIC & CHRONIC DISEASES

Increasing incidence of zoonotic diseases is fueling the market for vaccines and other pharmaceuticals. Zoonotic diseases can be classified as bacterial, viral, and parasitic. Outbreaks in the livestock can be major socioeconomic threats, resulting in production loss and disruption of local markets, rural economy, & international trade. In addition, some of the bacteria that cause livestock diseases can spread to humans, such as E. coli & salmonella. The WHO is engaged in various activities to address health threats in the human-animal-ecosystem interface, including antimicrobial resistance, food-borne zoonosis, and food safety.

Moreover, several activities are being implemented at country, regional, and international levels by WHO. It collaborates with the World Organization for Animal Health (OIE), the Food and Agriculture Organization (FAO), national ministries of health, the World Bank, and UNSIC to take major actions for disease control.

Animal and food safety systems are currently facing challenges due to the increasingly long and complex supply chains, primarily due to globalization & trade liberalization. Stringent animal health and food safety regulations are further increasing the demand for vaccines. Increasing prevalence of diabetes, kidney diseases, atopic dermatitis, and arthritis problems are further fueling the market for companion animals.

Increasing incidence of pet obesity, owing to conditions such as osteoarthritis and other joint diseases, is boosting the demand for better treatment options. For instance, according to APPA, NEARLY 56.5 million cats and 50.2 million dogs were obese or overweight in the U.S. in 2017. Rising concern of owners about their pets has resulted in an increase in pet care expenditure, which is fueling the market.

RISING R&D AND PROCEDURAL ADVANCEMENTS

The veterinary vaccines & pharmaceuticals market, being innovation-driven, holds major growth opportunities. Advancements in vaccine banks and information management systems, among others, are likely to boost the veterinary biologics segment. Increased focus on innovation in veterinary vaccines has resulted in certain measures being implemented. In line with this, the Innovative Medicines Initiative (IMI), a public-private partnership, was established to support collaborative research and boost pharmaceutical innovations in Europe.

Similarly, the MediLabSecure project focuses on consolidating a laboratory network on emerging viruses or disease-causing pathogens in animals and/or humans. The network comprises 19 non-EU countries from the Mediterranean & Black Sea regions and makes use of 57 laboratories. Moreover, emergence of veterinary health information systems, especially in developed economies, is likely to propel market growth in the near future. Enhanced communication, coupled with improved innovation, is also contributing to market growth.

New product launches and approvals by key industry players are driving the demand. Companies are constantly trying to develop innovative drugs and vaccines to tap into the market’s growth potential. For instance, in June 2018, Merck entered into a partnership with Vinovo B.V., a division of Viscon Hatchery Automation, which helped the company expand its portfolio of poultry vaccines. In July 2019, Ceva launched Salmoporc zoonotic disease vaccine in Austria, Hungary, Belgium, Denmark, the Czech Republic, Ireland, the Netherlands, Italy, Romania, the Slovak Republic, Portugal, and the UK to expand its regional presence.

INCREASING CONSUMPTION OF MEATS AND MANDATORY VACCINATION

Global meat production has increased rapidly over the past 50 years due to increasing demand, which is fueling the veterinary medicine market. Asia held around 40% to 50% of the market for global meat production. Other major producers include the U.S., China, Brazil, Australia, and Argentina. Increasing disposable income in developing economies is further boosting the market. According to a report by the Australian Bureau of Agriculture and Resources Economics and Sciences, China will represent around 40% of the increase in meat demand by 2050.

The increasing demand for meat production is likely to boost the need to protect animals from diseases. Stringent regulations by government bodies for mandatory vaccination in cattle and poultry to reduce the risk for foodborne diseases is propelling the market. Companies are trying to develop recombinant vaccines to further reduce the risk of diseases in farm animals. Moreover, the current industry trend of antibiotic-free production is further increasing the demand.

Restraints

High expenditures associated with animal healthcare are impeding market expansion. In most of the underdeveloped nations and developing nations across the world, one of the major restraints is the expenses incurred on treating livestock animals. The policies adopted by the government in most of these nations do not favor this industry at all of these factors will have further market growth to a great extent. The market's expansion is being constrained by the absence of veterinary infrastructural facilities in developing countries.

Opportunities

Rising awareness among people regarding animal health may create an opportunity to stimulate the growth of the market. Funds received for the research and development purpose of veterinary medicine have flourished in recent times and it will provide maximum growth opportunities for the veterinary medicines market during the forecast period. Livestock animals are constantly suffering from zoonotic diseases, and this is also expected to provide a growth opportunity for the market.

The demand for various pharmaceutical products used for treating different illnesses in livestock animals is expected to increase in the coming years. The medical therapy used in treating livestock animals is expected to make use of advanced technologies because of constant research and development in the field and this is also expected to provide good opportunities.

Challenges 

The presence of counterfeit drugs in the market is expected to hamper the veterinary medicines market to a great extent as these drugs will hamper the sales of the original products in the market and they may also have a negative impact on the health of the pets. As the infections associated with the consumption of such drugs have increased in recent times the market growth will be hampered.

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Recent Developments

  • In October 2021- To expand its capacity for manufacturing monoclonal antibodies (mAbs), Zoetis invested in a new manufacturing and development facility in Ireland. This is expected to improve its portfolio of veterinary therapeutic biopharmaceuticals.

  • In August 2020- Merck purchased IdentiGEN from Ireland-based MML Growth Capital Partners, a provider of DNA-based animal traceability solutions for agriculture and aquaculture. The company's product line was able to grow as a result. These kinds of initiatives also help the market to expand.

Zoetis Revenue, By Product Category (2020)

Product

Revenue 2020 (%)

Pharmaceuticals

62%

 

Medical feed additives

6.9%

 

Vaccines

22.1%

 

Animal Health diagnostics

4.6%

 

Contract Manufacturing & human health

1.2%

 

Other non-pharmaceuticals

3.1%

 

KEY HEIGHLIGHTS

  • The patent for the active ingredient of Convenia has expired; however, there are formulation patents relevant to the product line which expire between November 2022 and October 2023.

  • The patent for the active ingredient of Cerenia has expired; however, there are formulation patents relevant to the product line which expire between May 2020 and January 2027. A generic version of Cerenia has been registered in Europe and is marketed in the European Union, and there is a pending registration in Canada. At this time, there is no indication of market entry of a generic version of Cerenia in the U.S.

  • Sales of Clavamox products in the U.S. continued to be negatively impacted by generic competition.

  • Sales of Rimadyl chewable products in the U.S. have declined by approximately 24% in 2019 since their introduction due to generic competition.

Elanco Revenue, By Product Category (2020)

Animal Type

Revenue 2020 (%)

Pet Health Disease

31%

 

Prevention Pet Health Therapeutics

11%

 

Farm Animal Future Protein & Health

22%

 

Farm Animal Ruminants & Swine

34%

 

Contract Manufacturing

2%

 

KEY HEIGHLIGHTS

  • The innovative products company launched or acquired since 2015 helped to fuel the revenue. For instance, revenue from this portfolio grew from USD 97.9 million in 2016 to 439.2 million in 2019.

  • The top 5 products namely Rumensin, Trifexis, Maxiban, Interceptor Plus and Denagard contributed around 31% of the total sales in 2019. The top 10 products contributed around 43% of the total sales.

  • In 2019, almost 67% of the revenue generated from the products which did not have patent protection. Some of the patents will be expiring over the next several years.

  • Sales of Optaflexx, a beef product decreased by around 21% from 2015 to 2019 due to generic competition.

  • U.S. revenue from Rumensin is also continued to decrease year over year due to generic competition.

Market Segmentation

By Animal Type

  • Production

    • Poultry

    • Swine

    • Cattle

    • Sheep & Goats

    • Fish

  • Companion

    • Dogs

    • Cats

    • Horses

    • Others

By Product

  • Biologics

    • Vaccine

    • Live Attenuated Vaccines

    • DNA Vaccines

    • Recombinant Vaccines

    • Inactivated Vaccines

    • Others

  • Others

  • Pharmaceuticals

    • Parasiticides

    • Anti-infectives

    • Anti-inflammatory

    • Analgesics

    • Others

  • Medicated Feed Additives

By Mode of Delivery

  • Oral

    • Powder

    • Tablets

  • Parenteral

    • Suspension

    • Topical

    • Carrier

  • Other

By End-User

  • Reference Laboratories

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

  • Veterinary Hospitals & Clinics

  • Others

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • The Middle East and Africa

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