The demand for veterinary medicine is being influenced by an increase in the number of cases of zoonotic and infectious illnesses. Over the last few decades, the global livestock population has also been increasingly growing. Furthermore, increasing R&D and procedural advances, pet adoption rates, rising meat intake, and mandatory vaccination are likely to raise demand for veterinary pharmaceuticals and vaccinations in the coming years.
The global Pet Medicine market worth USD 42.12 billion by 2029, growing at a CAGR of 6.4%
When the number of pet owners increases, so does the need for better care services for service animals, resulting in increased pet health spending. According to the American Pet Products Association, gross pet industry investment in the United States reached USD 96.0 billion in 2019 and is anticipated grow rapidly through 2021. Furthermore, over 65.0 percent of households in the United States owned a pet in 2019, equating to nearly 85.0 million homes. Since 1988, when 56 percent of American households owned a cat, this number had risen by around 11%.
The current COVID-19 epidemic has had an effect on all markets, including pet medicine. Idexx and other leading participants have tested over tens of thousands of dogs and cats for the virus, with unfavourable findings. To ensure sanitation and reduce the risk of infection, pet owners are recommended to keep a healthy distance from their dogs. The influence has also been felt in the livestock industry. Moving animal products to consumers, such as beef, milk, and eggs, has proved difficult. The seasonal crossing of the border with ruminants has been prohibited.
Because of the expanded use of vaccines by pet animals for disease prevention, the biologics segment is expected to grow the fastest in the veterinary medicine industry over the forecast period. Furthermore, epidemics in recent years have resulted in major casualties in the animal farming industry, pushing up demand for vaccines as a way of avoiding such outbreaks.
The aim of the report is to estimate the size of the market for pet medicine and the future growth potential of the market for pet medicine across various segments, such as patient position and component. The base year considered for the analysis is 2019 and from forecast is provided from 2020-2028.
In 2020, North America led the pet medicine industry, with the largest sales share. Because of favourable government legislation such as the EU Veterinary Drugs Regulation and the growing introduction of pet insurance in European nations, European countries have a leading role. The rising prevalence of zoonotic diseases and attractive insurance schemes are two main contributing factors to the domination. Furthermore, growing acceptance of pet health insurance in the United States is projected to fuel business growth.
Key vendors in the market include Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim GmbH, Elanco, Nutreco N.V., Virbac, Kindred Biosciences, Inc., Biogenesis Bago, Indian Immunologicals Ltd, and many more.
Pet Medicine Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 42.12 billion|
|Growth Rate||CAGR of 6.4% during 2021-2029|
|Segment Covered||By Product, Animal Type, Route of Administration, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Merck & Co., Inc. (US), Bayer AG (Germany), Boehringer Ingelheim International GmbH. (Germany), Vetoquinol (France), Zoetis (US), Ceva (France), Cargill, Incorporated (US), Nutreco (Netherlands), Virbac (France), Kindred Biosciences, Inc. (US), Biogénesis Bagó (Argentina), NEOGEN Corporation (US), Hester Biosciences Limited. (India), ADM (US), Norbrook (UK), Dechra Pharmaceuticals PLC (UK), Evonik Industries AG (Germany)|
Key Segments of the Global Pet Medicine Market
Animal Overview, 2018-2028 (USD Million)
Product Overview, 2018-2028 (USD Million)
- Medicated Feed Additives
Mode of Administration Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Important Companies in Global Pet Medicine Market
- Merck Animal Health
- Ceva Sante Animale
- Vetoquinol S.A.
- Boehringer Ingelheim GmbH
- Nutreco N.V.
- Kindred Biosciences, Inc.
- Biogenesis Bago
- Indian Immunologicals Ltd.
- Neogen Corporation
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of pet medicine market benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on pet medicine market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global pet medicine market. The report will benefit: Every stakeholder involved in the pet medicine market.
- Managers within the field service management industry looking to publish recent and forecasted statistics about pet medicine market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global pet medicine market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.