by Veterinary medicine products are extensively used for diagnosing and treating diseases and infections in animals. Rapid pet adoption and increasing expenditure on animal health are driving the uptake of various veterinary drugs and vaccines. Advancements in diagnostic technologies have enabled accurate identification of pathogens, aiding veterinarians in prescribing effective treatment plans. Point-of-care testing devices and portable ultrasound scanners provide real-time analysis of physiological parameters, facilitating timely clinical decisions.
The Global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Veterinary Medicine are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries Holdings B.V., and SABIC. These players are focusing on new product launches and expansion of manufacturing facilities to consolidate their market presence.
The market provides opportunities for manufacturers in the form of development of treatments for neglected zoonotic diseases prevalent in developing nations. Emergence of telehealth solutions allowing remote veterinary consultations and adoption of AI and IoT in diagnostics are opening new growth avenues.
Advancements in molecular diagnostic techniques like polymerase chain reaction (PCR) and next-generation sequencing (NGS) have enabled rapid testing and identification of pathogens at genomic level. Wearable devices and sensors integrated with digital platforms are improving disease monitoring in livestock and companion animals.
Market Drivers
Increasing pet ownership – Rapid urbanization, rising income levels and changing lifestyles have boosted pet adoption globally. This is driving demand for veterinary services and medicines.
Growing focus on food-producing animal health – Governments are promoting animal welfare programs and disease control measures to ensure quality meat and dairy production. This fuels consumption of veterinary pharmaceuticals.
Rising incidence of zoonotic diseases – Transmission of illnesses from animals to humans has emerged as a public health concern. This is propelling investments towards preventive healthcare of livestock.
Current challenges in Veterinary Medicine Market:
One of the key challenges faced by the Veterinary Medicine Market Demand is the lack of accessibility and availability of animal healthcare facilities in rural areas across major regions. As a large share of livestock animals are raised in rural villages, the shortage of veterinary healthcare infrastructure like clinics and hospitals poses difficulties for farmers in timely diagnosis and treatment of diseases in cattle. Moreover, rising diagnostic and treatment costs have also emerged as a barrier, limiting full-scale access to medicines and procedures. However, governments are now focusing on rural development programs to strengthen veterinary services.
SWOT Analysis
Strength: Growing pet adoption in developed nations is driving demand for veterinary drugs and therapeutics. This presents an opportunity for manufacturers to launch novel drugs and vaccines targeted towards pets. Weakness: High R&D costs associated with veterinary drug development is a major challenge, especially for new pharmaceutical companies. Opportunity: Untapped rural regions worldwide with limited access to animal healthcare present lucrative growth prospects. Threats: stringent regulations for veterinary drug approval pose risks in terms of increased costs and delays in market launch of new products.
Geographical regions with high market concentration:
North America and Western Europe currently hold nearly 50% share of the global Veterinary Medicine Market value, driven by rising pet adoption and increased pet healthcare spending. The United States represents the largest market.
Fastest growing geographical region: Asia Pacific is emerging as the fastest growing regional market for veterinary medicines. Rapid growth in livestock farming in countries such as India and China to meet rising meat demand is propelling the need for associated veterinary services and pharmaceuticals in the region. Additionally, improving standards of pet care along with rising pet ownership are contributing to market revenues across Southeast Asian countries.
