Global Veterinary Medicine Market Size & Outlook
Global veterinary medicine market, 2018-2030 (US$M)
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Global veterinary medicine market highlights
- The global veterinary medicine market generated a revenue of USD 49,955.3 million in 2024 and is expected to reach USD 80,852.9 million by 2030.
- The market is expected to grow at a CAGR (2025 - 2030) of 8.5% by 2030.
- In terms of segment, pharmaceuticals accounted for a revenue of USD 36,166.8 million in 2024.
- Biologics is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2024.
- Country-wise, Israel is expected to register the highest CAGR from 2025 to 2030.
Global data book summary
| Market revenue in 2024 | USD 49,955.3 million |
| Market revenue in 2030 | USD 80,852.9 million |
| Growth rate | 8.5% (CAGR from 2025 to 2030) |
| Largest segment | Pharmaceuticals |
| Fastest growing segment | Biologics |
| Historical data covered | 2018 - 2023 |
| Base year for estimation | 2024 |
| Forecast period covered | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Biologics, Pharmaceuticals, Medicated Feed Additives |
Other key industry trends
- In terms of revenue, the North America accounted for 36.4% of the global veterinary medicine market in 2024.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Israel is the fastest growing regional market and is projected to reach USD 85.7 million by 2030.
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Veterinary Medicine Market Scope
Veterinary Medicine Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global veterinary medicine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to veterinary medicine market will help companies and investors design strategic landscapes.
Pharmaceuticals was the largest segment with a revenue share of 72.4% in 2024. Horizon Databook has segmented the Global veterinary medicine market based on biologics, pharmaceuticals, medicated feed additives covering the revenue growth of each sub-segment from 2018 to 2030.
The global livestock population has been experiencing rapid growth over the past few decades. According to a USDA report, there were around 94.4 million cattle calves in the U.S., as of 2017. In developing economies, the demand for livestock products is increasing. According to the 19th Animal Census Report, India was home to a livestock population of about 512 million.
Growing concern about food security and increasing animal husbandry occupations are boosting the demand for veterinary pharmaceuticals & vaccines for livestock. Increasing demand for animal products has intensified livestock production worldwide. Factors such as changes in food preferences owing to changing lifestyle habits and population growth are further boosting the demand for livestock products.
According to The American Pet Products Association report of 2018, overall spending in the U.S. pet industry increased by 4.1% from 2016 to 2017. Moreover, veterinary care spending increased by 7%, from USD 15.95 billion in 2016 to USD 17.07 billion in 2017. The increasing demand for vaccination and drugs is likely to propel the market over the forecast period.
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Our clientele includes a mix of veterinary medicine market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global veterinary medicine market , including forecasts for subscribers. This global databook contains high-level insights into Global veterinary medicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global veterinary medicine market size, by regions, 2018-2030 (US$M)
Top 10 countries: Veterinary medicine market size, 2024 (US$M)
Global veterinary medicine market share, by product, 2024 & 2030 (%, US$M)
Veterinary medicine market: Opportunity assessment by country
Global veterinary medicine market, by region, 2024 (US$M)
| Product | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 12,852.5 | 13,425.5 | 13,863.7 | 15,652.7 | 16,178.5 | 17,086.1 | 18,181.3 | 19,409.1 | 20,771.2 | 22,283.7 | 23,943.1 | 25,760.4 | 27,775.6 | 7.4% |
| Europe | 8,522.3 | 9,013.1 | 9,423.9 | 10,773.9 | 11,276.8 | 12,061.0 | 12,998.4 | 14,054.9 | 15,235.9 | 16,558.3 | 18,024.5 | 19,648.3 | 21,466.5 | 8.8% |
| Asia Pacific | 7,201.6 | 7,656.8 | 8,047.6 | 9,248.1 | 9,729.2 | 10,458.3 | 11,327.4 | 12,308.4 | 13,407.8 | 14,641.7 | 16,014.1 | 17,538.9 | 19,251.1 | 9.4% |
| Latin America | 3,431.8 | 3,629.9 | 3,795.7 | 4,339.8 | 4,542.7 | 4,858.9 | 5,236.8 | 5,662.6 | 6,138.6 | 6,671.5 | 7,262.2 | 7,916.3 | 8,648.6 | 8.8% |
| MEA | 1,425.6 | 1,512.1 | 1,585.5 | 1,817.8 | 1,908.0 | 2,046.4 | 2,211.5 | 2,397.8 | 2,606.3 | 2,840.1 | 3,099.8 | 3,388.0 | 3,711.1 | 9.1% |
| Overall | 33,433.7 | 35,237.4 | 36,716.4 | 41,832.2 | 43,635.2 | 46,510.8 | 49,955.3 | 53,832.8 | 58,159.9 | 62,995.2 | 68,343.7 | 74,251.9 | 80,852.9 | 8.5% |
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