U.S. Veterinary Medicine Market Size & Outlook, 2023-2030
U.S. veterinary medicine market, 2018-2030 (US$M)
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U.S. veterinary medicine market highlights
- The U.S. veterinary medicine market generated a revenue of USD 13,815.2 million in 2023 and is expected to reach USD 21,802.2 million by 2030.
- The U.S. market is expected to grow at a CAGR of 6.7% from 2024 to 2030.
- In terms of segment, pharmaceuticals was the largest revenue generating product in 2023.
- Biologics is the most lucrative product segment registering the fastest growth during the forecast period.
Veterinary medicine market data book summary
| Market revenue in 2023 | USD 13,815.2 million |
| Market revenue in 2030 | USD 21,802.2 million |
| Growth rate | 6.7% (CAGR from 2023 to 2030) |
| Largest segment | Pharmaceuticals |
| Fastest growing segment | Biologics |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Biologics, Pharmaceuticals, Medicated Feed Additives |
| Key market players worldwide | Zoetis Inc Class A, Boehringer Ingelheim, Merck & Co Inc, Elanco Animal Health Inc, Dechra Pharmaceuticals, Ceva Santé Animale, Phibro Animal Health Corp Class A, Virbac SA, Bimeda Ireland, Biogenesis Bago |
Other key industry trends
- In terms of revenue, U.S. accounted for 29.7% of the global veterinary medicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. veterinary medicine market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 2,919.6 million by 2030.
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Veterinary Medicine Market Scope
Veterinary Medicine Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. 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 67.64% in 2023. Horizon Databook has segmented the U.S. veterinary medicine market based on biologics, pharmaceuticals, medicated feed additives covering the revenue growth of each sub-segment from 2018 to 2030.
The country’s veterinary medicine market is anticipated to grow due to the increasing number of animal healthcare centers and practitioners. For instance, according to American Veterinary Medical Association (AVMA) data, in 2022, a total of 124,069 veterinary practitioners were operating in the U.S. Of these, 78,717 veterinarians were employed in clinical practice.
These factors are anticipated to boost the U.S. veterinary medicine market. Furthermore, growing animal healthcare spending can be attributed to an increase in adoption of veterinary medicine among production animals. According to USDA National Agricultural Statistics Services, the average U.S. farm expenditure on livestock, poultry, and related expenses in 2020 was USD 19,695.
These companies are heavily investing in R&D to produce novel veterinary medicines to cater to the market demand. For instance, in October 2023, Zoetis announced the U.S. commercial launch of Librela (bedinvetmab injection), demonstrating the company’s canine innovation & dedication to providing individualized care to address the health needs of dogs.
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Our clientele includes a mix of veterinary medicine market companies, investment firms, advisory firms & academic institutions.
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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 country-level data and insights on the U.S. veterinary medicine market , including forecasts for subscribers. This country databook contains high-level insights into U.S. veterinary medicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. veterinary medicine market size, by product, 2018-2030 (US$M)
U.S. Veterinary Medicine Market Outlook Share, 2023 & 2030 (US$M)
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