Veterinary Medicine Market To Reach $80.85 Billion By 2030

Veterinary Medicine Market Growth & Trends

The global veterinary medicine market size is estimated to reach USD 80.85 billion by 2030, registering a CAGR of 8.5% from 2025 to 2030, according to a new report by Grand View Research, Inc. Some of the key factors driving market growth include increasing advancements in veterinary medicine, demand for animal protein, pet humanization, and a growing focus on improving animal health outcomes. As per the Food and Agriculture Organization and internal GVR estimates, the global cattle population increased from 1.4 billion to 1.5 billion between 2017 to 2022. This led to increased demand for veterinary products and services in the cattle segment and is expected to continue in the near future driven by growing consumption of beef, milk, and dairy products.

The COVID-19 pandemic had both positive and negative impacts on the market. Negative impact includes supply chain constraints, limited access to veterinary care, and operational hurdles. Positive impact include a surge in pet ownership, increased awareness about animal healthcare, humanization of pets, uptake of telehealth, and adoption of pet insurance. The market was further influenced by factors such as the African Swine Fever and the macroeconomic headwinds of 2022. However, the strong underlying drivers ensure sustained growth of the market in the coming years.

Increased R&D activities are anticipated to propel the market growth over the forecast period. R&D investments support the development of innovative therapies and treatments for various veterinary diseases. This includes the discovery & development of new pharmaceuticals and vaccines that enhance the effectiveness and safety of veterinary healthcare. In May 2023, ILC Therapeutics partnered with Dechra Pharmaceuticals to research & develop its Caniferon product for atopic dermatitis treatment in dogs. Moreover, in July 2022, Animol Discovery, Inc.- specializing in drug discovery, raised USD 34 million of series B funding. This enabled the company to expand and enhance its drug discovery platform and its pipeline of novel active pharmaceutical ingredients (APIs).

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Veterinary Medicine Market Report Highlights

• By product, the pharmaceuticals segment dominated the market in 2024 with a share of about 67.38%. The biologics segment is estimated to grow at the fastest rate

• The production animals segment held the largest market share by animal type in 2024. The companion animals segment, on the other hand, is expected to grow at the highest CAGR in the coming years

• In terms of route of administration, injectable segment accounted for the highest share of the market in 2024 while other routes are expected to the fastest over the forecast period

• Injectables often provide a faster onset of action and higher bioavailability compared to oral or topical routes because they bypass the digestive system and are absorbed directly into the bloodstream. These benefits associated with the injectable route contribute to the higher share of the segment.

• By distribution channel, veterinary hospitals and clinics dominated the market in 2024. E-commerce segment is projected to grow at the fastest rate in the near future

• E-commerce platforms often offer competitive pricing and discounts on veterinary medicines & products. This can be cost-effective for animal owners, especially when purchasing in bulk or for long-term treatments

• In 2024, North America attributed to the highest share of the market by region. Asia Pacific is anticipated to grow the fastest from 2025 to 2030.

Veterinary Medicine Market Segmentation

Grand View Research has segmented the global veterinary medicine market based on product, animal type, route of administration, distribution channel, and region:

Veterinary Medicine Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Production Animals

  • Poultry

  • Pigs

  • Cattle

  • Sheep & Goats

  • Others

• Companion Animals

  • Dogs

  • Cats

  • Horses

  • Others

Veterinary Medicine Product Outlook (Revenue, USD Million, 2018 - 2030)

• Biologics

  • Vaccines

    • Modified/ Attenuated Live

    • Inactivated (Killed)

    • Other Vaccines

  • Other Biologics

• Pharmaceuticals

  • Parasiticides

  • Anti-infectives

  • Anti-inflammatory

  • Analgesics

  • Others

• Medicated Feed Additives

Veterinary Medicine Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

• Oral

• Injectable

• Topical

• Other Routes

Veterinary Medicine Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Veterinary Hospitals & Clinics

• E-commerce

• Offline Retail Stores

• Others

Veterinary Medicine Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Netherlands

  • Norway

  • Denmark

  • Sweden

  • Rest of Europe

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

  • Thailand

  • Rest of Asia Pacific

• Latin America

  • Brazil

  • Mexico

  • Argentina

  • Rest of Latin America

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

  • Egypt

  • Israel

  • Rest of MEA

List of Key Players in the Veterinary Medicine Market

• Zoetis Inc.

• Boehringer Ingelheim International Gmbh

• Merck & Co., Inc.

• Elanco

• Dechra Pharmaceuticals PLC

• Ceva Santé Animale

• Phibro Animal Health Corporation

• Virbac

• Bimeda Corporate

• Biogénesis Bagó