India Veterinary Medicine Market To Reach $3.55 Billion By 2030

India Veterinary Medicine Market Growth & Trends

The India veterinary medicine market size is anticipated to reach USD 3.55 billion by 2030, growing at a CAGR of 10.3% during the forecast period, according to a new report by Grand View Research, Inc. The market growth is driven by new product releases, an increase in animal illness outbreaks, demand for animal protein, and awareness of the value of animal healthcare. Other factors fueling the market's expansion are development in veterinary medicine, regulatory assistance, and government initiatives in India. In August 2023, the G20 Pandemic Fund approved India's USD 25 million proposal to improve animal health security for pandemic preparedness and response.

Veterinary medicines are crucial for disease prevention, livestock health, and animal-derived food production. However, low biosecurity and traditional husbandry techniques pose risks of human transmission due to animal contact. Competition in the market is fueled by the presence of small and large enterprises offering a wide range of veterinary medications for various species and market sectors.

In September 2023, Boehringer Ingelheim India entered into a MoU with the Pet Practitioners Association of Mumbai to combat rabies in the Greater Mumbai area. Boehringer Ingelheim India has committed to donate 30,000 doses of its anti-rabies vaccine Rabisin (inactivated and adjuvant rabies glycoproteins) for the vaccination drive and conduct a month-long awareness drive in partnership with PPAM in schools and communities to educate the public about rabies prevention and the human-animal bond.

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India Veterinary Medicine Market Report Highlights

• Based on product, the pharmaceuticals segment dominated with a revenue share of more than 65% share in 2023, owing to increasing animal health expenditure, product portfolio expansion, R&D activities and new product launches by key companies

• Based on animal type, the production animal segment dominated the market with the largest revenue share in 2023 pertaining to increasing demand for meat, dairy, and other animal-derived products in India

• Based on route of administration, the injectable segment led with the largest revenue share in 2023. The varied benefits and availability of injectable are some of the key factors driving the segment’s growth.

India Veterinary Medicine Market Segmentation

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

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

• Biologics

  • Vaccines

    • Modified/Attenuated Live

    • Inactivated (Killed)

    • Other Vaccines

  • Other Biologics

• Pharmaceuticals

  • Parasiticides

  • Anti-infectives

  • Anti-inflammatory

  • Analgesics

  • Others

• Medicated Feed Additives

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

• Production Animals

  • Poultry

  • Pigs

  • Cattle

  • Sheep & Goats

  • Others

• Companion Animals

  • Dogs

  • Cats

  • Horses

  • Others

India Veterinary Medicine Route Of Administration Outlook (Revenue, USD Billion, 2018 - 2030)

• Oral

• Injectable

• Topical

• Other Routes

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

• Veterinary Hospitals & Clinics

• E-commerce

• Offline Retail Stores

• Others

List of Key Players in the India Veterinary Medicine Market

• Zoetis Inc.

• Ceva Santé Animale

• Virbac

• Boehringer Ingelheim International Gmbh

• Biovet

• Sarabhai Chemicals

• Growel Agrovet

• LE Mantus Pharmaceuticals

• Vetneeds Labs