The global veterinary medicine market, valued at $46.51 billion in 2023, or about Rs3.92 lakh crore at the current exchange rate, is expected to grow at a compounded annual growth rate of 7.77% to reach $85.05 billion, or about Rs7.18 lakh crore, by 2031, according to a new marketing research report. This growth in the vet medicine market is attributed to the rising awareness of animal health and welfare, coupled with increased adoption of companion animals worldwide. Sadly, expanding livestock production, particularly in developing economies, will also play a part in driving the growth, the report by Market Research Intellect, an agency based in Lewes, Delaware, USA, says.
Emerging markets in regions like the Asia-Pacific and Latin America are expected to contribute significantly to the expansion of the vet medicine market on account of increasing pet ownership, improvements in veterinary infrastructure, and rising investments in animal health care, according to the study. Overall, it says, the future of the market looks promising as innovations in veterinary pharmaceuticals and medical devices continue, catering to both preventive and therapeutic animal care needs.
Companion Animal Segment
This segment plays a significant role in driving the vet medicine market. Rising pet adoption rates, particularly in developed regions like North America and Europe, are contributing to increased spending on veterinary care.
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The humanization of pets, where animals are viewed as family members, is driving demand for high-quality veterinary services, preventive treatments, and pharmaceuticals aimed at enhancing pet well-being. Increasingly, notwithstanding exceptions, well-off owners are willing to invest in advanced medical treatments, including vaccines, parasite control, and specialized nutrition, to ensure the long-term health of their pets.
The growing trend of pet insurance is also encouraging more frequent veterinary visits, driving demand for veterinary medicines. With increasing awareness about pet health and the emotional connection between pets and owners, the companion animal segment is expected to continue growing, driving demand for innovative and effective veterinary solutions.
Livestock Segment
The livestock segment represents a substantial share of the vet medicine market, driven by the need for disease prevention and health management in agricultural settings. The rising global demand for meat, dairy, and other animal-derived products has led to an increased focus on maintaining animal health to ensure productivity and food safety, the report says.
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Farmers and livestock producers are increasingly adopting preventive measures, such as vaccines and antibiotics, to protect their animals from infectious diseases and improve overall herd performance. Additionally, the growing emphasis on food safety regulations and traceability in the livestock supply chain calls for more rigorous veterinary interventions.
As livestock production continues to expand, particularly in the emerging economies, the demand for veterinary medicines tailored to cattle, swine, poultry, and other livestock is only expected to grow, making this segment a key driver of overall vet medicine market growth.
Technological Advancements
Technological progress is also reshaping the veterinary medicine market, with improved diagnostic capabilities, treatment options, and animal care, according to the report. Innovations such as telemedicine platforms, wearable devices for pets, and advanced diagnostic tools are enabling veterinarians to offer more precise, timely, and effective treatment. Furthermore, developments in pharmaceuticals, including long-acting drugs and targeted therapies, are enhancing the treatment of chronic and acute conditions in animals.
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Advances in biotechnology, such as gene therapy and stem cell treatments, are also emerging in the veterinary space, offering new possibilities for treating hitherto untreatable complex diseases, the agency noted. In addition, artificial intelligence and data analytics are being integrated into veterinary practice to predict disease outbreaks, optimize treatment plans, and improve operational efficiency. As these technologies become more widespread, they are expected to drive significant growth and transformation in the veterinary medicine market, according to the report.
Preventive Care Focus
The focus on preventive care is a major trend shaping the veterinary medicine market. Increasing awareness among pet owners and livestock producers about the benefits of preventive health care, such as vaccinations, parasite control, and wellness check-ups, is driving demand for preventive veterinary products and services, according to the report.
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Preventive care not only improves the quality of life for companion animals but also helps reduce the incidence of costly diseases and treatments. For livestock, preventive measures ensure higher productivity, better disease resistance, and improved food safety. This shift towards preventive health care is supported by government initiatives and veterinary associations promoting regular check-ups and vaccinations. As more pet owners and farmers adopt preventive measures, the demand for vaccines, diagnostic tests, and preventive pharmaceuticals is expected to grow, further expanding the veterinary medicine market.
Regional Insights
The veterinary medicine market is witnessing diverse growth patterns across regions. North America leads the market, driven by high pet ownership rates, advanced veterinary healthcare infrastructure, and a strong focus on preventive care, the research agency noted. The USA, in particular, has a well-established veterinary medicine market, with rising investments in animal healthcare technologies, it said. Europe follows closely, with growing demand for veterinary medicines in both the companion animal and livestock sectors. The Asia-Pacific is emerging as a key growth region, fuelled by rising pet adoption rates, expanding livestock production, and increasing awareness of animal health. Countries like China and India are investing heavily in veterinary infrastructure and healthcare products, making the region a focal point for market expansion, the agency noted in its report. Latin America and West Asia are also experiencing steady growth, supported by rising disposable incomes and growing demand for animal-derived food products.
