Analysts Report the Size of the Global Veterinary Medicine Market

According to a new report published by the analytics company 24ChemicalResearch, the global veterinary medicine market reached USD 22.18 billion in 2023. By 2030, the market is projected to grow to USD 31.87 billion. Key growth drivers include the rising pet owners number, increasing demand for livestock products, and the growing focus on pet health management.

The authors note that nearly 45% of sales come from pet-related medicine, reflecting the ongoing humanization trend and pet owners’ willingness to spend more on veterinary care. At the same time, the livestock segment remains the market leader in volume, particularly in developing countries where the demand for animal-derived protein continues to rise.

The report highlights the increasing interest in antiparasitic products, which account for more than 25% of the market. Digital technologies adoption — including wearable sensors for pets and AI-based diagnostic tools — is creating new opportunities for the veterinary sector.

North America remains the largest regional market, generating around 35% of global revenue. It is followed by Europe, where unified regulations (EU Regulation 2019/6) support active development of new antibiotics and vaccines. Asia demonstrates the highest growth rates, driven primarily by China and India, where both production and consumption are expanding.

Key market players include Boehringer Ingelheim, Zoetis, Elanco, Merck Animal Health, Virbac, Dechra, Ceva Santé Animale, and Vetoquinol. These companies are investing heavily in biological products, targeted therapies, and AI-enabled diagnostics. Zoetis and Elanco have expanded their R&D programs for monoclonal antibodies, while Dechra introduced a new oral antiparasitic product for cats in 2024.

The report also points to several challenges, including growing antibiotic resistance, counterfeit medicine presence in developing markets, and pricing pressures.

Source: streetwisejournal.com