Global Veterinary Medicine Market Growth is Expected to driven by increased pet adoption

Author : Purvaja Jadhao | Published On : 22 Jan 2024

The global veterinary medicine market has witnessed tremendous growth over the past decade. Veterinary medicines are specialized pharmaceutical products intended for administration to animals for therapeutic or preventive purposes. They include drugs used for the treatment of various animal diseases and infections as well as vaccines for prevention of various zoonotic and non-zoonotic diseases. The growing demand for pets such as dogs and cats has spurred the need for veterinary medicines to keep companion animals healthy. According to the American Pet Products Association, U.S. pet industry spending reached $99 billion in 2020 alone, representing strong growth in demand over the years.

The global veterinary medicine market is estimated to be valued at US$ 39.27 million in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the major trends fueling market growth is the rising incidence of zoonotic and food-borne diseases which requires effective prevention through vaccination of livestock animals reared for food. New product launches and innovations are also boosting the market as manufacturers are bringing novel medications and drug-delivery systems to make treatment more efficient and convenient. For instance, in 2021, Boehringer Ingelheim launched Credelio, a orally administered tick and flea chewable tablet for dogs, which offers year-long parasite protection with just one monthly administration. Such developments are expected to positively influence market revenues over the forecast period.

Porter’s Analysis
Threat of new entrants: Low to medium as new companies need to make huge investments and significant economies of scale to compete in this market. However, established players face threat from new players providing niche products.
Bargaining power of buyers: Medium as buyers have multiple options and substitute products to choose from. However, switching costs limit their power.
Bargaining power of suppliers: Medium as key raw materials like active pharmaceutical ingredients have a limited number of suppliers globally. Established supplier relationships provide some power.
Threat of new substitutes: Low as no major substitute exists for veterinary pharmaceutical products. However, demand for alternative therapies presents a medium threat.
Competitive rivalry: High as the market has many global and regional players. Intense competition on pricing and new product development keeps rivalry high.

Key Takeaways
The global Veterinary Medicine Market is expected to witness high growth over the forecast period of 2024 to 2031. The global veterinary medicine market is estimated to be valued at US$ 39.27 million in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Regional analysis: North America dominated the market in 2024 due to high pet adoption rates and growing pet healthcare expenditure in the region. Asia Pacific is expected to be the fastest growing market due to rising awareness, increasing livestock population and growing meat consumption.

Key players: Key players operating in the Veterinary Medicine market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries Holdings B.V., and SABIC. Key players are focused on expanding their product portfolio through acquisitions and strategic collaborations with veterinary hospitals and clinics.

Get more insights on this topic: https://www.insightprobing.com/veterinary-medicine-market-growth-demand-and-overview/