Veterinary Medicine Market Is Expected To Reach $ 83.39 Billion By 2030

 San Francisco, 12 July 2023: The Report Veterinary Medicine Market Size, Share & Trends Analysis Report By Animal Type (Production Animals, Companion Animals), By Product (Biologics, Pharmaceuticals), By Mode Of Delivery, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global veterinary medicine market size is expected to reach USD 83.39 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 8.2% from 2023 to 2030. The companion animal segment is anticipated to demonstrate the fastest growth during the forecast period owing to the increasing prevalence of chronic diseases and rising demand for advanced treatment alternatives for canines suffering from chronic diseases. The COVID-19 pandemic resulted in regulatory changes, which are anticipated to iron out the disruptions, thereby increasing manufacturing and adoption of vet medicines in near future.

The federal government has taken various relief measures, which include new tax provisions, small business loans, and unemployment insurance to respond to the pandemic and support the veterinarians. AVMA has also taken supportive measures to support small veterinary businesses or practices. In August 2020, the USFDA stated that 6 out of 32 animal drug companies could soon face shortages who source their API from China. Due to labor shortage, there is also reduced capacity to work on animal health activities, such as vaccination, good biosecurity, and prophylactic treatment. The manufacturing units are taking preventive measures for the uninterrupted production of veterinary drugs.

The growing consumption of meat is fueling the demand for mandatory vaccination for animals, which results in market growth. According to The World Counts, meat consumption is estimated to range between 460-570 million tons by 2050. Such factors are expected to drive the demand for medicinal feed additives & antibiotics to boost livestock production and thereby fueling the market growth. An increase in the consumption of animal-based products, recent developments in feed production, implementation of innovative animal husbandry practices to advance meat quality, and standardization of meat products due to disease outbreaks have also boosted the demand for animal feeds, thereby creating growth opportunities for the companies operating in this space.

The new regulations on veterinary medicines and medicated feed enforced from January 2022 within the European Union are expected to support European Union action to fight against antimicrobial resistance. These types of supportive initiatives undertaken by regulatory bodies to keep antimicrobials (comprising antibiotics) effective based on a ‘One health’ approach are expected to maintain animal and public health. Moreover, it also improves the access to high-quality & safe-to-use medicines for livestock farmers, veterinarians, and pet owners. The market leaders are involved in strategic collaborations, acquisitions, investments in new product segments, mergers, and new product launches to sustain the competition.

For instance, in July 2021, Nutreco acquired Bigsal Nutrição Animal from H.I.G. Capital in Brazil. This strengthened the company’s position in the animal nutrition space, of the Brazilian market. In February 2021, Virbac opened the R&D facility dedicated to warm water aquaculture in Vietnam. The new facility would enable the development of vaccines, probiotics, and other products for aquatics. Initiatives like these are anticipated to propel market growth in the coming years. In October 2021, Boehringer Ingelheim invested an additional USD 112.68 million in its veterinary public health capacity in Lyon-Jonage, France. This new capacity will be one of the largest biotechnology manufacturing sites for veterinary vaccines in Europe. Leading players have maintained their market position in terms of product penetration, regional presence, revenue, as well as strategic initiatives.

Access Research Report of Veterinary Medicine Market @ https://www.grandviewresearch.com/industry-analysis/veterinary-medicine-market

Veterinary Medicine Market Report Highlights

• The veterinary medicine market was valued at USD 44.59 billion in 2022. It is further projected to grow at a CAGR of 8.2% during the forecast period.
• The production animal segment held the largest share in 2022 and is projected to register a significant CAGR over the forecast period. Increasing focus on food safety and sustainability by government healthcare organizations globally is contributing to the segment growth.
• The biologicssegment, which includes vaccines, is expected to exhibit the fastest CAGR of 8.7% over the forecast period owing to the increasing awareness regarding the importance of vaccination in animals.
• The oral mode of administration is expected to grow at the fastest growth rate from 2023 to 2030 owing to the increasing incidence of chronic conditions in pets.
• The reference laboratories segment is anticipated to witness significant growth in the coming years due to the high demand as laboratories enable testing of various infections, toxic agents, and different ailments in specimens obtained from pets.
• North America held the largest revenue share in 2022, due to the high prevalence of zoonotic diseases in this region. Moreover, reimbursement programs across the U.S. make this continent a major contributor to the market.

Veterinary Medicine Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 47.91 billion
Revenue forecast in 2030	USD 83.39 billion
Growth Rate	CAGR of 8.2% from 2023 to 2030
Base year for estimation	2022
Actual estimates/Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players of Veterinary Medicine Market

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago
• Indian Immunologicals Ltd.
• Neogen Corp.
• Hester Biosciences
• Phibro Animal Health

Access Press Release of Veterinary Medicine Market @ https://www.grandviewresearch.com/press-release/global-veterinary-medicine-market