What is the current market size and future outlook for the animal medicine market?
The animal medicine market size has grown strongly in recent years. It will grow from $51.09 billion in 2024 to $54.59 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased spending on pets, a rise in animal healthcare expenditure, and increasing penetration of pet insurance.
The animal medicine market size is expected to see strong growth in the next few years. It will grow to $69.05 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increased disease prevalence among animals, increasing pet ownership, increasing consumption of animal-derived products, and supportive government initiatives. Major trends in the forecast period include super-combo parasiticides, strategic collaborations and partnerships to drive innovations, the development of chewable tablets, the launch of mobile veterinary units, focus on developing new and innovative products, increasing emphasis on e-commerce in the pet care industry, and increased focus on medicated feed additives.
Get Your Free Sample of The Global Animal Medicine Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3603&type=smp
How has the animal medicine market evolved, and what factors have shaped its growth?
The increasing penetration of pet insurance is expected to drive the animal medicine market. Globally, the pet insurance market is largely untapped with extremely low penetration rates, providing a large market opportunity. In developed economies such as the USA, the pet insurance penetration rate is around 1%, although in Western European countries such as the UK, the penetration rate is around 20%. During the forecast period, the pet insurance market in the USA is expected to grow by $2 billion in 2022, at a compound annual growth rate of 14%, mainly driven by the increasing consumer awareness and rising disposable income of companion animal owners. Increasing penetration of pet insurance will increase the number of visits to veterinary clinics supporting the use of animal medicine in the treatment of different diseases.
What are the major segments of the animal medicine market?
The animal medicine market covered in this report is segmented –
1) By Medicine: Veterinary Pharmaceuticals, Feed Additives
2) By Type Of Animal: Companion Animal, Livestock Animals
3) By Type Of Prescription: OTC, Prescription
4) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration
5) By Distribution Channel: Veterinary Services, Online, Other Distribution Channels
Subsegments:
1) By Veterinary Pharmaceuticals: Antimicrobials (Antibiotics, Antifungals), Anti-inflammatory Drugs (Non-Steroidal Anti-Inflammatory Drugs – NSAIDs), Vaccines, Anesthetics, Hormonal Treatments
2) By Feed Additives: Nutritional Supplements (Vitamins, Minerals), Probiotics And Prebiotics, Antioxidants, Growth Promoters, Antimicrobial Feed Additives
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
Which companies dominate the animal medicine market?
Major companies operating in the animal medicine market include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Elanco Animal Health Incorporated, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, China Animal Husbandry Industry Co., Ltd, Vetoquinol S.A., Neogen Corporation, Century Pharmaceuticals Limited, BASF India Ltd., Cargill India Pvt. Ltd., Intervet Australia Pty Ltd, Jurox Pty Ltd, SeQuent scientific ltd, Guangdong Wens Dahuanong Biotechnology Co. Ltd, Shandong Lukang, Bayer Animal Health Cadila Pharmaceuticals Ltd., Novasep, Koninklijke DSM n.v, Novartis AG, Nutreco N.V., Bad Oldesloe, CP-Pharma Handelsgesellschaft mbH, SaluVet GmbH, KRKA UK, Interfeed, Biotex Plus Ltd., Belfarmacom, Cymedica, vet resolution, Vetruus Ltd, Nimrod Veterinary Products Ltd., Bimeda, Animalcare, Medco-ERP Ltd. Holland, Brouwer, IDT Biologika, Vetiquinol S.A, UCBVET, Biowet Pulawy, Esculap, Pasteur Romania, Vector-Vita-LLC, NITA-FARM, Bioveta, Heska, Dechra Veterinary Products, Eli Lilly and Company, IDEXX Laboratories, Agrodan CA, Agrovet Market S.A, Interchem Ltda, Invesbio S.A, Syntec, Sauvet, Vetanco, Chemo Argentina, Saudi Pharmaceutical Industries SPI, Montajat Pharmaceuticals Co. Ltd., ALKE SAGLIK URUNLERI San. ve Tic. A.S., MISTAV Ilac ve Tavukculuk San.Tic.Ltd, DBK Pharma S.A.E., Kahmavet, Lemavet, Abpharma, ASVET, Ekinos – Veterinary Products, Lanrex Pharmaceuticals Nig Ltd, Emzor Pharmaceutical Ltd.
How will evolving trends contribute to the growth of the animal medicine market?
Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute for veterinary antibiotics. Nanotechnology is the study of controlling matter on an atomic and molecular scale. In the animal medicine industry, nanotechnology is used to improve diagnosis, treatment, animal growth promotion, and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria. They are also used as drug delivery agents for new drugs and vaccine candidates to improve their characteristics and performance and to reduce drug resistance in animal organisms.
What are the key regional dynamics of the animal medicine market, and which region leads in market share?
The countries covered in the animal medicine market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Does The Animal Medicine Market Report 2025 Offer?
The animal medicine market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Animal medicines refer to a collective term for drugs and therapies, including veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals, that are used to treat animal diseases to improve animals’ performance and health by identifying disease symptoms and drugs for the cure of illness.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=3603
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
