PUBLISHER: Grand View Research | PRODUCT CODE: 1609594
PUBLISHER: Grand View Research | PRODUCT CODE: 1609594
The global veterinary medicine market size is estimated to reach USD 80.85 billion by 2030, registering a CAGR of 8.5% from 2025 to 2030, according to a new report by Grand View Research, Inc. Some of the key factors driving market growth include increasing advancements in veterinary medicine, demand for animal protein, pet humanization, and a growing focus on improving animal health outcomes. As per the Food and Agriculture Organization and internal GVR estimates, the global cattle population increased from 1.4 billion to 1.5 billion between 2017 to 2022. This led to increased demand for veterinary products and services in the cattle segment and is expected to continue in the near future driven by growing consumption of beef, milk, and dairy products.
The COVID-19 pandemic had both positive and negative impacts on the market. Negative impact includes supply chain constraints, limited access to veterinary care, and operational hurdles. Positive impact include a surge in pet ownership, increased awareness about animal healthcare, humanization of pets, uptake of telehealth, and adoption of pet insurance. The market was further influenced by factors such as the African Swine Fever and the macroeconomic headwinds of 2022. However, the strong underlying drivers ensure sustained growth of the market in the coming years.
Increased R&D activities are anticipated to propel the market growth over the forecast period. R&D investments support the development of innovative therapies and treatments for various veterinary diseases. This includes the discovery & development of new pharmaceuticals and vaccines that enhance the effectiveness and safety of veterinary healthcare. In May 2023, ILC Therapeutics partnered with Dechra Pharmaceuticals to research & develop its Caniferon product for atopic dermatitis treatment in dogs. Moreover, in July 2022, Animol Discovery, Inc.- specializing in drug discovery, raised USD 34 million of series B funding. This enabled the company to expand and enhance its drug discovery platform and its pipeline of novel active pharmaceutical ingredients (APIs).