PUBLISHER: The Business Research Company | PRODUCT CODE: 1672278
PUBLISHER: The Business Research Company | PRODUCT CODE: 1672278
Animal medicines encompass a comprehensive category of drugs and therapies, comprising veterinary vaccines, veterinary antibiotics, and other pharmaceuticals specifically designed to address and treat diseases in animals. These medications play a crucial role in enhancing animal performance and health by identifying disease symptoms and administering appropriate drugs for the cure of illnesses.
The primary categories of animal medicines include veterinary pharmaceuticals and feed additives, catering to both livestock and companion animals. Veterinary pharmaceuticals represent medications administered to animals for the treatment of various diseases. These animal medicines are distributed and utilized by various entities such as veterinary hospitals, pharmacies, drug stores, and veterinary clinics, contributing to the overall health and well-being of animals.
The animal medicine research report is one of a series of new reports from The Business Research Company that provides animal medicine statistics, including animal medicine industry global market size, regional shares, competitors with animal medicine shares, detailed animal medicine segments, market trends and opportunities, and any further data you may need to thrive in the animal medicine industry. This animal medicine research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
The expansion of pet insurance is anticipated to significantly impact the animal medicine market. Across the globe, the pet insurance sector remains largely underutilized, offering substantial growth potential. In developed nations such as the USA, pet insurance holds a mere 1% penetration rate, while in Western European countries such as the UK, it reaches around 20%. Forecasts suggest a robust growth trajectory for the US pet insurance market, projected to add $2 billion in 2022 at an impressive compound annual growth rate of 14%. This surge is primarily attributed to heightened consumer awareness and increased disposable income among owners of companion animals. The escalated adoption of pet insurance is likely to result in a higher frequency of visits to veterinary clinics, driving the utilization of animal medicine in treating diverse ailments.
The surge in pet ownership and adoption rates is a key driver fueling the growth of the animal medicine market. Pet owners demonstrate a stronger inclination to invest in their pets' veterinary care compared to their personal healthcare expenses. This inclination is rooted in their deep emotional attachment to their animals and a steadfast commitment to ensuring their pets' optimal health and quality of life. A BeChewy article reported a significant rise in pet adoptions, with 977,202 pets adopted in 2021, reflecting a 61% adoption rate in the USA. Moreover, 1 million pets were adopted in 2022. Consequently, the escalating rates of pet ownership and adoption are expected to drive substantial growth within the animal medicine market.
Nanotechnology is progressively becoming a prominent force in the animal medicine sector, serving as a viable alternative to veterinary antibiotics. This scientific discipline involves manipulating matter at the atomic and molecular scale. Within animal medicine, nanotechnology plays a pivotal role in enhancing diagnostics, treatments, promoting animal growth, and improving production methods. Nanoparticles, in particular, are employed as antimicrobial substitutes for antibiotics, aimed at curbing their use while enhancing the identification of pathogenic bacteria. Furthermore, these particles serve as efficient drug delivery agents for novel medications and vaccine candidates, augmenting their characteristics and efficacy while mitigating drug resistance in animal organisms.
In July 2024, Merck Animal Health, a U.S.-based company, acquired Elanco Animal Health Inc. This acquisition enhances Merck Animal Health's position in the aqua industry by adopting a comprehensive approach to promoting fish health, welfare, and sustainability in aquaculture, conservation, and fisheries. Merck intends to leverage this acquisition to offer a wide range of solutions for both warm and cold-water species, including vaccines, anti-parasitic treatments, and nutritional supplements. Elanco Animal Health Incorporated is also a U.S.-based company.
Major companies operating in the animal medicine market include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Elanco Animal Health Incorporated, Virbac Group, Ceva Sante 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.
North America was the largest region in the animal medicine market in 2024. Asia-Pacific was the second-largest region in the animal medicine market. The regions covered in the animal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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
The animal medicine market consists of sales of procuring drugs to shield against external parasites such as fleas, ticks, and heartworms (intestinal parasites). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Animal Medicine Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on animal medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for animal medicine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The animal medicine market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.