Veterinary Drug Market: Size, Share, Trends & Forecast (2024-2029) 

The market report presents a thorough analysis segmented by Product (Anti-infectives, Anti-inflammatories Parasiticides, Others); by Animal (Companion, Livestock); by Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook 

• The veterinary drug market is estimated to be at USD 34,489.96 Mn in 2024 and is anticipated to reach USD 45,429.84 Mn in 2029. 

• The veterinary drug market is registering a CAGR of 5.66% during the forecast period 2024-2029. 

• The veterinary drug market is expanding due to increasing pet ownership and advancements in medical treatments. Innovations in areas like biologics and precision medicine are enhancing treatment options for both companion animals and livestock. 

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Ecosystem  

• The participants in the global veterinary drug industry are always developing their strategies to preserve a competitive advantage. 

• These companies leverage their extensive R&D resources and broad product portfolios to maintain leadership. For example, Zoetis has a diverse range of vaccines and therapeutics, covering both companion animals and livestock, securing its strong market position. 

• Several important entities in the veterinary drug market include Zoetis Inc.; Merck & Co., Inc.; Boehringer Ingelheim International GmbH; CEVA, Inc.; Elanco Animal Health Inc.; and others. 

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Findings 

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 34,489.96 Mn
Market Size (2029)	USD 45,429.84 Mn
Growth Rate	5.66% CAGR from 2024 to 2029
Key Segments	Product (Anti-infectives, , Anti-inflammatories, Parasiticides, Others); Animal (Companion, Livestock); Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	Zoetis Inc.; Merck & Co., Inc.; Boehringer Ingelheim International GmbH; CEVA, Inc.; Elanco Animal Health Inc.
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa
Largest Market	North America

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Trends  

• Precision Medicine for Animals: Precision medicine, tailored to an animal’s genetic profile, is becoming more prevalent. This approach allows for more effective treatments, which minimize side effects. Companies are developing DNA tests for dogs and cats to determine susceptibility to diseases, enabling vets to prescribe personalized medications. 

• Biologics and Immunotherapies: Biologic drugs, including monoclonal antibodies and vaccines, are gaining traction in treating chronic diseases like arthritis and cancer in animals. Zoetis, a company in animal health, launched a monoclonal antibody therapy, Cytopoint, to treat atopic dermatitis in dogs, offering long-lasting relief. 

• Innovative Parasiticides: Advanced parasiticides with broader coverage and longer-lasting effects are being developed to address resistance issues in parasites like ticks and fleas. Bravecto, an oral chewable tablet for dogs, provides protection against fleas and ticks for up to 12 weeks, which offers convenience and effective parasite control with fewer treatments. 

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Catalysts 

• Regulatory Support and Approvals: Increasing regulatory approvals for new veterinary drugs by agencies such as the  Food and Drug Administration FDA and European Medicines Agency EMA are enabling market growth. Streamlined approval processes and incentives for innovative therapies help bring new drugs to market faster. For instance, the FDA’s approval of new treatments for canine cancer has allowed pharmaceutical companies to meet the growing demand for specialized veterinarian care. 

• Advancements in Veterinary Medicine: Continuous advancements in veterinary science, such as gene therapy, biologics, and precision medicine, are expanding treatment options. This has led to more specialized drugs tailored to animal health. An example is the use of monoclonal antibodies for treating chronic conditions in pets, which has revolutionized veterinary care. 

• Rising Incidence of Zoonotic Diseases: The rise in zoonotic diseases, which transmit from animals to humans, has created an urgent need for veterinary drugs to control outbreaks. Governments and health organizations are funding research to develop new vaccines and treatments for these diseases, such as rabies and avian flu; these factors support the market’s growth. 

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Restraints 

• High Cost of Veterinary Medications: The high cost associated with developing and acquiring advanced veterinary drugs, such as biologics and gene therapies, can restrict access to these treatments, especially in emerging markets. As a result, many pet owners face challenges in affording advanced treatments for chronic conditions like arthritis or cancer in their pets. 

• Regulatory Hurdles: Although there are advancements in drug approvals, regulatory processes remain complex and time-consuming, especially for new technologies like gene therapy. Longer approval timelines can delay the introduction of innovative drugs to the market. Additionally, strict rules on drug safety and efficacy create challenges for companies looking to commercialize new treatments. 

• Resistance to Antibiotics and Parasiticides: Growing resistance to antibiotics and parasiticides in both pets and livestock poses a major challenge to the market. This resistance leads to reduced effectiveness of treatments and necessitates the development of new drugs. For instance, flea and tick resistance to existing treatments has driven a push for more advanced parasiticides, but this requires significant R&D investment. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Veterinary Drug Market (2018 – 2022)         2.2.    Global Veterinary Drug Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Veterinary Drug Market by Product                3.1.1.    Anti-Infectives                3.1.2.    Anti-Inflammatories                3.1.3.    Parasiticides                3.1.4.    Others         3.2.    Global Veterinary Drug Market by Animal                3.2.1.    Companion                3.2.2.    Livestock         3.3.    Global Veterinary Drug Market by Distribution Channel                3.3.1.    Veterinary Hospitals                3.3.2.    Veterinary Clinics                3.3.3.    Pharmacies & Drug Stores                3.3.4.    Others  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Chile                4.2.5.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Spain                4.4.6.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Veterinary Drug Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Zoetis Inc.         9.2.    Merck & Co., Inc.         9.3.    Boehringer Ingelheim International GmbH         9.4.    CEVA Inc.         9.5.    Elanco Animal Health Inc.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Veterinary Drug Market – FAQs 

1.  What is the current size of the veterinary drug market? 

Ans. In 2024, the veterinary drug market size is USD 34,489.96 Mn. 

2.  Who are the major vendors in the veterinary drug market?  

Ans. The major vendors in the veterinary drug market are Zoetis Inc.; Merck & Co., Inc.; Boehringer Ingelheim International GmbH; CEVA, Inc.; Elanco Animal Health Inc. 

3.  Which segments are covered under the veterinary drug market segments analysis?  

Ans. The veterinary drug market report offers in-depth insights into Product, Animal, Distribution Channel, and Geography.