The global veterinary medicine market size was estimated at USD 49.96 billion in 2024 and is projected to reach USD 80.85 billion by 2030, growing at a CAGR of 8.5% from 2025 to 2030. The market’s growth is primarily driven by the increasing global demand for animal protein, the rising incidence of animal diseases, and a steady stream of new product launches by leading players. Additionally, technological advancements in veterinary medicine and the growing penetration of pet insurance are further contributing to the market expansion, making animal healthcare more accessible and efficient.

For instance, in August 2024, Elanco Animal Health announced that the U.S. FDA had completed its review of Credelio Quattro, a new broad-spectrum parasiticide designed to combat fleas, ticks, heartworms, and other internal parasites. The product entered its final 60-day administrative review phase and is expected to receive approval by the end of October 2024, with a launch planned for early 2025. Such product innovations and approvals play a vital role in meeting the growing need for effective veterinary solutions and improving overall animal health outcomes.

Moreover, government initiatives across various regions are significantly strengthening market growth. These initiatives focus on enhancing animal welfare, ensuring food safety, preventing disease transmission, and promoting sustainable livestock production. Governments worldwide are establishing robust regulatory frameworks governing the approval, manufacturing, and distribution of veterinary pharmaceuticals, vaccines, and feed additives. Regulatory oversight ensures that all products adhere to stringent safety, efficacy, and quality standards, thereby reinforcing consumer confidence and fostering trust in the veterinary healthcare ecosystem.

In the U.S., the Food and Drug Administration (FDA), along with the United States Department of Agriculture (USDA), plays a pivotal role in regulating the animal health market. For example, in March 2024, the FDA approved Dechra’s DuOtic under the New Animal Drug Application (NADA) for the treatment of otitis externa in dogs. During the same month, it also approved CONTRASED, developed by Parnell Technologies Pty. Ltd., under the Abbreviated New Animal Drug Application (ANADA) process for reversing the sedative and analgesic effects of medetomidine hydrochloride and dexmedetomidine hydrochloride in dogs. These regulatory approvals demonstrate the continued commitment of authorities and companies to advancing safe, effective, and innovative solutions in veterinary healthcare.

Key Market Trends & Insights:

• The North America veterinary medicine market accounted for the largest revenue share globally in 2024, driven by a well-established animal healthcare infrastructure, high pet ownership rates, and strong regulatory support. The presence of major pharmaceutical companies, advanced diagnostic facilities, and widespread adoption of pet insurance has further contributed to the region’s dominance. Additionally, growing awareness about animal health and rising expenditure on companion animals are sustaining market growth in the U.S. and Canada.

• The Asia Pacific veterinary medicine market is projected to witness the fastest compound annual growth rate (CAGR) over the forecast period. This rapid expansion is attributed to the increasing livestock population, growing demand for animal-derived food products, and rising awareness about animal welfare. Governments across countries such as China, India, and Japan are implementing initiatives to improve veterinary healthcare standards and disease prevention. Moreover, the expansion of veterinary clinics, greater access to modern pharmaceuticals, and foreign investments in the animal health sector are accelerating market development in the region.

• Based on product, the pharmaceuticals segment dominated the global market in 2024, capturing the largest revenue share of 67.38%. This segment’s dominance is primarily due to the high demand for therapeutic drugs, vaccines, and parasiticides used to prevent and treat a wide range of animal diseases. The continuous introduction of new formulations, combination drugs, and long-acting medications has enhanced treatment efficiency, supporting the growth of this segment.

• In terms of animal type, the production animals segment held the largest revenue share in 2024, driven by the growing global demand for meat, milk, and other animal-derived food products. The need to maintain herd health, prevent infectious diseases, and ensure food safety standards has led to increased use of veterinary medicines in livestock farming. Additionally, the expansion of intensive animal farming practices and government programs promoting livestock health management are further boosting the use of veterinary pharmaceuticals and biologics in this segment.

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Market Size & Forecast:

• 2024 Market Size: USD 49.96 billion

• 2030 Projected Market Size: USD 80.85 billion

• CAGR (2025-2030): 8.5%

• North America: Largest market in 2024

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

The presence of numerous small and large companies in the global veterinary medicine market contributes to a highly competitive environment. These companies cater to a broad customer base by offering a diverse range of veterinary medicines across various product categories and animal species, including both companion and production animals. To strengthen their market position and expand their global footprint, leading players are adopting a variety of strategic initiatives, such as increased investments in research and development (R&D), mergers and acquisitions (M&A), regional expansion, as well as partnerships and collaborations with local and international firms.

For example, in August 2024, Elanco Animal Health announced a USD 130 million investment to expand its biologics manufacturing facility in Elwood, Kansas, by 25,000 square feet. This significant expansion aims to enhance the company’s monoclonal antibody (mAb) platform, supporting the development and large-scale production of innovative therapies. The project is expected to create 70 new jobs by 2026 and will facilitate the production of Canine Parvovirus Monoclonal Antibody as well as future mAb therapies targeting canine dermatological conditions. This move highlights the industry’s growing focus on antibody-based treatments, reflecting a major shift toward advanced biotherapeutic solutions designed to improve pet health and treatment outcomes.

Key Players

• Zoetis Inc.

• Boehringer Ingelheim International Gmbh

• Merck & Co., Inc.

• Elanco

• Dechra Pharmaceuticals PLC

• Ceva Santé Animale

• Phibro Animal Health Corporation

• Virbac

• Bimeda Corporate

• Biogénesis Bagó

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Conclusion:

The veterinary medicine market is poised for strong growth, driven by rising demand for animal‐derived protein, increasing incidence of diseases in animals, and an uptick in product development and launches. Technological innovations and expanding pet insurance coverage are further supporting the market’s expansion.