VETERINARY MEDICINE MARKET ANALYSIS

Veterinary Medicine MarketSize and Trends

The global veterinary medicine market was valued at US$ 32.08 Bn in 2023 and is forecast to reach a value of US$ 50.16 Bn by 2030 at a CAGR of 5.7% between 2023 and 2030. The global veterinary medicine market is experiencing strong growth due to the rising incidence of zoonotic diseases and increase in pet ownership or growing animal adoption around the world. Moreover, rise in demand for veterinary medicine and rise in focus on the veterinary healthcare is expected to propel growth of the market. However, factors such as stringent regulatory guidelines and lack of veterinarians and are expected to hamper growth of the market.

Figure 1. Global Veterinary Medicine Market Share (%), By Region, 2023

Global Veterinary Medicine Market Trends:

Favorable government initiatives is a recent trend: Many governments across the globe are planning to set up infrastructure for new veterinary clinics, hospitals, and dispensaries, as well as planning to strengthen/equip existing ones. For instance, in May 2020, the Department of Animal Husbandry & Dairying, Government of India, announced the launch of mobile veterinary units (MVUs) to provide veterinary services at the doorstep. The overall aim of the ‘Livestock Health & Disease Control programme’ of Government of India is to improve animal health. This trend is expected to continue over the forecast period.

Advancements in veterinary healthcare is another trend: Advancements in the field of veterinary healthcare is expected to flourish the veterinary medicine market during the forecast period owing to respective benefits. Artificial intelligence (AI), virtual reality (VR), 3D imaging, and wearable medical imaging devices are few of the technologies that are expected to pave the way for future advancements in the field of veterinary diagnostic imaging around the world. This trend is also expected to continue over the forecast period.