VETERINARY MEDICINE MARKET ANALYSIS

Regional Analysis

Global Veterinary Medicine Market: Regional Insights

Based on geography, the global veterinary medicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing prevalence of zoonotic and chronic diseases, growth in the companion animal population, and growing meat consumption in this region. For instance, recent years have seen a significant increase in the adoption of companion animals. As per the American Pet Products Association's 2021-2022 national pet owner’s survey, around 70% of American households own a pet. This is up from 56% in 1988. This in turn is expected to increase the demand for veterinary medicine in the U.S., driving the growth of the market.

Europe and Asia Pacific are also expected to witness significant growth in the global veterinary medicine market due to rise in burden of zoonotic/chronic diseases, increasing meat consumption, growing animal adoption, and rising awareness among people in these regions. For instance, as per the European Pet Food Industry Federation (FEDIAF), June 2022 stats, over 90 million households (46%) in the European Union (EU) own a pet. There are around 110 million cats, 90 million dogs, 50 million birds, 30 million mammals, 15 million aquaria, and 10 million terraria, which resulted in over 20 billion EUR worth of related services and products.