Pune, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Veterinary Therapeutics Market Size & Growth Analysis:
“According to SNS Insider, The Veterinary Therapeutics Market size was valued at USD 43.58 Billion in 2023 and is expected to reach USD 82.40 Billion by 2032, growing at a CAGR of 7.35% from 2024 to 2032.”
Increasing Pet Humanization and Rising Demand for Preventive Healthcare Drive the Growth of Veterinary Therapeutics Market
The global veterinary therapeutics market is experiencing significant growth, driven by an increasing focus on animal health and well-being. The growing prevalence of diseases in both companion and livestock animals, as well as the rising adoption of advanced veterinary treatments, are contributing to the market's expansion. Additionally, the increasing demand for preventive healthcare, particularly vaccines, is playing a critical role in boosting market growth. A shift in pet owner behavior, with a greater focus on pet humanization, has also enhanced the need for premium veterinary services and therapeutics. With advancements in pharmaceutical research, biologics, and the rising threat of zoonotic diseases, the demand for effective veterinary therapeutics is expected to increase further over the forecast period.
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The veterinary therapeutics market encompasses a broad range of products designed to improve animal health and prevent diseases.
Therapeutic solutions such as pharmaceuticals, biologics (vaccines, monoclonal antibodies), and other treatments for conditions ranging from infectious diseases to chronic health issues, are driving demand across both companion and livestock animals. The increasing prevalence of diseases in companion animals, such as arthritis, cardiovascular diseases, and obesity, has propelled the demand for long-term therapeutic solutions. Furthermore, the expansion of livestock diseases, including mastitis, respiratory infections, and zoonotic diseases, has also led to a rise in the adoption of veterinary therapeutics in farming.
The demand for veterinary therapeutics is also linked to the growth of the global pet care industry, which has become a rapidly growing segment of the market. As pet humanization continues to rise, more pet owners are seeking out advanced treatments for their animals, increasing the market potential. On the other hand, the livestock segment continues to dominate, driven by the economic importance of animal farming and the focus on food safety and security.
Major Players Analysis Listed in this Report are:
- Zoetis, Inc. - Apoquel (allergy treatment), Simparica Trio (flea, tick, and heartworm protection), Rimadyl (pain relief), Convenia (antibiotics), Vanguard vaccines.
- Intervet Inc. (Merck Animal Health) - Nobivac vaccines (for dogs and cats), Banamine (pain relief), Safe-Guard (antiparasitic), Zuprevo (respiratory disease treatment), Revalor (growth implants).
- Elanco Animal Health - Trifexis (flea, heartworm, intestinal parasite control), Galliprant (pain and inflammation relief), Cydectin (antiparasitic), Inteprity (poultry gut health management).
- Merial (Acquired by Boehringer Ingelheim) - Frontline (flea and tick prevention), Heartgard (heartworm disease prevention), Purevax vaccines (cats).
- Bayer AG (Now part of Elanco Animal Health) - Advantix (flea and tick treatment), Baytril (antibiotics), Profender (dewormer).
- Boehringer Ingelheim International GmbH - NexGard (flea and tick control), Ingelvac (swine vaccines), Duramune (canine vaccines), Metacam (pain relief).
- Ceva Santé Animale - Vectra (flea and tick treatment), Cevac vaccines (for poultry), Adaptil (stress management in dogs), Feliway (cat pheromone product).
- Vetoquinol S.A. - Marbocyl (antibiotics), Clavaseptin (antimicrobial), Vetprofen (pain management), Zylkene (behavior support).
- IDEXX Laboratories, Inc. - SNAP diagnostics (rapid tests for diseases like parvovirus and heartworm), Cornerstone software (veterinary practice management).
- Virbac - Effipro (flea and tick protection), CaniLeish (leishmaniasis vaccine), Milpro (broad-spectrum dewormer).
- Biogénesis Bagó SA - BioBos vaccines (for livestock), Suigen vaccines (swine health), MasterVet antibiotics.
- Biovac Ltd. - Vaccines for poultry and livestock diseases like Newcastle disease and foot-and-mouth disease.
Veterinary Therapeutics Market Report Scope
Report Attributes | Details |
Market Size in 2023 | US$ 43.58 billion |
Market Size by 2032 | US$ 82.40 billion |
CAGR | CAGR of 7.35% From 2024 to 2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Data | 2020-2022 |
Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Growth Drivers | Increasing awareness of animal health, technological advancements in veterinary medicine, and rising incidences of zoonotic and chronic diseases in animals. |
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Segmentation Insights:
By Product Type, In 2023, drugs type dominated the market, accounting for 65.2% of the total share.
This dominance is driven by the widespread use of pharmaceutical products for treating infectious diseases, and chronic conditions, and managing pain in animals. The increase in prevalence of chronic diseases such as arthritis in pets, and respiratory infections in livestock, has significantly increased the demand for therapeutic drugs. Advancements in drug formulations, including combination therapies and extended-release options, further support market growth.
Vaccines type are projected to be the fastest-growing segment during the forecast period. This growth is attributed to the increased focus on preventing animal diseases, particularly zoonotic diseases. The global emphasis on preventive healthcare for animals, coupled with government initiatives promoting vaccination programs, especially in livestock, is driving this segment's rapid growth. The rising threat of diseases like rabies, avian influenza, and foot-and-mouth disease contributes to a more aggressive approach to vaccination in animals, further propelling market growth.
By Animal Type, Livestock animals held the largest market share in 2023, accounting for around 60% of the total market.
The economic importance of livestock in agriculture, the need to maintain herd productivity, and the prevention of disease outbreaks in cattle, poultry, and swine are key drivers. The demand for therapeutics such as antibiotics, vaccines, and medicated feed additives is essential to ensure healthy livestock and maintain food security.
Veterinary Therapeutics Market Segmentation
By Product type
- Vaccines Type
- Drugs Type
- Medicated Feed Additives
By Animal type
- Livestock Animals
- Companion Animal
By Route of administration
- Parenteral
- Oral
- Topical
By End-user
- Drug Stores
- Veterinary Clinics
- Veterinary Hospitals
- Pharmacies
Recent Developments:
- January 2025: Ceva, the fifth-largest animal health company globally, acquired biotech firm Scout Bio, a University of Pennsylvania spin-out specializing in monoclonal antibodies. This acquisition strengthens Ceva's capabilities in pet therapeutics.
- September 2024: CureLab Veterinary Inc. launched a Regulation D offering to raise USD 15 million to advance its innovative treatments for cancer and inflammatory diseases in pets.
- July 2024: InVetx announced its upcoming acquisition by Dechra Pharmaceuticals, a global leader in animal health. This strategic move will enhance Dechra's portfolio with high-value monoclonal antibody therapeutics for companion animals.
- May 2023: Scottish biotech company ILC Therapeutics entered into an R&D partnership with Dechra Pharmaceuticals PLC to advance the development of ILC’s Caniferon product for treating atopic dermatitis in dogs.
Regional Analysis:
North America, especially the United States, accounted for the largest share of the market due to high healthcare standards for animals, a large pet population, and a robust veterinary infrastructure. The rising awareness of zoonotic diseases and the adoption of preventive healthcare measures in both companion animals and livestock are driving the demand for veterinary therapeutics in the region.
The Asia Pacific region is anticipated to experience the highest growth rate during the forecast period. The increasing adoption of modern veterinary practices, government support for animal health initiatives, and rising pet ownership in countries like China and India are key factors driving the market. Additionally, the growing awareness of the economic importance of livestock health, coupled with increased agricultural investments, is likely to boost market growth in the region.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence of Animal Diseases (2023)
5.2 Prescription Trends in Veterinary Therapeutics (2023), by Region
5.3 Therapeutic Device and Drug Volume, by Region (2020-2032)
5.4 Veterinary Healthcare Spending, by Region (Government, Commercial, Private, Out-of-Pocket), 2023
6. Competitive Landscape
7. Veterinary Therapeutics Market by Product type
8. Veterinary Therapeutics Market by Animal type
9. Veterinary Therapeutics Market by Route of administration
10. Veterinary Therapeutics Market by End-user
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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