Global Veterinary Medicine Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Drugs, Vaccines, and Medicated Feed Additives), By Animal Type (Companion Animals and Livestock Animals), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Veterinary Medicine Market Insights Forecasts to 2035

• The Global Veterinary Medicine Market Size Was Estimated at USD 50.12 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 8.52% from 2025 to 2035
• The Worldwide Veterinary Medicine Market Size is Expected to Reach USD 123.26 Billion by 2035
• Asia Pacific is expected to grow the fastest during the forecast period.

According to a research report published by Spherical Insights and Consulting, The Global Veterinary Medicine Market Size was worth around USD 50.12 Billion in 2024 and is predicted to grow to around USD 123.26 Billion by 2035 with a compound annual growth rate (CAGR) of 8.52 % from 2025 to 2035. The veterinary medicine market offers future opportunities through rising pet ownership, increasing livestock health awareness, technological advancements in vaccines and diagnostics, growing demand for animal therapeutics, and expanding markets in emerging economies.

Global Veterinary Medicine Market Forecast and Revenue Outlook

• 2024 Market Size: USD 50.12 Billion
• 2035 Projected Market Size: USD 123.26 Billion
• CAGR (2025-2035): 8.52%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Market Overview

The global veterinary medicine market is experiencing robust growth, driven by increasing awareness of animal health, rising pet ownership, and expanding livestock industries. Innovations in vaccines, biologics, and diagnostics are enhancing disease prevention and treatment. The market is also benefiting from technological advancements, such as precision veterinary medicine and digital monitoring tools. Government initiatives promoting animal welfare and rising investments in research and development further support market expansion. Additionally, emerging economies are witnessing growing demand for veterinary services and products, creating significant opportunities for market players. This dynamic environment positions the veterinary medicine sector for sustained long-term growth.

Key Market Insights

• North America is expected to account for the largest share in the veterinary medicine market during the forecast period.
• In terms of product type, the drugs segment is projected to lead the veterinary medicine market throughout the forecast period
• In terms of animal type, the companion animals segment captured the largest portion of the market

Veterinary Medicine Market Trends

• Growing adoption of vaccines, biologics, and advanced therapeutics.
• Integration of digital tools, telemedicine, and precision veterinary technologies.
• Expansion of veterinary services in emerging markets.
• Increasing research and development in animal health products.
• Government initiatives and regulations promoting animal welfare.
• Rising demand for preventive care and diagnostic solutions.

Report Coverage

This research report categorizes the veterinary medicine market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the veterinary medicine market. Recent market developments and competitive strategies, such as expansion, type launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the veterinary medicine market.

Driving factors

The veterinary medicine market is driven by multiple factors. Rising pet ownership worldwide has increased demand for companion animal healthcare products and services. Simultaneously, the growing livestock industry necessitates improved animal health management to enhance productivity and prevent disease outbreaks. Technological advancements, including vaccines, biologics, diagnostics, and precision veterinary medicine, are improving treatment efficacy and adoption. Government initiatives and funding supporting animal welfare and disease prevention further boost market growth. Additionally, increasing awareness of zoonotic diseases, preventive care, and the need for high-quality animal-derived food products are encouraging investments in veterinary solutions, creating long-term market opportunities.

Restraining Factor

The veterinary medicine market faces restraints from high costs of advanced treatments, limited access to veterinary services in rural regions, regulatory complexities, and a shortage of skilled veterinary professionals, which collectively hinder widespread adoption and slow market growth.

Market Segmentation 

The global veterinary medicine market is divided into product type and animal type.

Global Veterinary Medicine Market, By Product Type:

• The drugs segment dominated the market in 2024 and is projected to grow at approximately 6.2% CAGR during the forecast period.   

Based on product type, the global veterinary medicine market is segmented into, drugs, vaccines, and medicated feed additives. Among these, the drugs segment dominated the market in 2024 and is projected to grow at approximately 6.2% CAGR during the forecast period. The drugs segment maintains leadership due to continuous innovation in pharmaceutical formulations, biologics, and targeted therapies, rising demand for disease treatment in companion animals and livestock, and increasing adoption of advanced medications that improve animal health and productivity.

The vaccines segment is growing fastest because preventive healthcare is gaining importance, governments and organizations promote immunization programs, and rising awareness among pet owners and livestock farmers drives demand for effective vaccines to reduce disease outbreaks and improve overall animal health. 

Global Veterinary Medicine Market, By Animal Type:

• The companion animals segment accounted for the largest share in 2024 and is anticipated to grow at a 9.3% CAGR during the forecast period.

Based on animal type, the global veterinary medicine market is segmented into companion animals and livestock animals. Among these, the companion animals segment accounted for the largest share in 2024 and is anticipated to grow at a 9.3% CAGR during the forecast period. The companion animals segment maintains leadership because rising pet ownership, increased spending on pet healthcare, and innovations in pharmaceuticals and biologics improve treatment options, preventive care, and overall pet well-being, driving consistent market demand and adoption.

The livestock animals segment grows steadily due to rising global demand for meat, dairy, and other animal-derived products, coupled with the need for effective disease prevention, improved productivity, and optimized herd health through veterinary medicines and biologics.

Regional Segment Analysis of the Global Veterinary Medicine Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America Veterinary Medicine Market Trends

North America is expected to hold the largest share of the global veterinary medicine market over the forecast period.

North America is expected to hold the largest share of the global veterinary medicine market over the forecast period. North America leads the veterinary medicine market due to high pet ownership, with over 90 million households owning pets in the U.S., coupled with advanced veterinary infrastructure, widespread access to clinics, and growing awareness of animal health. Rising spending on pet healthcare, exceeding USD 37 billion annually, and adoption of innovative pharmaceuticals and biologics further strengthen market dominance.

U.S. Veterinary Medicine Market Trends:

The U.S. market is growing due to rising pet ownership, increasing expenditure on companion animal healthcare, adoption of advanced pharmaceuticals and biologics, technological innovations in diagnostics and vaccines, and strong preventive care awareness, driving demand across companion and livestock segments.

Canada Veterinary Medicine Market Trends:

Canada’s veterinary medicine market is expanding steadily, supported by rising pet ownership, government initiatives for animal welfare, increasing adoption of vaccines and therapeutics, growing livestock health management, and advancements in veterinary infrastructure, fostering better preventive care and treatment across companion and farm animals.

Asia Pacific is expected to grow at the fastest CAGR in the veterinary medicine market during the forecast period.

Asia Pacific is expected to grow at the fastest CAGR in the veterinary medicine market during the forecast period. The Asia-Pacific veterinary medicine market is growing fastest due to rising livestock production and urban pet ownership. Countries like China and India see over 300 million livestock and 35 million pets, respectively, coupled with increasing veterinary infrastructure, government support, and rising awareness, driving a projected 10.5% CAGR during the forecast period.

India Veterinary Medicine Market Trends:

India’s market is expanding due to rising livestock production, increasing pet ownership, and growing demand for animal protein. Adoption of vaccines, biologics, and diagnostics, along with government initiatives supporting animal health, drives steady market growth and preventive care awareness.

China Veterinary Medicine Market Trends:

China’s market is rapidly growing, fuelled by government investments in veterinary healthcare, rising livestock and companion animal populations, technological advancements in vaccines and therapeutics, and increasing awareness of animal welfare, contributing to strong demand and expanding veterinary infrastructure across the country.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global veterinary medicine market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Worldwide Top Key Players in The Veterinary Medicine Market Include

• Agrovet Market Animal Health
• American Veterinary Clinic
• Animalcare
• BASF India Ltd
• Belfarmacom
• Bimeda
• Biotex Plus Ltd
• Boehringer Ingelheim Gmbh
• Brouwer
• Cadila Pharmaceuticals Ltd
• Cargill India Pvt. Ltd
• Ceva
• Chemo Argentina
• Koninklijke DSM N.V
• Mars
• Merck & Co.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent development

• In September 2025, The Society of Practising Veterinary Surgeons (SPVS) has announced the launch of the third Veterinary Business Excellence Awards, sponsored by Shire. These awards aim to recognize outstanding veterinary practices in three categories: Leadership and Management Skills, Team and Self-Development, and Veterinary Start-Ups.

• In September 2025, The UK’s Veterinary Medicines Directorate (VMD) has introduced a new five-year strategy to enhance veterinary vaccine availability. The plan aims to shift from a "just-in-time" supply model to a more resilient "just-in-case" approach, prioritizing preparedness to mitigate potential impacts on both animal and human health.

• In March 2025, Veterinary diagnostic imaging is advancing with AI integration, enhancing image quality and diagnostic accuracy. Ultrasound protocols are evolving, incorporating regional scans and augmented reality for 3D visualization. Remote imaging services are expanding, offering training and expertise to first-opinion practices.

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the veterinary medicine market based on the following segments:

Global Veterinary Medicine Market, By Product Type

• Drugs
• Vaccines
• Medicated Feed Additives

Global Veterinary Medicine Market, By Animal Type

• Companion Animals
• Livestock Animals

Global Veterinary Medicine Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa