The global veterinary medicine market size was valued at USD 46.51 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2030, according to new report published by Grand View Research Inc.
The market is driven by increasing demand for animal protein, incidence of diseases in animals, and product launches. Other factors fueling market growth include advancements in veterinary medicine and penetration of pet insurance.
For instance, In June 2023, Bimeda Biologicals launched Stimulator 5 + PMH combination vaccine indicated against major Bovine Respiratory Diseases (BRD) in cattle, including Infectious Bovine Rhinotracheitis (IBR), Bovine Respiratory Syncytial Virus (BRSV), Bovine Viral Diarrhea, and Parainfluenza-3
The overall animal health sector including veterinary medicine turned out to be resilient despite many challenges and is expected to grow significantly over the forecast period owing to strong underlying drivers.According to a report by the Australian Bureau of Agriculture and Resources Economics and Sciences, China will represent around 40% of the increase in meat demand by 2050.
As per the OECD 2022-2031 agricultural outlook, global pig meat consumption is forecast to reach 129 metric tons in the next 10 years, which is expected to account for one-third of total meat consumption. This increasing consumption is expected to fuel demand for safe food sources highlighting biosecurity and prudent use of veterinary medicines. This is anticipated to propel market growth in the near future.