Global Veterinary Therapeutics Market to reach USD 82.40 billion by 2032, driven by growing demand for preventive healthcare
From GlobeNewswire: 2025-01-30 09:45:00
The global Veterinary Therapeutics Market is projected to reach USD 82.40 Billion by 2032, with a CAGR of 7.35% from 2024 to 2032. Factors driving growth include increasing pet humanization, rising demand for preventive healthcare, and advancements in pharmaceutical research. Major players in the market include Zoetis, Elanco Animal Health, and Boehringer Ingelheim International GmbH.
Veterinary therapeutics encompass a range of products like pharmaceuticals, biologics, and treatments for infectious diseases and chronic health issues in animals. The market is driven by the growing prevalence of diseases in both companion and livestock animals, with a focus on long-term therapeutic solutions. The demand is also linked to the global pet care industry’s rapid growth and the economic importance of livestock farming.
In 2023, the veterinary therapeutics market was valued at USD 43.58 billion, with drugs accounting for 65.2% of the total share. The dominance of drugs is driven by their widespread use in treating infectious diseases, chronic conditions, and pain management in animals. Vaccines are projected to be the fastest-growing segment, with an increased focus on preventing zoonotic diseases and government initiatives promoting vaccination programs, particularly in livestock.
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 like antibiotics, vaccines, and medicated feed additives is crucial for ensuring healthy livestock and food security. The Veterinary Therapeutics Market is segmented by product type (vaccines, drugs, medicated feed additives), animal type (livestock, companion animals), route of administration (parenteral, oral, topical), and end-user (drug stores, veterinary clinics, hospitals, pharmacies). Recent developments include acquisitions and partnerships to advance pet therapeutics and treatments for cancer and inflammatory diseases in pets.
North America leads the market due to high healthcare standards, a large pet population, and robust veterinary infrastructure. The Asia Pacific region is expected to experience the highest growth rate, driven by modern veterinary practices, government support for animal health initiatives, and rising pet ownership, especially in countries like China and India. Increased awareness of the economic importance of livestock health also contributes to market growth in the region.
Read more at GlobeNewswire: Veterinary Therapeutics Market Size to Hit USD 82.40