Veterinary Drugs Market Forecast 2032 | Industry Growth & Analysis
- Pallavi Garudkar
- 4 days ago
- 2 min read
According to Fortune Business Insights the global veterinary drugs market size was valued at USD 29.00 billion in 2024. The market is projected to grow from USD 30.54 billion in 2025 to USD 46.12 billion by 2032, exhibiting a CAGR of 6.07% during the forecast period. Veterinary drugs refer to medicines used to prevent, treat, or mitigate disease in animals (both livestock and companion animals), including anti-infectives, parasiticides, anti-inflammatories, and more.
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Key Market Drivers
Rising Prevalence of Animal Diseases: Animal diseases such as bovine respiratory disease, foot-and-mouth disease, parasitic infections, and more are increasing, driving demand for drug treatments.
Growing Pet Ownership: More households globally are owning pets, and pet owners are willing to spend more on their health.
Increasing Demand for Animal Protein: As global demand for meat and animal-based proteins rises, livestock farming is scaling up, increasing the need for veterinary drugs.
Sustainable and Environmentally Friendly Practices: There is a trend toward more sustainable veterinary medicines — for example, eco-friendly parasiticides — driven by concerns about ecological impact.
Market Segmentation
By Product Type
Parasiticides: The largest segment, holding a major share.
Anti‑infectives: Used for bacterial, viral, and other infections.
Anti-inflammatory / Pain Management: Includes drugs to treat inflammation, pain, arthritis, etc.
Others: Includes other therapeutic classes.
By Route of Administration
Oral: Dominates due to ease of use, accessibility, and wide adoption.
Parenteral (Injectable): Second largest; expected to grow at a strong rate.
Topical and Aerosol: Other segments in smaller shares.
Regional Insights
North America: Leads due to large pet population, robust veterinary infrastructure, and high spending on pet health.
Europe: Strong growth fueled by companion animals and livestock, along with rising concern for animal health and welfare.
Asia-Pacific: Rapid growth potential, particularly in India and China, driven by livestock sector expansion and increasing pet adoption.
Latin America / MEA: Growth mainly from livestock farming, but constrained by infrastructure and regulatory challenges.
List of Key Players Profiled in the Market Report:
Zoetis Services LLC (U.S.)
Merck & Co., Inc. (U.S.)
Elanco Animal Health Incorporated (U.S.)
Boehringer Ingelheim International GmbH (Germany)
Ceva (France)
Vetoquinol (France)
Dechra Pharmaceuticals Limited (U.K.)
Virbac Corporation (France)
Key Industry Development:
July 2024: Humane Society International/Mexico launched a pilot program to improve companion animal welfare and increase access to care in rural and low-income households in Aguascalientes.
June 2024: Cocrystal Pharma, Inc.’s novel, broad-spectrum antiviral, which is in a Phase 2a clinical trial, inhibits activity in the highly pathogenic avian influenza A (H5N1) PB2 protein recently identified in infected dairy cattle.
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