Veterinary Medicine Market Size

Veterinary Medicine Market size was valued at USD 46.88 billion in 2023 and is set to cross USD 133.77 billion by 2036, expanding at more than 8.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of veterinary medicine is evaluated at USD 50.03 billion.

The growth of the market can be attributed to increasing ownership of animals and the escalating usage of animal drugs. Furthermore, the demand for cattle-based products such as meat, fish, dairy products (cheese and milk), and non-food products such as fiber (mohair, wool, leather, and cashmere) is increasing enormously. It is estimated that the cattle population was about 997 million in 2021, which further increased to approximately 1 billion heads in 2022. Hence, on account of the increasing population of cattle is estimated to propel the market during the forecast period. Additionally, it has been assessed that approximately 76% of millennials are pet owners and require veterinary care for their pets. Since veterinary care is essential for pets and should be provided with worming, vaccinations, flea and tick treatments.

Moreover, the increasing initiatives taken by the veterinary doctors have been laudable and instilling pet awareness amongst the people. The World Veterinary Association is an association that represents over 500,000 veterinarians worldwide. The mission of the association is to provide leadership to promote animal welfare and health through education and partnership. The growing initiatives from the veterinary professionals are projected to boost the market growth during the forecast period.