Veterinary medicines are drugs that are used for the diagnosis, cure, mitigation, treatment, or prevention of disease in animals. Key products under veterinary medicine include anti-infective, biologics, anti-inflammatory, parasiticides, and others. The demand for veterinary medicine is expected to rise owing to increased animal health consciousness and expenditure on pets by owners.

The global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Expansion of Pets Industry: The pet industry has been witnessing significant growth over the past few years, driven by changing consumer lifestyles and rising disposable incomes. Pet ownership is becoming increasingly popular globally. According to the American Pet Products Association (APPA), about 67% of households in the US own a pet. This high pet ownership translates to increased demand for veterinary services and healthcare for pets. Veterinary medicines play a crucial role in animal health. Therefore, expansion of the pets industry presents lucrative opportunities for players in the veterinary medicine market.

Porter’s Analysis
Threat of new entrants: The veterinary medicine market requires huge capital investment and regulatory compliances which creates moderate barriers for new companies to enter this market.
Bargaining power of buyers: Individual animal owners have low bargaining power but larger organizations like veterinary clinics and animal hospitals have moderate bargaining power due to the diverse product offerings provided by established manufacturers.
Bargaining power of suppliers: The veterinary medicine market has a complex global supply chain network, giving suppliers a moderate bargaining power over manufacturers.
Threat of new substitutes: There are no close substitutes for veterinary medicines currently, giving existing products protection from this threat. However, alternative treatment options pose a low-level threat.
Competitive rivalry: The veterinary medicine market has the presence of many global and regional players leading to high competition based on pricing strategies, product differentiation, and service quality.

SWOT Analysis
Strength: Wide variety of effective products for disease treatment, prevention and mass animal healthcare. Established global distribution channels.
Weakness: High R&D and manufacturing costs. Stringent regulatory compliance increases approval time for new products.
Opportunity: Rising pet adoption and pet care spending in developing regions. Growing demand for animal-derived food necessitates preventive livestock healthcare.
Threats: Shift towards alternative treatment methods and delayed approvals could impact revenues. Economic slowdowns may weaken demand from livestock sector.

Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Veterinary Medicine Market is estimated to be valued at US$ 39.27 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

China dominates the APAC veterinary medicine market with the largest livestock population and growing pet healthcare spending. India and South Korea also offer lucrative opportunities owing to similar factors along with favorable FDI policies supporting animal health product manufacturing.

Key players: Key players operating in the veterinary medicine market are BASF SE, Bayer AG, Boehringer Ingelheim, Eli Lilly and Company, Merck & Co. , Sanofi, Virbac, Zoetis, Vetoquinol, and Ceva Sante Animale. Major players are investing in R&D to develop innovative products and expanding to emerging territories to tap rising demand.

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