Top 10 Veterinary Medicine Companies Leading the Market in 2024

The veterinary medicine industry is a vital sector that ensures the health and well-being of animals, from companion pets to livestock. Driven by the rising demand for animal healthcare, several key companies have emerged as leaders in the market. These companies are known for their diverse product portfolios, which include vaccines, pharmaceuticals, and diagnostics.

According to Precision Business Insights, the global veterinary medicine market size was valued at US$ 29.2 billion in 2023 and is projected to grow at 7.4% CAGR from 2024 to 2030. It also includes market size and projection estimations for each of the five major regions from 2024 to 2030. The research report includes historical data, trending features, and market growth estimates for the future.

Here's an overview of the top 10 companies shaping the veterinary medicine industry today.

1. Zoetis Inc.

Zoetis is the largest player in the veterinary medicine industry. Spun off from Pfizer in 2013, Zoetis has since grown into a global leader, providing a broad range of veterinary products. In 2023, Zoetis generated revenues of $10.6 billion, driven by a growing demand for its vaccines, anti-parasitic treatments, and diagnostics for both pets and livestock.

2. Merck Animal Health

Merck Animal Health, the veterinary division of Merck & Co., is another major industry player. Known for its vaccines and anti-infective products, Merck Animal Health achieved approximately $6.5 billion in revenue in 2022. The company continues to expand its portfolio in companion and livestock animal health products.

3. Boehringer Ingelheim

Boehringer Ingelheim is a global leader in human and animal healthcare. The company’s animal health division, which focuses on vaccines, anti-parasitic treatments, and therapeutics, reported €5.3 billion in sales in 2023. Its strong presence in Europe and expanding footprint in emerging markets make it a key player in the industry.

4. Elanco Animal Health

Elanco, spun off from Eli Lilly in 2018, has become a significant force in the animal health industry. With a focus on both companion animals and livestock, Elanco’s revenue was around $4.9 billion in 2022. The company’s portfolio includes vaccines, anti-parasitic agents, and pain management solutions.

5. Virbac

Virbac, a French multinational, has carved out a strong niche in the veterinary market, particularly in Europe and Latin America. In 2023, the company reported €2.9 billion in revenue, with key product offerings in vaccines, dermatology treatments, and anti-parasitics for pets and livestock.

6. Vetoquinol

Vetoquinol is known for its focus on animal health, specializing in veterinary pharmaceuticals, dermatology, and nutrition. In 2023, Vetoquinol achieved €599 million in revenue. Its strong presence in the European market and expansion in North America continue to support its growth.

7. Phibro Animal Health

Phibro Animal Health, a producer of veterinary pharmaceuticals and nutritional products, posted approximately $1.3 billion in revenue in 2023. The company is particularly strong in the poultry and livestock sectors, offering a range of solutions aimed at improving animal performance and health.

8. Intervet (MSD Animal Health)

Intervet, the animal health division of Merck, continues to be a major player in the global veterinary market. In 2022, MSD Animal Health, which includes Intervet, reported global sales of $6.5 billion, driven by its vaccine and diagnostic offerings for both companion animals and livestock.

9. Aspen Pharmacare

Aspen Pharmacare, based in South Africa, produces a wide range of animal health products, especially in Africa and emerging markets. The company’s animal health division generated $300 million in revenue in 2023, with a focus on vaccines and anti-parasitic drugs.

10. Bimeda

Bimeda, a leader in veterinary pharmaceuticals, is particularly strong in the livestock sector. In 2023, the company’s revenue was $450 million, driven by its wide range of products aimed at improving the health and productivity of livestock.

Conclusion

These companies represent the backbone of the veterinary medicine industry, providing essential health solutions for animals worldwide. From vaccines and therapeutics to diagnostics and nutrition, the top 10 companies continue to innovate and expand their reach, ensuring the ongoing growth of the animal healthcare sector.

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