Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Size, Share and Trends Analysis Report – Industry Overview and Forecast to 2032

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Size

• The Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market size was valued at USD 3.82 billion in 2024 and is expected to reach USD 8.25 billion by 2032, at a CAGR of 10.10% during the forecast period
• The market growth is largely fueled by the increasing prevalence of animal diseases, rising livestock production, and the expanding demand for animal protein in both developed and emerging economies across Asia-Pacific
• Furthermore, growing awareness about animal health, advancements in veterinary diagnostics, and the adoption of preventive healthcare measures are driving the demand for veterinary pharmaceuticals and biologics. These converging factors are accelerating the uptake of Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market solutions, thereby significantly boosting the industry's growth

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Analysis

• Veterinary medicines, including pharmaceuticals, biologics, and supplements, are increasingly crucial for ensuring animal health and productivity across livestock, companion animals, and aquaculture in both emerging and developed countries. Their adoption is driven by growing awareness of animal welfare, disease prevention, and the need to boost agricultural output
• The escalating demand for veterinary medicines is primarily fueled by the rising prevalence of zoonotic and animal-specific diseases, increasing pet ownership, and a growing focus on livestock productivity. In addition, government initiatives promoting animal health and food safety are further driving the market growth
• China dominated the veterinary medicine market with the largest revenue share of 40.85% in 2024, attributed to its rapidly expanding livestock and aquaculture sectors, high pet ownership, and strong adoption of advanced veterinary drugs and vaccines. The market in China benefits from significant investments in veterinary research, growing veterinary infrastructure, and increasing awareness among farmers and pet owners regarding preventive care and modern treatment options
• India is expected to witness the fastest growth in the veterinary medicine market during the forecast period, driven by increasing livestock population, government initiatives to improve animal healthcare, rising disposable incomes, and expanding awareness about pet health. Growth is further supported by rising adoption of modern veterinary drugs, biologics, and supplements, particularly in rural and semi-urban areas
• The oral segment dominated the veterinary medicine market with a revenue share of 52.4% due to ease of use, widespread acceptance among animals, and suitability for preventive care

Report Scope and Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Segmentation      

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Trends

Rising Demand Driven by Livestock Health and Companion Animal Care

• A significant and accelerating trend in the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is the increasing focus on improving livestock productivity and ensuring the health of companion animals. Governments and private players are investing in veterinary services and preventive care programs to reduce the incidence of animal diseases
  • For instance, in 2023, several Southeast Asian countries launched national livestock health programs, emphasizing vaccination campaigns, parasite control, and disease surveillance. Such initiatives by key stakeholders are expected to propel the veterinary medicine market during the forecast period
• The rising awareness among pet owners regarding animal nutrition, preventive care, and wellness is further fueling the demand for veterinary drugs, vaccines, and diagnostic services. Companion animals are increasingly treated as family members, leading to higher expenditure on veterinary care
• The growing prevalence of zoonotic diseases and foodborne pathogens has prompted farmers and governments to adopt stricter biosecurity measures, thereby increasing the consumption of veterinary medicines in livestock
• Expansion of veterinary healthcare infrastructure, including clinics, hospitals, and mobile veterinary units, is enhancing access to veterinary products and services across urban and rural regions, particularly in emerging economies such as India, Vietnam, and Indonesia
• Technological advancements in veterinary diagnostics, therapeutics, and delivery systems are enabling more efficient treatment, improving animal health outcomes, and supporting sustainable livestock farming practices
• The demand for specialized veterinary products, including vaccines, antiparasitic drugs, and nutraceuticals, is growing rapidly across the Asia-Pacific region, as stakeholders increasingly prioritize animal health, productivity, and welfare

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Dynamics

Driver

Growing Need Due to Rising Animal Health Concerns and Veterinary Advancements

• The increasing prevalence of livestock diseases, rising pet ownership, and concerns regarding zoonotic illnesses across Asia-Pacific are significant drivers for the heightened demand for veterinary medicines. Governments and private players are increasingly focusing on preventive healthcare, vaccination programs, and improved livestock management, which are fueling industry growth
  • For instance, in April 2024, Zoetis Inc., a leading global animal health company, announced the launch of new biologics for livestock disease prevention in Southeast Asia, aiming to improve herd health and reduce mortality rates. Such initiatives by key companies are expected to drive the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market growth in the forecast period
• As farmers, pet owners, and veterinary professionals become more aware of potential animal health threats, the adoption of advanced vaccines, pharmaceuticals, and nutritional supplements is increasing, offering more effective disease prevention and treatment solutions
• Furthermore, the growing trend of pet humanization and the rising focus on food safety are making veterinary medicines an integral component of both livestock and companion animal care, ensuring healthier animals and safer products for consumers
• The convenience of ready-to-use formulations, broad-spectrum vaccines, and easy-to-administer treatments, coupled with improved distribution channels, are key factors propelling the adoption of veterinary medicines across farms, clinics, and households. Government support and awareness campaigns promoting animal health further contribute to market growth

Restraint/Challenge

Concerns Regarding Regulatory Compliance and High Treatment Costs

• Stringent regulatory requirements for veterinary drugs and biologics across multiple countries in Asia-Pacific pose a significant challenge to broader market penetration. Companies must comply with varying safety standards, registration processes, and quality certifications, which can delay product launches
  • For instance, frequent updates in veterinary regulatory guidelines have created challenges for manufacturers in harmonizing products across Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India, making compliance complex and time-consuming
• Addressing these regulatory hurdles through proactive monitoring, robust quality management systems, and alignment with local authorities is crucial for building trust with veterinarians and farmers. In addition, the relatively high cost of advanced veterinary treatments compared to traditional remedies can be a barrier for price-sensitive livestock owners or small-scale pet owners
• While generic alternatives and government subsidies are gradually improving affordability, the premium for innovative veterinary medicines may still hinder widespread adoption, especially in rural and semi-urban areas
• Overcoming these challenges through enhanced regulatory support, cost-effective formulations, and increased awareness about preventive animal healthcare will be vital for sustained growth of the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Scope

The market is segmented on the basis of product, animal type, dosage, route of administration, application, end user, and distribution channel.

• By Product

On the basis of product, the veterinary medicine market is segmented into vaccines, medication, and supplements. The vaccines segment dominated the market with the largest revenue share of 48.3% in 2024. Vaccines are widely used due to their preventive role in controlling infectious diseases in both livestock and companion animals. Government-supported vaccination programs for livestock and poultry create consistent demand. Veterinary clinics and hospitals stock various vaccines to meet animal health requirements. Pet owners increasingly prefer vaccines to prevent common diseases in companion animals. Mass vaccination campaigns and initiatives by animal health associations strengthen the segment. Vaccines also reduce economic losses in the agriculture sector, making them essential for food production animals.

The medication segment is expected to witness the fastest CAGR of 19.2% from 2025 to 2032. The rising prevalence of chronic and infectious diseases in animals drives the demand for therapeutic drugs. Companion animal ownership growth increases spending on medication. New pharmaceutical formulations enhance treatment efficacy and ease of use. Availability of medications through veterinary clinics and online platforms boosts adoption. Government incentives and subsidies for animal health encourage usage. Pharmaceutical innovations targeting specific conditions further support rapid growth.

• By Animal Type

On the basis of animal type, the veterinary medicine market is segmented into food production animals and companion animals. The food production animals segment dominated with a 52.1% revenue share in 2024, owing to large-scale livestock farms requiring preventive and therapeutic care. Government-supported programs for disease prevention in livestock enhance adoption. Institutional purchases by meat, dairy, and poultry producers contribute to high revenue. Herd management practices prioritize health interventions such as vaccines and medications. Veterinary hospitals and clinics actively promote preventive care in livestock. Quality assurance standards in the food production sector drive demand for reliable veterinary products. Livestock health management reduces economic losses and ensures sustainable production.

The companion animals segment is projected to register the fastest CAGR of 22.4% from 2025 to 2032. The increasing pet population in urban areas drives demand for veterinary healthcare products. Pet owners are willing to spend on preventive and therapeutic treatments. Specialty veterinary clinics for companion animals are expanding. Chronic and dermatological conditions in pets increase medication and supplement use. Homecare products for pets become more accessible through retail and online channels. Rising disposable incomes and changing lifestyles support adoption. Veterinary awareness campaigns for companion animal health further fuel growth.

• By Dosage

On the basis of dosage, the veterinary medicine market is segmented into solid, liquid, and semi-solid. The liquid segment dominated with a 46.7% revenue share in 2024, due to ease of administration in both livestock and pets. Liquid formulations are quickly absorbed, providing faster therapeutic effects. They are convenient for mass applications in farms. Veterinary hospitals and clinics prefer liquids for vaccinations and acute treatments. Liquids can be administered orally or via injections for versatility. Compatibility with automated dosing systems enhances demand. Regulatory standards support liquid formulations for consistent and accurate dosing.

The solid segment is expected to record the fastest CAGR of 20.1% from 2025 to 2032. Solid dosage forms such as tablets and boluses provide precise dosing and longer shelf life. They are ideal for homecare and remote administration in rural areas. Veterinary professionals prefer solids for controlled delivery over time. Advances in palatability and slow-release technology increase adoption. Companion animal owners find solid medications convenient for daily use. Retail and online availability enhances accessibility. Preventive care for chronic conditions in pets further drives growth. Furthermore, increasing awareness of standardized dosing benefits among livestock farmers and pet owners is supporting the rapid expansion of solid dosage forms.

• By Route of Administration

On the basis of route of administration, the veterinary medicine market is segmented into oral, parenteral, and topical. The oral segment dominated in 2024 with a revenue share of 52.4% due to ease of use, widespread acceptance among animals, and suitability for preventive care. Oral medications and supplements are convenient for both livestock and companion animals. They allow mass administration without veterinary intervention. Veterinary hospitals and clinics prefer oral formulations for routine treatments. Oral dosage forms reduce stress in animals during administration. Stable storage and handling make oral products highly practical. Consistent demand is observed from both commercial farms and pet owners.

The parenteral segment is projected to witness the fastest CAGR of 19.8% from 2025 to 2032, driven by rising adoption of injectable vaccines and therapeutic drugs. Injectable products ensure rapid and effective treatment. Veterinary clinics rely on parenteral administration for precision care. Companion animal owners increasingly opt for injections under professional supervision. Innovations such as needle-free injectors improve adoption. Acute disease management in livestock supports growth. Specialized treatment for pets in urban centers contributes to rising demand. In addition, increasing regulatory approvals and safety validations for parenteral formulations are encouraging wider acceptance across both livestock and companion animal markets.

• By Application

On the basis of application, the veterinary medicine market is segmented into foot and mouth disease, autoimmune diseases, bacterial diseases, helminthes infection, bluetongue, canine atopic dermatitis, and others. The foot and mouth disease segment dominated in 2024 with a revenue share of 48.1%, reflecting its critical importance in livestock health management. Government vaccination campaigns and preventive programs sustain consistent adoption. Veterinary clinics and hospitals actively support disease prevention measures. Herd health management is prioritized to maintain productivity. Foot and mouth disease prevention reduces economic losses in the agriculture sector. Reliable vaccines and medication availability drive continued demand. Institutional purchases for livestock farms further enhance segment dominance.

The canine atopic dermatitis segment is expected to witness the fastest CAGR of 21.5% from 2025 to 2032, owing to growing awareness of pet dermatology care. Rising pet ownership increases demand for skin care treatments. Specialty clinics for companion animals are expanding in urban regions. Owners prefer preventive and therapeutic solutions for chronic skin conditions. Advanced topical and oral formulations improve compliance. Retail and online availability enhances access for pet owners. Education campaigns by veterinary associations boost adoption. Furthermore, ongoing research and development in novel biologics and immunotherapies is fueling the segment’s rapid growth.

• By End User

On the basis of end user, the veterinary medicine market is segmented into hospitals, veterinary clinics, homecare settings, and laboratories. The veterinary clinics segment dominated in 2024 with a revenue share of 55.3% due to availability of professional care and advanced treatments. Clinics provide routine check-ups, vaccinations, and specialized interventions. Access to trained veterinarians ensures consistent product demand. Companion animals and small-scale livestock rely heavily on clinic services. Clinics offer advanced infrastructure and equipment for complex treatments. Government collaborations with clinics support mass animal health programs. Quality and reliability of services strengthen segment dominance.

The homecare settings segment is projected to witness the fastest CAGR of 20.8% from 2025 to 2032, driven by rising pet ownership and home treatment adoption. Owners increasingly manage preventive care and minor treatments at home. Availability of OTC products and supplements enhances convenience. Telemedicine services provide remote guidance from veterinarians. Urban and semi-urban households adopt homecare products for pets. E-commerce platforms facilitate easy product access. Growing awareness of animal wellness encourages home-based interventions. Moreover, innovative homecare diagnostic kits and monitoring devices are further driving adoption and market growth in this segment.

• By Distribution Channel

On the basis of distribution channel, the veterinary medicine market is segmented into direct tender, retail sales, online pharmacy, and others. The direct tender segment dominated in 2024 with a revenue share of 50.6% due to bulk procurement for livestock farms and institutional requirements. Government contracts and institutional purchases drive consistent demand. Bulk procurement reduces per-unit costs and ensures timely delivery. Veterinary hospitals and large clinics prefer direct tender purchasing. Quality assurance and reliability further strengthen dominance. Institutional programs, such as vaccination drives, support adoption. Large-scale farm management practices heavily rely on this distribution model.

The online pharmacy segment is expected to witness the fastest CAGR of 22.3% from 2025 to 2032, driven by digital penetration and convenience for pet owners. Online channels provide access to a wide range of veterinary products. Urban and semi-urban consumers increasingly prefer online purchasing. Doorstep delivery enhances convenience and saves time. Availability of prescription and OTC products online boosts adoption. Marketing campaigns through digital platforms increase awareness. The segment supports rapid growth due to expanding e-commerce networks. In addition, personalized recommendations and subscription-based models offered by online pharmacies are further encouraging repeat purchases and customer loyalty.

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Regional Analysis

• The Indonesia veterinary medicine market is witnessing robust growth, driven by the country’s large livestock population and rising adoption of preventive healthcare measures. The increasing demand for vaccines, antibiotics, and nutritional supplements in livestock and poultry is a major factor driving the market
• Expansion of veterinary clinics and hospitals, along with government initiatives promoting animal welfare and food safety, is further boosting adoption. Rapid urbanization and rising disposable incomes are supporting growth in companion animal healthcare
• Technological advancements in biologics and diagnostics, combined with increased awareness among farmers, are enhancing the overall market potential

Malaysia Veterinary Medicine Market Insight

The Malaysia veterinary medicine market is expanding steadily due to increasing investments in livestock farming modernization and preventive veterinary care. Rising awareness of zoonotic diseases and the importance of vaccinations for animals is supporting growth. Pet ownership trends are encouraging the demand for companion animal healthcare products. Government regulations emphasizing food safety and animal health are driving adoption of advanced veterinary medicines. In addition, veterinary research initiatives and private-sector investments are contributing to better healthcare access in both rural and urban areas.

Vietnam Veterinary Medicine Market Insight

The Vietnam veterinary medicine market is growing at a strong pace, fueled by livestock farming modernization, increasing adoption of vaccines, and rising demand for antibiotics and therapeutics. The government’s focus on improving livestock productivity and food safety is boosting the market. Rising disposable incomes and a growing pet population are creating opportunities in companion animal healthcare. Veterinary hospitals and clinics are expanding, offering advanced diagnostic and treatment options. Awareness campaigns about zoonotic diseases and preventive care are also playing a key role in market growth.

Thailand Veterinary Medicine Market Insight

Thailand’s veterinary medicine market is witnessing significant expansion due to increasing livestock farming and rising companion animal ownership. Adoption of vaccines and therapeutic drugs in both livestock and pets is accelerating. The government is promoting animal welfare, preventive care, and food safety, which supports market growth. Veterinary hospitals and clinics are increasingly equipped with advanced diagnostic tools, boosting adoption. Private-sector investments, coupled with increasing awareness among farmers and pet owners, are strengthening market potential. Technological adoption in biologics and diagnostics is expected to further enhance growth.

Philippines Veterinary Medicine Market Insight

The Philippines veterinary medicine market is growing steadily, driven by the expanding livestock industry and increasing focus on preventive animal healthcare. Demand for vaccines, antibiotics, and nutritional supplements is rising in both livestock and companion animals. Government programs emphasizing food safety and animal welfare are fostering market expansion. Urbanization and rising disposable incomes are increasing adoption of pet healthcare products. Veterinary hospitals and clinics are expanding their services, and awareness about zoonotic diseases and preventive care is boosting demand.

Australia Veterinary Medicine Market Insight

The Australia veterinary medicine market is growing due to a combination of high livestock density and increasing pet ownership. Preventive care, vaccines, and therapeutics for livestock and companion animals are in high demand. Government regulations on animal welfare, along with initiatives promoting vaccination and preventive healthcare, are driving growth. Investments in veterinary research and modern veterinary practices further support market expansion. Pet healthcare adoption is rising, driven by awareness campaigns and increasing disposable incomes. Technological advancements in biologics and diagnostics are enhancing treatment outcomes and access to veterinary services.

New Zealand Veterinary Medicine Market Insight

The New Zealand veterinary medicine market is expanding steadily, fueled by livestock farming, pet ownership growth, and increasing preventive care adoption. Demand for vaccines, antibiotics, and nutritional supplements is high in both livestock and companion animals. Government initiatives supporting animal welfare, food safety, and livestock productivity are driving market growth. Veterinary clinics are increasingly offering advanced diagnostics and treatments. Awareness campaigns on zoonotic diseases and preventive healthcare are encouraging higher adoption rates. Technological developments and private-sector investments are further boosting the market.

China Veterinary Medicine Market Insight

The China veterinary medicine market accounted for the largest revenue share of 40.85% in Asia-Pacific in 2024. Rapid urbanization, rising disposable incomes, and a growing middle class are driving adoption of veterinary medicines in livestock and companion animals. Smart livestock farming and preventive healthcare programs are expanding, promoting demand for vaccines and biologics. Pet healthcare is growing due to increasing awareness and disposable income. Government policies supporting animal welfare, food safety, and vaccination programs are accelerating market growth. Local manufacturing of veterinary products and affordable solutions are making adoption more widespread.

Korea Veterinary Medicine Market Insight

The Korea veterinary medicine market is experiencing strong growth due to rising adoption of modern veterinary practices and preventive healthcare. The increasing companion animal population and livestock modernization are key drivers. Government support for food safety, animal welfare, and preventive vaccination is encouraging market expansion. Urbanization and rising disposable incomes are increasing demand for pet healthcare. Veterinary clinics and hospitals are incorporating advanced diagnostics and therapeutics, strengthening market potential. Awareness about zoonotic diseases and preventive measures is further boosting adoption.

India Veterinary Medicine Market Insight

The India veterinary medicine market is growing steadily, fueled by a large livestock population, increasing awareness about animal health, and expansion of veterinary clinics and hospitals. Preventive care, vaccines, antibiotics, and nutritional supplements are seeing high demand. Growth in companion animal ownership, rising disposable incomes, and increasing pet healthcare awareness are contributing to market expansion. Government programs promoting food safety, animal welfare, and vaccination are supporting adoption. Technological advancements in biologics and diagnostics are improving treatment outcomes and accessibility across both rural and urban regions.

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Share

The Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market industry is primarily led by well-established companies, including:

• Zoetis Services LLC (U.S.)
• Boehringer Ingelheim International GmbH (Germany)
• Virbac (France)
• Ceva (France)
• Dechra Pharmaceuticals Limited (England)
• HUVEPHARMA (Bulgaria)
• Phibro Animal Health Corporation (U.S.)
• Kemin Industries, Inc. (U.S.)
• Vetoquinol (France)
• Mankind (India)
• Indian Immunologicals Ltd. (India)
• ECO Animal Health Ltd (U.K.)
• Biologische Heilmittel Heel GmbH
• Alivira Animal Health Limited (India)
• Biogénesis Bagó (Germany)
• Bentoli (U.S.)
• Inovet (Hungary)
• Merck & Co., Inc. (U.S.)
• Zovix Pharmaceuticals (India)
• Valor(chongqing) international Co.,Ltd (China)

Latest Developments in Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market

• In August 2024, Zoetis Inc., the global leader in animal health, announced the expansion of its Global Capability Centre in Hyderabad, India. The expanded centre, scheduled to open in September 2024, is set to create hundreds of new jobs and strengthen the company's innovative technology portfolio
• In July 2024, Dechra Pharmaceuticals Limited announced its upcoming acquisition of Invetx, a company specializing in developing protein-based therapeutics for companion animals' chronic conditions. This acquisition, valued at up to USD 520 million, aligns with Dechra's long-term strategy to be an innovation leader in companion animal health
• In March 2023, Ceva Santé Animale participated in the VIV Asia 2023 exhibition in Bangkok, Thailand. During the event, Ceva held the "Ceva Innovation Day" pre-opening symposium, focusing on the critical need to move from conceptual thinking to concrete execution through innovation to address major challenges in veterinary medicine

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