Veterinary Market Poised for Growth Amid Technological Innovation

Latest Developments (2024–2025)

The global veterinary market has experienced notable advancements, including the integration of AI-powered diagnostics and rising demand for preventive care. Zoetis launched its first cartridge-based, AI-driven hematology analyzer, Vetscan OptiCell™, at VMX 2025, promising faster, more accurate in-clinic blood analyses in key markets such as the US, Canada, Australia, and Europe. Concurrently, industry leader Zoetis reported Q1 2025 revenues of $2.2 billion, marking 9 percent organic growth year-over-year, and updated its full-year 2025 revenue guidance to $9.425–9.575 billion.

Applications Across Industries

Veterinary services span companion animals, livestock health, wildlife conservation, and research. Companion animal care constitutes over 60 percent of industry revenues, driven by increased pet ownership, now at 66 percent of US households in 2024. Livestock applications focus on disease prevention and productivity, with feed additives and vaccines being critical components. Veterinary products also support biomedical research and zoo animal health.

Market Components

Key segments include:

• Pharmaceuticals & Vaccines: Animal vaccines market valued at $18.96 billion by 2030.

• Diagnostics & Equipment: Rapid growth in point-of-care tools such as hematology analyzers and imaging systems.

• Services & Software: Practice management solutions integrating AI and telemedicine.

• Feed Additives & Nutrition: Recent divestiture of Zoetis’ medicated feed additive portfolio to Phibro for $350 million underscores sector value, as the portfolio generated $400 million in 2023 revenue.

Regional Analysis: Domination & Fastest Growth

North America (Dominating): The United States leads with over 130,415 practicing veterinarians as of 2024, bolstered by strong disposable incomes and advanced infrastructure.

Asia-Pacific (Fastest Growing): China and Australia are emerging leaders. Rapid urbanization and growing pet populations fuel double-digit CAGR in China, while Australia invests in expanding vaccine manufacturing capabilities, exemplified by Zoetis’ 21-acre Melbourne site acquisition in March 2024 to produce 130 million vaccine doses annually.

Key Players & Recent Strategies

Zoetis Inc.: Launched Vetscan OptiCell™ and divested feed additive assets for $350 million to focus on diagnostics and novel therapies. 

Mars Petcare/Science & Diagnostics: Completed Cerba Vet acquisition to expand diagnostics footprint in Europe and integrate with Antech and Wisdom Panel services.

Phibro Animal Health: Gained Zoetis’ feed additive portfolio to bolster its production animal health offerings, targeting accretive profitability and EBITDA growth.

Future Prospects & Examples

The market’s future will be shaped by telemedicine, precision genomics, and AI-driven tools. For example, the AVMA notes projected US veterinarian employment growth of 19 percent from 2023 to 2033, exceeding all occupations (4 percent) and healthcare diagnosing practitioners (9 percent), indicating robust talent demand.

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