The Veterinary Market and
Animal Health Industry
The global animal health market is estimated at $40 billion dollars.
The veterinary and animal health market has been consistently growing to meet the demands of pet owners, agribusiness and comparative clinical research. The animal health market is an integral part of the US economy and includes veterinary product manufacturing, veterinary services, animal health disease surveillance, and food animal production.
Animal Health Market Overview
Global Animal Health Market: Global ex-manufacturer sales of animal health products is approximately $40 billion dollars, and the United States represents ~33% of this market. The veterinary market can be generally categorized by species, product type, channels of distribution, and geographic regions. Each of these veterinary market sectors has varying economic factors to take into consideration when pursuing the development of animal health products. The general categories of veterinary products are medicinal feed additives, biologics, parasiticides, anti-infectives, and pain management drugs.
Woods Consulting, LLC works with clients to review their technology and determine the appropriate species and target disease to pursue.
Veterinary Products and Animal Health Industry Overview
The US veterinary market yields approximately $14 billion in ex-manufacturers sales of veterinary products for companion animal (e.g., dog, cat, horse) and food animal (e.g. cattle, poultry) markets, roughly 33% of the total animal health market.
Key US veterinary product categories includine veterinary drugs (e.g., anti-microbials, anti-inflammatories, parasiticides), veterinary biologics (e.g., vaccines, immune modulators), medicated feeds, and pet nutraceuticals and petfood.
More Information About the Animal Health Industry: The Animal Health Institute
veterinary products (% mix)
veterinary products (% of sales)
Approval Timeline for Veterinary Products: As a rule of thumb, most veterinary drugs and biologics for companion animal use can take 3-5 years to obtain veterinary market approval. For livestock, veterinary drugs may take even longer as approvals for food production animals also requires residue testing and other studies to evaluate the veterinary drugs potential effects in the food chain.
Veterinary Medicine (US veterinarians)
# US Veterinarians by Professional Area
CAE=companion animal exlusive; CAP=companion animal predominant; Eq=equine; MA=mixed animal; FA=food animal; Ex=exotic; Ind=Industry; Aca=academia
# US Veterinarian Salaries
Sources: Estimates were compiled from the American Veterinary Medical Association, Bureau of Labor Statistics and other sources
Veterinary Medicine: Specialists
Many veterinarians pursue advanced training beyond their 4 years of veterinary medical school. Veterinary specialists undergo 3-4 years of additional residency training and must pass specialty board exams to be recognized as a Diplomate within their respective discipline. As oppossed to primary care or general practice, Diplomates limit their practice to specialty care in private practice or academia. Many specialists are employed by industry or the government.
American College of Veterinary Internal Medicine (ACVIM), American College of Veterinary Pathologists (ACVP), American College of Veterinary Surgeons (ACVS), American College of Veterinary Emergency & Critical Care (ACVECC), American College of Veterinary Ophthalmologists (ACVO), American College of Veterinary Anesthesia and Analgesia (ACVAA), American College of Veterinary Dermatology (ACVD), American Veterinary Dental College (AVDC), American Board of Veterinary Toxicology (ABVT), American College of Veterinary Clinical Pharmacology (ACVCP)
Veterinary Practices
There are approximately 25,000 veterinary practices (hospitals, clinics) in the US consisting of primary care and specialty practices. Veterinary practices can be categorized by ownership such as corporate hospital groups, individual proprietorships (independents) and partnerships. In recent years, there has been a steady increase in the practice consolidation under corporate and private equity firms. A few of the larger veterinary consolidators are VIP Pet Care, National Veterinary Associates (NVA), Veterinary Centers of Americal (VCA), VetCor, PetVet Care Centers, Thrive Pet Healthcare, VetStrategy, and Southern Veterinary Partners with some owning more than 1,000 practices across the US.
Comparative Medical Diseases
There are a variety of common veterinary diseases, many of which mimic those in people. Dogs and cats (companion animals) suffer from a range of diseases and disorders, which often require treatment with veterinary drugs, devices, biologics, supplements, special diets, etc.
Listed below are some of the common veterinary diseases and reasons for dogs and cats presenting to veterinary hospitals for treatment. Many of these conditions and diseases are very similar to human diseases, and many of the same treatments are used in dogs and cats as they are in people.
- Musculoskeletal and orthopedic disease
- Dental disease and periodontal disease
- Gastrointestinal tract, hepatic and pancreatic disease
- Cardiac disease including congestive heart failure and dilative cardiomyopathy
- Lower urinary tract and kidney disease
- Ocular diseases such as cataracts and dry eye
- Neurologic and spinal cord disease
- Infectious disease (bacterial, fungal, viral)
- Cancer and neoplastic disease
- Dermatologic disease including atopy and allergic dermatitis
- Ear disease including infections
- Endocrine diseases such as diabetes and thyroid disorders
- Respiratory tract disease
- Obesity
- Behaviorial problems including phobias and separation anxiety
Common Canine Conditions
Dogs, in particular, naturally develop a number of diseases and conditions that are similar to people. The graph to the right breaks down the percentages of presenting complaints at veterinary hospitals in the US. Data are based on insurance claims.