Companion Animal Healthcare Market Size
With rising pet adoption for companionship, government and public organization support for animal care, demand for online veterinary pharmacies, and rising animal healthcare expenditure, the USD 92.9 billion companion animal healthcare market is expected to grow at CAGR of 7.9% by 2032. Furthermore driving demand for animal healthcare is the growing frequency of zoonotic diseases and the humanizing of companion animals.
To get key market trends
Moreover, veterinary care is extending the spectrum of accessible services by means of creative therapies and diagnostics. Moreover, the incorporation of technologies like telemedicine improves veterinarian treatment availability. The demand for premium healthcare products and services keeps rising as dogs grow more and more essential components of households.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Companion Animal Healthcare Market Size in 2022 | USD 92.9 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7.9% |
| 2032 Value Projection | USD 203 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 330 |
| Tables, Charts & Figures | 456 |
| Segments covered | Product, Animal type, Distribution Channel, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
COVID-19 Impact
Lockdowns and social separation policies caused many veterinary offices and hospitals to temporarily close or restrict non-essential services in the early phases of the epidemic. Routine check-ups, elective operations, and preventative animal care all fell as a result. To guarantee the safety of staff members and pet owners, veterinary settings also had to adjust to some modifications in their operations by means of curb side visits, telemedicine consultations, and abbreviated clinic hours.
These developments changed veterinary clinics' income as well as their usual working hours. The epidemic changed the availability of animal health drugs, vaccinations, and other medical supplies as well as caused supply chains disturbance. Certain pharmaceuticals or treatments were either scarce or limited due to manufacturing and distribution delays, difficulties in transportation, and growing demand for some items. The disturbance greatly affected the capacity of veterinary environments to deliver ideal treatment; hence, the expenses for animal medications grew in line with demand and constrained supply.
Companion Animal Healthcare Market Trends
Hey here! Thanks to many amazing products that make life even better for our animal companions, the pet business is undergoing complete transformation. First of all, people are adoring dogs more than ever in nations including the U.S., Germany, the UK, and France. Giving us all the snuggles and support we require, they are like our dearest friends. Naturally, then, since more and more people are acquiring pets, the pet business is flourishing. Still, it goes beyond simply the love. People are also growing wiser about how to keep their animals happy and healthy. They are studying about zoonotic diseases—that is, the hazards of diseases that might pass from animals to humans. To ensure their furry pals are secure, they are thus seeking for more animal physicians and improved medication. People are also purchasing more pet insurance to avoid having to worry about spending a lot should their pet get sick or injured. They are also learning more about what their dogs require to remain healthy—including routine visits and vaccinations. And get thisamazing fresh approaches to assist our animals are being developed by the pet doctors. They are developing new therapies to make our dogs feel better, better instruments to identify problems, and even goods to aid stop them from becoming sick firstly. For our animal friends, it functions as their superpower!
Companion Animal Healthcare Market Restraint
Extensive research, clinical trials, and regulatory compliance are required for developing new animal healthcare drugs. These activities come at a large expense and often contribute to the high price of drugs. Animal health drugs undergo rigorous regulatory processes before they are approved and used in veterinary settings. It involves extensive testing for safety and effectiveness, which increases the cost. The strict regulatory requirements contribute to the high cost of drugs, as companies need to cover the costs associated with getting their products approved.
Companion Animal Healthcare Market Analysis
Learn more about the key segments shaping this market
Product-wise, the companion animal healthcare industry includes veterinarian services, medical equipment, and drugs. With 75.1% of the industry's market share in 2022 veterinary services segment stands highest. Preventive care, diagnostics, treatments, surgeries, dental care, and emergency services are among the several healthcare facets that veterinary services cover. Apart from medical treatments, it covers day-care and grooming. Medicated feed additives, companion animal medications, and companion animal vaccines separate the pharmaceutical market even more. Medical devices sector covers veterinary anaesthesia equipment, veterinary monitoring equipment, veterinary surgical instrument, veterinary consumables and others including companion animal diagnostic equipment.
Learn more about the key segments shaping this market
Based on animal type, the companion animal healthcare market is segmented as dogs, cats, horses, and other companion animals. The enduring popularity of dogs as pets, coupled with an increasing trend toward humanization of pets, is driving demand for high-quality healthcare services. Rising awareness about the specific health needs of dogs, including preventive care, nutrition, and specialized treatments. In addition, the rapidly increasing number of dogs as a pet, the high prevalence of animal and zoonotic diseases, the increasing adoption of pet insurance for dogs, and the increasing need of diagnostics and adequate treatment options.
Based on distribution channel, the companion animal healthcare market is segmented as pharmacies, distributors, and e-commerce. In 2022, the pharmacies segment dominated the companion animal healthcare pharmaceuticals market and is expected to grow at CAGR of 8.2% from 2023 to 2032. Pharmacies are dedicatedly established to dispense medications, including those for animals. A wide range of animal healthcare products, including prescription drugs, over-the-counter medications, vaccines, and supplements are available in pharmacies. As they provide a comprehensive range of medications it makes them a convenient and reliable source for purchasing animal healthcare products.
Looking for region specific data?
In 2022 North America will have the biggest share in companion animal healthcare market. With so many homes featuring pets, North America is among the areas having the highest pet populations worldwide. Although dogs and cats are the most often kept animals in the area, small mammals, reptiles, and birds are also somewhat prevalent. Demand for complete healthcare services and goods is driven by raised pet ownership rates, a strong culture of pet care, and growing awareness of animal welfare.
Companion Animal Healthcare Market Share
Some of the major industry players operating in the companion animal healthcare market are
- Boehringer Ingelheim International GmbH
- Elanco Animal Health
- Merck & Co
- Vetoquinol
- Zoetis
- Medtronic plc
- IDEXX Laboratories
- Neogen Corporation
- Virbac SA
- B Braun Melsungen AG.
Companion Animal Healthcare Industry News
- On August 2023, Boehringer Ingelheim, announced that the U.S. Food and Drug Administration (FDA) approved SENVELGO (velagliflozin oral solution), a novel treatment for diabetic cats. SENVELGO is a once-daily liquid oral solution that cat owners can administer with food or directly into the cat's mouth.
- On August 2023, Boehringer Ingelheim has announced the launch of NexGard (afoxolaner) S and M in India. This NexGard product range expansion for small and medium dogs follows the successful launch of NexGard X and L earlier in 2020.
The companion animal healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments
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By Product, 2018 - 2032 (USD Million)
- Pharmaceuticals
- Drugs
- Anti-parasitic
- Anti-infectives
- Anti-inflammatory
- Other drugs
- Vaccines
- Modified live vaccines
- Killed inactivated vaccines
- Other vaccines
- Medicated feed additives
- Antibiotics
- Vitamins
- Enzymes
- Amino acids
- Antioxidants
- Prebiotics and probiotics
- Minerals
- Other medicated feed additives
- Drugs
- Medical devices
- Veterinary diagnostic equipment
- Veterinary anesthesia equipment
- Veterinary patient monitoring equipment
- Veterinary surgical equipment
- Veterinary consumables
- Other medical devices
- Veterinary services
By Animal type, 2018 - 2032 (USD Million)
- Dogs
- Cats
- Horses
- Other companion animals
By Distribution Channel, 2018 - 2032 (USD Million)
- Pharmacies
- Distributors
- E-commerce
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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