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With a starting point at USD $25.9 billion in 2022, the companion animal healthcare market is expected to reach USD 46.74 billion by 2030, expanding at a CAGR of 8.80 percent between 2023 and 2030.
Key factors fueling the market expansion include the expanding pet population and spending, the increasing humanization of pets, the rising activities of major market participants, the rising adoption of pet insurance, and the increasing medicalization rate. According to the American Veterinary Medical Association (AVMA), over 75% of dogs and over 60% of cats had veterinary checkups in 2021. Market expansion in the next years will be driven by rising medicalization and the number of additional veterinarian appointments. The COVID-19 epidemic had far-reaching consequences for business. Businesses must make adjustments in the face of operational and logistical difficulties.
Many people rely on pets for safety and security, and as a result, the number of households with pets has increased dramatically in recent years. The worldwide pet healthcare industry is growing rapidly, and a large part of that growth is due to the rising number of pet owners. Pet Secure reports that the United States has the largest pet ownership worldwide and spends $50 billion annually on pets. leading to a higher CAGR for the industry. The rising number of pet owners in metropolitan areas and the increased demand for high-quality pet food are further factors that will drive the pet health industry forward. The market is expanding as a result of an increase in the number of veterinary clinics, which is being supported by both private and state organisations. More money is being poured into the pharmaceutical business, leading to higher-quality medicines and vaccines for pets around the world. The growing popularity of dogs can be attributed to rising disposable money and modern lifestyle patterns. Revenue in the companion animal healthcare industry is expanding as pet insurance becomes more widely available in various regions.
Several state administrations are working to establish mobile veterinary services. In March of 2021, for instance, the government of Andhra Pradesh, India, launched mobile veterinarian services. In September of 2018, one hundred mobile veterinary clinics were made available in Hyderabad. Private veterinary hospitals are expanding across the United States. In March of 2018, Tata Trust and People for Animals announced plans to construct a domestic animal multi-specialty veterinary hospital in Navi Mumbai. Growth in the market is anticipated during the predicted time period as a result of increased availability of companion animal pharmaceuticals and the construction of new animal welfare facilities. In addition, the rising incidence of pet sickness is fueling business expansion. Parvovirus, cancer, rabies, heartworm, kennel cough, ringworm, and diabetes are some of the most often reported illnesses in dogs, according to the American Society for the Prevention of Cruelty to Animals. The chronic illness known as diabetes mellitus affects not just humans but also their domesticated animal companions. Cataracts, convulsions, urinary tract infections, kidney failure, and hepatic enlargement are all possible outcomes. Rapid diagnosis and treatment of diabetes can prevent these potentially catastrophic complications. The number of canine and feline patients diagnosed with diabetes has allegedly skyrocketed in recent years.
The rising incidence of animal diseases, the proliferation of veterinary professionals, the expansion of health insurance coverage, and the development of more precise diagnostic imaging techniques have all contributed to Europe's position as the world's second-largest market for companion animal healthcare. The availability of ancillary products in the European market for companion animal healthcare, such as oral chews, animal diets, growth promoters, new product releases, and strategic partnerships amongst key firms, is also a driving force. Market growth is especially important in Europe, where major firms are increasingly focused on implementing cutting-edge Companion Animal Healthcare in order to boost operational efficiency. The market share for veterinary treatment for domestic pets in the United Kingdom was the highest, while the market in Germany was expanding at the quickest rate.
From 2023 to 2030, the Companion Animal Healthcare Market in Asia-Pacific is expected to grow at the quickest CAGR due to rising pet health & treatment and pet ownership awareness. It's something that could help the area market expand. Key participants in the market for pet insurance in India include New India Assurance, Bajaj Allianz, Vetina Pawtect, and Oriental Insurance. In addition, major companies are planning how to break into the Asia-Pacific market. The market for veterinary treatment for pets in China is massive, but the industry in India is expanding at a much faster rate.
Major competitors in the market are investing extensively in R&D in order to increase their product offerings, which will propel the pet health industry forward. Key market developments such as agreements, mergers, product launches, increased investments, and partnerships between companies are all examples of tactics market participants are doing to extend their worldwide presence. assuming the lead. The pet health industry is growing rapidly, necessitating company diversification amongst competitors. Companies in the worldwide Companion Animal Healthcare industry increasingly prioritise R&D spending as a means of attracting and retaining customers and expanding into new markets. The companion animal healthcare sector has improved supply chain visibility and reliability in recent years. Companies like Zoetis Animal Healthcare (USA), Merial (France), Elanco Animal Health (USA), Bayer Animal Health (Germany), Merck and Co. Inc. (USA), and others are working to increase demand in the market for healthcare products for companion animals by investing in R&D.
Report Coverage
Global Companion Animal Healthcare research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Companion Animal Healthcare report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Companion Animal Healthcare competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Companion Animal Healthcare market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Companion Animal Healthcare market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Companion Animal Healthcare market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Merck and Co. Inc. (U.S.)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Companion Animal Healthcare market based on the below-mentioned segments:
Global Companion Animal Healthcare Market, By Product
Feed Additives
Pharmaceuticals
Vaccines
Global Companion Animal Healthcare market, By Diagnostics
Tests diagnostic imaging
Immunodiagnostic Tests
Molecular Diagnostics
Global Companion Animal Healthcare market, Regional Analysis
Key factors fueling the market expansion include the expanding pet population and spending, the increasing humanization of pets, the rising activities of major market participants, the rising adoption of pet insurance, and the increasing medicalization rate. According to the American Veterinary Medical Association (AVMA), over 75% of dogs and over 60% of cats had veterinary checkups in 2021. Market expansion in the next years will be driven by rising medicalization and the number of additional veterinarian appointments. The COVID-19 epidemic had far-reaching consequences for business. Businesses must make adjustments in the face of operational and logistical difficulties.
Many people rely on pets for safety and security, and as a result, the number of households with pets has increased dramatically in recent years. The worldwide pet healthcare industry is growing rapidly, and a large part of that growth is due to the rising number of pet owners. Pet Secure reports that the United States has the largest pet ownership worldwide and spends $50 billion annually on pets. leading to a higher CAGR for the industry. The rising number of pet owners in metropolitan areas and the increased demand for high-quality pet food are further factors that will drive the pet health industry forward. The market is expanding as a result of an increase in the number of veterinary clinics, which is being supported by both private and state organisations. More money is being poured into the pharmaceutical business, leading to higher-quality medicines and vaccines for pets around the world. The growing popularity of dogs can be attributed to rising disposable money and modern lifestyle patterns. Revenue in the companion animal healthcare industry is expanding as pet insurance becomes more widely available in various regions.
Several state administrations are working to establish mobile veterinary services. In March of 2021, for instance, the government of Andhra Pradesh, India, launched mobile veterinarian services. In September of 2018, one hundred mobile veterinary clinics were made available in Hyderabad. Private veterinary hospitals are expanding across the United States. In March of 2018, Tata Trust and People for Animals announced plans to construct a domestic animal multi-specialty veterinary hospital in Navi Mumbai. Growth in the market is anticipated during the predicted time period as a result of increased availability of companion animal pharmaceuticals and the construction of new animal welfare facilities. In addition, the rising incidence of pet sickness is fueling business expansion. Parvovirus, cancer, rabies, heartworm, kennel cough, ringworm, and diabetes are some of the most often reported illnesses in dogs, according to the American Society for the Prevention of Cruelty to Animals. The chronic illness known as diabetes mellitus affects not just humans but also their domesticated animal companions. Cataracts, convulsions, urinary tract infections, kidney failure, and hepatic enlargement are all possible outcomes. Rapid diagnosis and treatment of diabetes can prevent these potentially catastrophic complications. The number of canine and feline patients diagnosed with diabetes has allegedly skyrocketed in recent years.
The rising incidence of animal diseases, the proliferation of veterinary professionals, the expansion of health insurance coverage, and the development of more precise diagnostic imaging techniques have all contributed to Europe's position as the world's second-largest market for companion animal healthcare. The availability of ancillary products in the European market for companion animal healthcare, such as oral chews, animal diets, growth promoters, new product releases, and strategic partnerships amongst key firms, is also a driving force. Market growth is especially important in Europe, where major firms are increasingly focused on implementing cutting-edge Companion Animal Healthcare in order to boost operational efficiency. The market share for veterinary treatment for domestic pets in the United Kingdom was the highest, while the market in Germany was expanding at the quickest rate.
From 2023 to 2030, the Companion Animal Healthcare Market in Asia-Pacific is expected to grow at the quickest CAGR due to rising pet health & treatment and pet ownership awareness. It's something that could help the area market expand. Key participants in the market for pet insurance in India include New India Assurance, Bajaj Allianz, Vetina Pawtect, and Oriental Insurance. In addition, major companies are planning how to break into the Asia-Pacific market. The market for veterinary treatment for pets in China is massive, but the industry in India is expanding at a much faster rate.
Major competitors in the market are investing extensively in R&D in order to increase their product offerings, which will propel the pet health industry forward. Key market developments such as agreements, mergers, product launches, increased investments, and partnerships between companies are all examples of tactics market participants are doing to extend their worldwide presence. assuming the lead. The pet health industry is growing rapidly, necessitating company diversification amongst competitors. Companies in the worldwide Companion Animal Healthcare industry increasingly prioritise R&D spending as a means of attracting and retaining customers and expanding into new markets. The companion animal healthcare sector has improved supply chain visibility and reliability in recent years. Companies like Zoetis Animal Healthcare (USA), Merial (France), Elanco Animal Health (USA), Bayer Animal Health (Germany), Merck and Co. Inc. (USA), and others are working to increase demand in the market for healthcare products for companion animals by investing in R&D.
Report Coverage
Global Companion Animal Healthcare research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Companion Animal Healthcare report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Companion Animal Healthcare competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Companion Animal Healthcare market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Merck and Co. Inc. (U.S.) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Companion Animal Healthcare Market from 2021 to 2030.
- Market Forecast for Companion Animal Healthcare Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Companion Animal Healthcare competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Companion Animal Healthcare
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Companion Animal Healthcare market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Companion Animal Healthcare market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Merck and Co. Inc. (U.S.)
Primary Target Market
- Market Players of Companion Animal Healthcare
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Companion Animal Healthcare market based on the below-mentioned segments:
Global Companion Animal Healthcare Market, By Product
Feed Additives
Pharmaceuticals
Vaccines
Global Companion Animal Healthcare market, By Diagnostics
Tests diagnostic imaging
Immunodiagnostic Tests
Molecular Diagnostics
Global Companion Animal Healthcare market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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