Companion animal population has been increasing rapidly around the world and this is expected to primarily alter companion animal healthcare market growth going forward. Growing awareness regarding animal health and advancements in veterinary care are also forecasted to benefit the demand for companion animal healthcare in the future. Targeting the right segment will be highly important for companion animal healthcare companies to maximize their revenue generation potential.
| Report Coverage | Details |
| Market Revenue in 2023 | $ 25.27 billion |
| Estimated Value by 2031 | $ 48.17 billion |
| Growth Rate | Poised to grow at a CAGR of 8.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing demand for preventive animal healthcare services and products |
| Key Market Drivers | Increasing companion animal population as more people are open to try unconventional healthcare approach |
The global companion animal healthcare market is segmented by animal type, application, and region. Based on animal type, the market can be segmented into dog, cat, pharmaceuticals, vaccines, Feed Additives, diagnostics and others. Based on distribution channel, the market is segmented into veterinary hospitals, e-commerce, veterinary clinics, pharmacies & drug stores, online pharmacies and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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Pharmaceuticals Remain Most Preferred Type of Companion Animal Healthcare Product for their Easy Use and Efficacy
Almost all diseases use some form of pharmaceutical treatment, and this is true for animal healthcare as well. Companion animal healthcare providers should target the development of novel drugs and medications to maximize their business scope going forward. From anti-inflammatory drugs to antibiotics, almost all kinds of pharmaceutical products are projected to be high in demand in the companion animal healthcare space. Moreover, advancements in pharmaceutical manufacturing technologies and high investments in development of novel animal medications will also help this segment’s dominance.
Rising demand for preventive healthcare is as popular in animals as it is in humans these days. This is why most companion animal healthcare companies are projected to target the development of novel animal healthcare vaccines for pet owners looking to safeguard their pets from chronic diseases. Growing awareness of vaccination among companion animal owners and the rising availability of novel vaccines are also slated to augment the demand for companion animal healthcare in the long run.
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Preference of Pet Owners to Visit Veterinary Clinics for Healthcare Needs of their Pets Allows them to Lead Market Development
From medical consultations to vaccines, almost all healthcare needs of companion animals can be met at a veterinary clinic. Growing willingness of pet owners to spend more on animal healthcare and high availability of veterinary clinics around the world also help this segment hold sway over others. Companion animal healthcare companies can target veterinary clinics to sell their products and boost revenue generation potential going forward.
Meanwhile, sales of companion animal healthcare products are projected to increase rapidly via online pharmacies in the long run. The ease of purchase and home delivery features are what help the online pharmacy segment to emerge as a highly lucrative one going forward. New companies have a lucrative opportunity to penetrate the market and increase their share by investing in this segment across the forecast period.
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Companion Animal Healthcare Marke Top Player’s Company Profiles
- Zoetis Inc. (US)
- Merck & Co., Inc. (US)
- Elanco Animal Health Incorporated (US)
- Boehringer Ingelheim GmbH (Germany)
- Bayer AG (Germany)
- Virbac (France)
- Ceva Santé Animale (France)
- Vetoquinol S.A. (France)
- IDEXX Laboratories, Inc. (US)
- Dechra Pharmaceuticals PLC (UK)
- Norbrook Holdings Limited (UK)
- Kindred Biosciences, Inc. (US)
- Heska Corporation (US)
- Phibro Animal Health Corporation (US)
- Nutramax Laboratories Veterinary Sciences, Inc. (US)
- Merial (Sanofi S.A.) (France)
- Neogen Corporation (US)
- PetIQ, Inc. (US)
- AniCura AB (Sweden)
- VCA Inc. (US)
