Companion Animal Health Market Size, Share & Trends Analysis Report By Animal (Dogs, Cats), By Product (Diagnostics, Pharmaceuticals), By Distribution Channel (E-commerce, Retail), By End-Use, By Region, And Segment Forecasts, 2024 - 2030

Companion Animal Health Market Size, Share & Trends Analysis Report By Animal (Dogs, Cats), By Product (Diagnostics, Pharmaceuticals), By Distribution Channel (E-commerce, Retail), By End-Use, By Region, And Segment Forecasts, 2024 - 2030

Companion Animal Health Market Growth & Trends

The global companion animal health market size is expected to reach USD 42.50 billion by 2030, registering a CAGR of 9.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by rising research and development programs, growing numbers of government initiatives, increasing adoption of pets, and high volumes of veterinary surgeries & prevalence of chronic diseases in companion animals.The veterinary healthcare sector has experienced many challenges during the COVID-19 pandemic.Veterinarians could still work despite the shutdown. According to a survey of more than 3,000 pet owners in the U.S., UK, France, and Brazil, more than a quarter of pet owners have put off or avoided contacting their veterinarians since the pandemic started due to the fear of disease transmission.

Moreover, the majority of owners (65 percent) concur that the pandemic had no negative effects on access to medications and procedures.An increase in pet ownership is one of the major factors driving the market. Approximately 70% of households (90.5 million homes) in the U.S. have a pet, with dogs and cats being the most common breeds, according to the American Veterinary Medical Association. The market is also being driven by rising demand for pet medicine as more individuals own pets. The market for companion animal medication is also being driven by an increase in the demand for high-quality veterinarian care. Veterinary research and development activities have steadily increased during the last decade. There were numerous innovations in the fields of surgery and specialized medications for use in pets. To establish themselves as market leaders, major players are strategically integrating novel technologies.

For instance, in January 2022, the FDA approved Zoetis' first monoclonal antibody treatment for osteoarthritis, Solensia, which is intended to reduce pain in cats with the condition. Similar to this, the company has released Librela, a monoclonal antibody to lessen canine arthritic pain.In recent years, pet disease prevalence has increased in countries like France, which has increased the demand for pet treatment. Obesity, dental issues, skin allergies, osteoarthritis, and viral diseases are the most typical pet illnesses in France. The need for medications and preventive care to keep pets healthy and happy is highlighted by the rising prevalence of pet ailments in France. In addition, it is projected that the rising pharmaceutical and vaccine demand will further boost the market. The presence of government agencies that ensure the safety of veterinary pharmaceuticals, such as the French Agency for Veterinary Medicinal Products (ANMV), contributes to the growth of the market.

Companion Animal Health Market Report Highlights

• By product, the pharmaceuticals segment held a dominant share of over 44.43% in 2023. The introduction of medications to aid in extending animal lifespan has been accelerated by a notable rise in pet ownership
• The dogs segment dominated the market with a share of over 40.0% in 2023 as a result of rising pet healthcare costs, particularly in developed regions
• By distribution channel, the hospital pharmacies segment held the largest share of over 47% in 2023.The global availability of veterinary clinics and hospital services has increased due to the rising pet adoption rate
• The hospitals & clinics end-use segment held a dominant share of over 80% in 2023. This is due to an expansion of veterinary hospitals and clinics with innovative infrastructure around the world. Another aspect influencing the segment growth is a rise in the number of veterinarians
• North America held a 35.82% share of the overall market in 2023

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