Companion Animal Drugs Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Companion Animal Drugs Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Global Companion Animal Drugs Market was valued at USD 19.6 billion in 2023 and will grow at a 7.5% CAGR between 2024 and 2032, attributed to the rising prevalence of zoonotic diseases, which can be transmitted between animals and humans. As awareness of these diseases increases, pet owners and veterinarians are focusing more on preventive care and treatments to safeguard animal and human health. Also, growing awareness of overall animal health and the importance of timely veterinary care is further boosting demand for companion animal drugs. This heightened focus on prevention and treatment will expand the market significantly.

The companion animal drugs industry is fragmented based on product, animal type, route of administration, distribution channel, and region.

The drugs segment upheld a 54.2% share in 2023 due to the growing demand for effective treatments for various conditions, such as infections, allergies, and chronic diseases in pets. This segment benefits from continuous advancements in veterinary pharmaceuticals and increasing awareness among pet owners about the importance of medical care for animals. As more pet owners prioritize preventive and therapeutic care, the need for innovative drugs to address a wide range of health issues will dominate the market.

The dog segment will grow at a 7.4% CAGR through 2032, driven by the high number of dog owners and the increasing demand for veterinary care. Dogs often require regular treatments for infections, allergies, and chronic conditions like arthritis, making them a primary focus of veterinary pharmaceutical companies. With a growing emphasis on preventive care, vaccinations, and advanced treatments, the demand for drugs specifically tailored to dogs will remain strong, contributing to the market expansion.

North America will expand to USD 14.5 billion by 2032, owing to its well-established pet healthcare infrastructure, high pet ownership rates, and growing awareness of animal health. The region benefits from a strong presence of veterinary pharmaceutical companies and advanced research facilities, driving innovation in pet medications. Besides, increasing expenditures on pet care and the widespread availability of pet insurance further support market growth. North America’s robust veterinary ecosystem makes it a notable contributor to the companion animal drugs market.