Companion Animal Health Market Size, Share, Growth Analysis, By Product Type (Vaccines, Pharmaceuticals), By Animal Type (Dog, Cat), By Distribution Channel, By Region - Industry Forecast 2024-2031

Global Companion Animal Health Market size was valued at USD 19.10 billion in 2022 and is poised to grow from USD 20.40 billion in 2023 to USD 34.53 billion by 2031, growing at a CAGR of 6.80% during the forecast period (2024-2031).

The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our companion animal health market reports, some of the leading companion animal health manufacturers are as follows: Zoetis Animal Healthcare (US), Merial (France), Elanco Animal health (US), Bayer Animal Health (Germany), Merck and Co.Inc. (US), Ceva (France), Vetoquinol (France), Virbac (France), IDEXX Laboratories, Inc. (US), Indian Immunologicals Ltd. (India). 'Boehringer Ingelheim International GmbH  ', 'Zoetis Inc.  ', 'Merck & Co., Inc.  ', 'Elanco Animal Health Incorporated  ', 'IDEXX Laboratories, Inc.  ', 'Thermo Fisher Scientific Inc.  ', 'Biomerieux SA  ', 'Virbac  ', 'Norbrook Laboratories Limited  ', 'Neogen Corporation  ', 'Fujifilm Holdings Corporation  ', 'Indical Bioscience GmbH  ', 'Shenzhen Mindray Animal Medical Technology Co., Ltd.  ', 'Bionote ', 'Skyla Corporation ', 'Euroimmun Medizinische Labordiagnostika Ag ', 'Urit Medical Electronic Co., Ltd ', 'Nova Biomedical ', 'Fassisi Gmbh ', 'Alvedia ', 'Agrolabo S.P.A'

The primary element influencing the market is the increase in artificial intelligence use, which has made diagnosis possible and will drive the industry.

Personalized sessions based on the skin/fur, size, and condition of the pet are offered by grooming centers/spas, daycare facilities, and fine dining establishments that welcome pets. These establishments also offer customised blankets, toys, and leashes to increase the comfort and security of the animal. Additionally, India is home to several start-up businesses that provide services like innovative online pet ownership services, veterinary guidance, pet-friendly vacation planning, or boarding/home where pets are not left alone and can engage in a range of activities. There are further apps that help pet owners with training and monitoring the health of their animals.

Due to the increasing pet population, rising investment in the healthcare sector, and the presence of top healthcare service providers, North America held the greatest revenue share of more than 40% in 2021 and is anticipated to hold the lead during the forecast period. Additionally, the rise of the animal healthcare market in this region is projected to be fueled by technology advancements, increase in pet ownership, and increase in the frequency of zoonotic diseases.