Companion Animal Health Market Size, Share, Growth Analysis, By Animal Type(Dog, Cats, Equine), By Product(Therapeutics, Diagnostics), By Distribution Channel(Retail, E-Commerce, Hospital Pharmacies), By End User(In House Testing, Veterinary Hospitals, Clinics), By Region - Industry Forecast 2024-2031

Companion Animal Health Market size was valued at USD 21.59 billion in 2022 and is poised to grow from USD 23.4 billion in 2023 to USD 48.37 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).

During the projected period, market expansion is anticipated to be fueled by an increase in measures taken by the public and private sectors to support the promotion of animal health. One such multi-organizational cooperation initiative is the One Health Initiative. These organisations include the American Veterinary Medical Association (AVMA), Food and Agriculture Organization (FAO), World Organization for Animal Health (OIE), and others. By preserving animal health, it aims to preserve public health by preventing and controlling zoonotic infections. It is carried out through putting into effect the proper policies at the national, regional, and international levels. The practise of giving pets human traits throughout time has raised concerns among pet owners about their creatures' health and safety. The expanding human-animal attachment, which determines consumers' willingness to spend more money on their pets, is the cause of this increase. Furthermore, this argument is anticipated to be supported by the increased demand for pet health insurance in the US.

US Companion Animal Health Market  is poised to grow at a sustainable CAGR for the next forecast year.