USD 21.5 billion
Companion Animal Healthcare Market Size, Share, Growth Analysis, By Animal Type(Pharmaceuticals, Vaccines, Feed Additives, Diagnostics and Others.), By Application(Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, Online Pharmacies and Others.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35E2026 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Companion Animal Healthcare Market Insights
Companion Animal Healthcare Market size was valued at USD 23.31 billion in 2022 and is poised to grow from USD 25.26 billion in 2023 to USD 48.16 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).
The rise of remote work programs has led to an increase in pet adoption as people seek companionship to cope with depression and anxiety due to social isolation strategies. For example, figures from the European Pet Food Industry: Facts and Figures 2023 report state that there were around 340 million companion animals in Europe, with around 46% of households owning at least one pet per year 2022. For example, Germany would have about 10.6 million pet dogs in 2022, 15.2 million and pet cats, meaning that adoptions of cats are high compared to dogs.
Increasing incidence of cancer, especially in dogs, is expected to drive the market growth. The Royal Veterinary College (RVC) study published in June 2023 highlighted the prevalence and risk factors of a type of bone cancer in dog breeds in the United Kingdom. This highlights the need for health care, especially cancer treatment, which supported by government and private organizations emphasizes.
In addition, the growing trend of pet ownership has led companies to increase market share initiatives in animal healthcare. For example, in November 2023, Valley Veterinary Service Inc. was acquired by Inspire Veterinary Partners. of Pennsylvania, United States. With this acquisition, the company enters the country as its first major location. These initiatives are expected to increase access to advanced pet health facilities, leading to market growth.
US Companion Animal Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Pharmaceuticals
Fastest Growth
Pharmaceuticals
Growth Rate
8.4% CAGR
Global Companion Animal Healthcare Market ($ Bn)
Country Share for North America Region (%)
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Companion Animal Healthcare Market Segmental Analysis
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.
Analysis by Animal Type
The dog segment dominated the market with more than 40.0% in 2022. VCA Animal Hospitals 2022 notes that the most widespread preventable condition affecting dogs is obesity. Between 25% and 30% of all dogs in North America are obese, while 40% to 45% of dogs between the ages of 5 and 11 are obese. According to a statement from the Morris Animal Foundation in March 2021, like humans, there are 14.0 million adult dogs with osteoporosis in the United States. According to orthopaedic surgeons, osteoporosis in dogs is often the result of developmental problems, such as hip or wrist deformities.
The cat segment is expected to grow at the fastest CAGR of 9.4% during the forecast period. Cats are one of the most adopted pets in countries like Germany. For example, according to FEDIAF’s forecast, 26% of German households will own at least one dog by 2021. These increased prevalences are expected to lead to a rapid uptake of drugs and vaccines.
Analysis by Distribution Channel
The hospital pharmacy segment retained the largest share of over 47% in 2022. Global veterinary clinics and clinical services have increased due to rising number of the pet adoptions. Veterinary clinics and hospitals with on-site pharmacies are important for proper pet care as they help pet owners understand the recommended dosage and the early diagnosis.
According to the European Association of Veterinarians, companion animals such as dogs account for about 72% of the services provided by veterinary clinics in the region. The e-commerce segment is expected to grow at a rapid CAGR of 12.8% during the forecast period. Online stores and e-commerce have evolved into practical and convenient delivery methods for pet healthcare. These online pharmacies offer a wide range of NSAIDs, dietary supplements, and other medicines in varying types and dosages at competitive prices. They also make it possible for consumers to shop quickly and they have been improved.
Global Companion Animal Healthcare Market By Animal Type (%)
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Companion Animal Healthcare Market Regional Insights
North America holds 35.98% of the market in 2022, owing to several well-established pharmaceutical companies actively expanding their global reach and marketing their products. Overall, the growing number of pet owners, the development of animals medical, increasing demand for specialty services and expanding pet insurance. The potential of veterinary care is accessible and is expected to drive the growth of the market.
Asia Pacific in the market is expected to grow at the fastest CAGR during the forecast period. International companies are investing heavily in R&D and ongoing programs to commercialize low-cost veterinary drugs and vaccines. Furthermore, the urgent need to reduce common animal diseases the presence of anticipated market growth in the coming years drives the market size. One of the main reasons for affecting the health of working animals is the rise in pet adoptions. With increasing pet adoption and increasing adoption of western lifestyle, the perception of pet owners in this area is changing. This change in pet adoption is expected to drive market growth.
Global Companion Animal Healthcare Market By Geography
- Largest
- Fastest
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Companion Animal Healthcare Market Dynamics
Companion Animal Healthcare Marke Drivers
Increasing Pet Ownership
- The increasing trend of pet ownership across the globe is a key driver for the additive animal healthcare market. As more people adopt pets for companionship, the demand for health services such as veterinary medicine, vaccines and wellness products increases. This increase in pets is due to factors such as cities living inside, changing lifestyles and increasing awareness of the benefits of pets.
Advances in Veterinary Medicine
- Advances in veterinary medicine, including new diagnostic tools, treatments and drug developments are driving the market for companion animal health. Innovations such as telemedicine for pets, advanced imaging technology, vaccines and effective medicines improve companion animal care.
Restraints
Increased Veterinary Costs
- High cost of veterinary treatment is an important restraint in the additive animal healthcare market. Advanced treatments and procedures, while useful, can be expensive, making it difficult for pet owners to purchase comprehensive health care for their animals. This cost barrier can prevent health care from addressing the lack of comprehensive solutions, especially among low- and moderate-income pet owners.
Lack of Awareness and Access to Developing Areas
- Lack of companion animal health awareness and lack of access to veterinary care are major inhibitors in developing regions. Many pet owners in these areas lack adequate knowledge about the importance of regular veterinary check-ups, vaccinations and preventive treatments plus available veterinary services can be limited, and that hinders market growth in this region.
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Companion Animal Healthcare Market Competitive Landscape
The nature of the global companion animal healthcare market is fragmented and competitive due to the presence of many small and large market players. These organizations develop several strategies to increase their market presence and share. These projects include partnerships & collaborations, mergers & acquisitions, R&D, regional expansion, product launches, and more. For example, Virbac offers a range of pet dental health products, such as enzymatic toothpastes, toothbrushes, toothbrushes and mouthwash and, in September 2022, Boehringer Ingelheim introduced a new vaccine called Fencovis to prevent influenza through passive immunity feeding calves through maternal colostrum.
Companion Animal Healthcare Marke Top Player’s Company Profiles
- 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)
Companion Animal Healthcare Marke Recent Developments
- In June 2023, Zoetis Inc. launched a new oral vaccine for the prevention of canine influenza virus.
- In May 2023, Merck Animal Health launched a new injectable vaccine for the prevention of canine distemper, adenovirus type 2, and parvovirus.
- In April 2023, Elanco Animal Health launched a new chewable tablet for the treatment of heartworm disease in dogs.
- In March 2023, Bayer AG launched a new topical treatment for the relief of itching and inflammation associated with allergic dermatitis in dogs.
- In February 2023, Virbac launched a new oral medication for the treatment of feline hyperthyroidism.
Companion Animal Healthcare Key Market Trends
- Increasing Adoption of Pet Insurance: A major trend in the companion animal healthcare market is the increasing adoption of pet insurance. Pet insurance policies help pet owners manage the high cost of veterinary care by covering medical, surgical, and preventative care costs. This trend is due to increased awareness of the benefits of pet insurance, rising cost of veterinary services, pet owners want to take good care of their pets without financial stress.
Companion Animal Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the SkyQuest analysis, the market is experiencing steady growth and is expected to continue its positive trajectory in the coming years. The market is driven by various factors, including the increasing adoption of companion animals, rising pet ownership, and growing awareness about animal health. The growing human-animal bond has led to a surge in pet ownership, with more individuals considering pets as part of their families. This has resulted in increased spending on healthcare products and services for companion animals, driving the demand for veterinary medicines, vaccines, diagnostics, and other healthcare solutions. Additionally, there is a growing awareness among pet owners regarding the importance of preventive healthcare and the need for regular veterinary check-ups. This has led to an increased demand for preventive medications and vaccines to ensure the well-being and longevity of companion animals. The report highlights this trend and emphasizes the significant role played by preventive care in the overall growth of the companion animal healthcare market.
Furthermore, technological advancements and innovation in veterinary healthcare products are shaping the market landscape. The introduction of advanced diagnostics and imaging technologies has revolutionized disease detection and treatment in companion animals. This has resulted in improved outcomes and enhanced the quality of care provided to pets.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 23.31 billion |
| Market size value in 2031 | USD 48.16 billion |
| Growth Rate | 8.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Companion Animal Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Companion Animal Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Companion Animal Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Companion Animal Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Companion Animal Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Companion Animal Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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