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

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 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. 'Zoetis Inc. (US)', 'Merck & Co., Inc. (US)', 'Elanco Animal Health Incorporated (US)', '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)'

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. 

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. 

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.