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 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.