Market Size of Companion Animal Healthcare Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 17.90 Billion |
| Market Size (2029) | USD 27.57 Billion |
| CAGR (2024 - 2029) | 9.03 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Companion Animal Healthcare Market Analysis
The Companion Animal Healthcare Market size is estimated at USD 17.90 billion in 2024, and is expected to reach USD 27.57 billion by 2029, growing at a CAGR of 9.03% during the forecast period (2024-2029).
Several factors contribute to the growth of the companion animal healthcare market, including the rise in pet adoption, increasing government and animal welfare initiatives, and advancements in animal healthcare technology.
The increase in remote work arrangements has led to a surge in pet adoption as people seek companionship to cope with depression and anxiety resulting from social distancing measures. For example, data from the European Pet Food Industry: Facts and Figures 2023 report states that Europe had around 340 million companion animals, with approximately 46% of households owning at least one pet in 2022. In Germany, for instance, there were approximately 10.6 million pet dogs and 15.2 million pet cats in 2022, indicating a higher adoption rate for cats compared to dogs.
The growing incidence of cancer, particularly in dogs, is expected to drive market growth. Research from the Royal Veterinary College (RVC) published in June 2023 highlighted the prevalence and risk factors for osteosarcoma, a type of bone cancer, across different dog breeds in the United Kingdom. This underscores the need for health initiatives, especially for cancer treatment, supported by both government and private organizations.
Additionally, the growing ownership of pets has spurred strategic initiatives by the companies to enhance their market presence in animal healthcare. For instance, in November 2023, Inspire Veterinary Partners acquired Valley Veterinary Service Inc. in Pennsylvania, United States. Through this acquisition, the company entered the state with its first center. These strategic initiatives are expected to increase the accessibility of advanced pet healthcare centers, thereby fueling market growth.
Thus, the market is expected to witness significant growth owing to the increasing adoption rate of pets, coupled with enhancement in research and development. However, challenges such as the use of counterfeit medicines and rising costs of animal testing and veterinary care may impede the growth of the companion animal healthcare market over the forecast period.
Companion Animal Healthcare Industry Segmentation
As per the scope of the report, companion animals provide companionship to human beings, as well as guard their houses and offices. Various types of diseases in animals have increased the demand for vaccines and diagnostic tests. This surge in demand is primarily due to the need to treat and cure the diseases associated with the health of pets.
The companion animal healthcare market is segmented by product, animal type, and geography. By product, the market is segmented into therapeutics and diagnostics. By therapeutics, the market is sub-segmented into vaccines, parasiticides, anti-infectives, medical feed additives, and other therapeutics. By diagnostics, the market is sub-segmented into immunodiagnostic tests, molecular diagnostics, diagnostic imaging, and other diagnostics. By animal type, the market is segmented into dogs, cats, and other animal types. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. For each segment, the market sizing and forecasts were made on the basis of revenue (USD).
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Companion Animal Healthcare Market Size Summary
The companion animal healthcare market is experiencing robust growth, driven by factors such as increased pet adoption, advancements in animal healthcare technology, and supportive government and animal welfare initiatives. The trend of remote work has contributed to a rise in pet ownership as individuals seek companionship, which has further fueled market expansion. The growing incidence of health issues, particularly cancer in dogs, has underscored the need for enhanced healthcare solutions, prompting both public and private sector involvement. Strategic initiatives by companies, such as acquisitions and the establishment of advanced pet healthcare centers, are expected to enhance market accessibility and drive growth. However, challenges like counterfeit medicines and rising veterinary care costs may pose obstacles to market progression.
The vaccines segment within the companion animal healthcare market is poised for significant growth, propelled by the increasing prevalence of zoonotic and chronic diseases, heightened awareness of animal health, and substantial investments from government bodies and associations. The development and introduction of new vaccines, along with initiatives by veterinary clinics to promote vaccination, are key drivers of this segment's expansion. North America is anticipated to lead the market, supported by a growing pet population, increased awareness among pet owners, and ongoing research and technological advancements. The market is consolidated, with major players like Elanco, Zoetis Animal Healthcare, and Merck dominating through strategic product development and mergers.
Companion Animal Healthcare Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Pet Adoption
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1.2.2 Rise in the Number of Initiatives by Governments and Animal Welfare Associations
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1.2.3 Advanced Technology in Animal Healthcare
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1.3 Market Restraints
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1.3.1 Use of Counterfeit Medicines
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1.3.2 Increasing Costs of Animal Testing and Veterinary Care
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product Type
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2.1.1 By Therapeutics
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2.1.1.1 Vaccines
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2.1.1.2 Parasiticides
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2.1.1.3 Anti-Infectives
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2.1.1.4 Medical Feed Additives
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2.1.1.5 Other Therapeutics
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2.1.2 By Diagnostics
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2.1.2.1 Immunodiagnostic Tests
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2.1.2.2 Molecular Diagnostics
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2.1.2.3 Diagnostic Imaging
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2.1.2.4 Other Diagnostics
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2.2 By Animal Type
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2.2.1 Dogs
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2.2.2 Cats
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2.2.3 Other Companion Animals
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East & Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East & Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Companion Animal Healthcare Market Size FAQs
How big is the Companion Animal Healthcare Market?
The Companion Animal Healthcare Market size is expected to reach USD 17.90 billion in 2024 and grow at a CAGR of 9.03% to reach USD 27.57 billion by 2029.
What is the current Companion Animal Healthcare Market size?
In 2024, the Companion Animal Healthcare Market size is expected to reach USD 17.90 billion.
