Companion Animal Healthcare Market Size (2024 - 2029)

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).