Global Companion Animal Healthcare Market Report and Forecast 2024-2032

Global Companion Animal Healthcare Market Outlook

The global market for companion animal healthcare reached a value of about USD 24.21 billion in 2023. The market is further expected to grow at a CAGR of about 9.2% in the forecast period of 2024-2032 to reach a value of around USD 53.45 billion by 2032, owing to the increase in the number of people having pets.

North America and Asia Pacific to be Among the Significant Regional Markets for Companion Animal Healthcare

The demand for companion animals has been on the rise to deal with anxiety and other issues, especially since the lockdowns were imposed and people were compelled to stay at home to avoid the virus's transmission. North America has been one of the leading regions in the global companion animal healthcare market. It is expected to be a significant regional market throughout the forecast period owing to the increasing investment in the healthcare industry, increasing acceptance of drug items, and rising expenditure on diagnostic testing, vaccines, and animal feeds for companion animal health. The growth can be attributed to the increased pet population and expenditure, along with the increase in the humanisation of pets. For instance, from 2018 to 2020, the dog population in Canada grew significantly, increasing from 7.6 million to 7.7 million. The region's large share can be attributed to the well-established base of animal health industries, high adoption of companion animals, rising incidence of parasitic infections, growing pool of veterinarians, and growing expenditure on animal health. The increasing number of research activities, funding, public awareness efforts in the field of veterinary health management and improving animal health reforms are also predicted to propel the market expansion.

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Asia Pacific is expected to be the fastest-growing companion animal healthcare market due to the region's changing perception of pet treatment and the growing nuclear family system. The growth of the regional market can be attributed to the increasing trend of pet adoption in countries such as India, Bangladesh, China, and Singapore, among others. India is one of the most lucrative markets for developing the market. The government is also putting a lot of effort into creating the veterinary healthcare infrastructure, thus presenting several lucrative business opportunities for developing the local market. The Australian and Japanese markets are more aware of pet products and have quality-conscious pet owners, propelling the regional market growth.

Market Segmentations

A companion animal can be a cat, dog, or other animal. It gives a person emotional or mental support. These are not just pets and should not be treated as such. While pets provide emotional support, the owner does not require them for medical or emotional reasons.

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Based on product type, the market is divided into:

• Therapeutics
  • Vaccines
  • Parasiticides
  • Anti-Infectives
  • Medical Feed Additives
  • Others
• Diagnostics
  • Immunodiagnostic Tests
  • Molecular Diagnostics
  • Diagnostic Imaging
  • Others

The different types of animals in the market are:

• Cats
• Dogs
• Others

The regional markets for companion animal healthcare can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Rising Demand for Vaccination in Companion Animals Propelling the Market Growth

The rising prevalence of having a companion animal has also augmented the demand for their healthcare. These animals, like others, might also carry diseases that are likely to be transmitted to humans. Dog and cat bites can result in various infections in humans; thus, they need proper healthcare, including vaccination. Pet diseases include neoplasia, distemper, parvovirus, leukaemia, panleukopenia, and viral rhinotracheitis. Many diseases are fatal even with effective medication, so most pet owners have their animals vaccinated regularly. Vaccination becomes necessary for both pets and humans to safeguard against such diseases. As a result, key market participants are developing vaccinations to protect animals against specific viruses and conditions and keep humans safe. Also, increasing government and private sector initiatives to promote animal health is estimated to bolster the market expansion over the forecast period. The One Health Initiative is one such example of a multi-organisational collaborative initiative. These include the World Organisation for Animal Health (OIE), Food and Agriculture Organisation (FAO), and the American Veterinary Medical Association.

Further, increasing availability and adoption of pet health insurance is another factor expected to propel market growth. For instance, in April 2020, the OneDegree insurance start-up in Hong Kong launched the Pawfect Care portfolio of pet insurance plans. The company opted to begin with pet insurance because, even though there are over 500,000 pet dogs and cats in Hong Kong, only about 3% of them have medical insurance, despite the high expense of veterinary treatment. Other factors propelling the growth of the companion animal healthcare market include the increasing pet adoption worldwide, growing penetration of e-commerce platforms promoting online pharmacies, and growing technological advancements in animal healthcare.

Key Players in the Global Market for Companion Animal Healthcare

The report gives a detailed analysis of the following key players in the global companion animal healthcare market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Merck & Co., Inc.
• Zoetis Inc.
• AbbVie Inc.
• Virbac Group
• Boehringer Ingelheim International GmbH
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report