Companion Animal Healthcare Market Size – By Product (Pharmaceuticals {Drugs Vaccines, Medicated Feed Additives}, Medical Devices, Veterinary Services), By Animal Type, By Distribution Channel, Global Forecast, 2023 – 2032

Companion Animal Healthcare Market Size – By Product (Pharmaceuticals {Drugs Vaccines, Medicated Feed Additives}, Medical Devices, Veterinary Services), By Animal Type, By Distribution Channel, Global Forecast, 2023 – 2032

Companion Animal Healthcare Market Size

Companion Animal Healthcare Market size was valued at USD 92.9 billion in 2022 and is expected to witness growth at CAGR of 7.9% by 2032 attributed to factors such as increasing pet adoption for companionship, increasing support offered by government and public organizations for animal care, growing demand for online veterinary pharmacies, and increase in animal healthcare expenditure. The increasing prevalence of zoonotic diseases and the increasing humanization of companion animals are also responsible for increasing demand for animal healthcare industry.

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Furthermore, advances in veterinary medicine, including innovative treatments and diagnostics, are expanding the range of available services. Furthermore, the integration of technology such as telemedicine is enhancing accessibility to veterinary care. As pets increasingly become integral parts of families, the demand for high-quality healthcare products and services continues to escalate.
 

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COVID-19 Impact

During the early stages of the pandemic, due to lockdowns and social distancing measures, many veterinary clinics and hospitals experienced temporary closures or limitations on non-essential services. This led to a decrease in routine check-ups, elective surgeries, and preventive treatment for animals. Veterinary settings also had to adapt to certain changes in their operations by implementing measures such as curb side appointments, telemedicine consultations, and shortened clinic hours to ensure the safety of staff and pet owners.

These changes affected the regular working hours and revenue of veterinary services and practices. The pandemic caused supply chain disruption and affected the availability of animal health medications, vaccines, and other medical supplies. Due to the delays in manufacturing and distribution, challenges in transporting them, and increased demand for certain products, there were shortages or limited availability of certain drugs or treatments. The disruption significantly impacted the ability of veterinary settings to provide optimal care, and due to increased demand and limited supply, the costs for animal drugs increased.

Companion Animal Healthcare Market Trends

The industry is undergoing transformation due to several influential trends that are shaping its trajectory of progression and advancement. In developed countries such as U.S., Germany, UK, and France, the pet population is rapidly rising due to the increasing emotional support and companionship they provide to humans. The concerns and awareness regarding the risk associated with zoonotic diseases is driving the demand for animal diagnostics and treatment. The increasing pet insurance rates, rising awareness about animal health, and the growing demand for veterinary services. Additionally, advancements in veterinary medicine, including diagnostic tools, treatment options, and preventive care products, drive the market forward.

Companion Animal Healthcare Market Restraint

Extensive research, clinical trials, and regulatory compliance are required for developing new animal healthcare drugs. These activities come at a large expense and often contribute to the high price of drugs. Animal health drugs undergo rigorous regulatory processes before they are approved and used in veterinary settings. It involves extensive testing for safety and effectiveness, which increases the cost. The strict regulatory requirements contribute to the high cost of drugs, as companies need to cover the costs associated with getting their products approved.

Companion Animal Healthcare Market Analysis

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Based on product, the companion animal healthcare market encompasses categories such as, pharmaceuticals, medical devices, and veterinary services. In 2022, veterinary services segment accounted for highest market share of 75.1% in industry. Veterinary services include various healthcare aspects including preventive care, diagnostics, treatments, surgeries, dental care, and emergency services. Apart from healthcare services, it also includes grooming and day-care services. Pharmaceuticals segment is further bifurcated into companion animal drugs, companion animal vaccines, and medicated feed additives. Medical devices segment covers companion animal diagnostic equipment, veterinary anesthesia equipment, veterinary monitoring equipment, veterinary surgical instrument, veterinary consumables and others.

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Based on animal type, the companion animal healthcare market is segmented as dogs, cats, horses, and other companion animals. The enduring popularity of dogs as pets, coupled with an increasing trend toward humanization of pets, is driving demand for high-quality healthcare services. Rising awareness about the specific health needs of dogs, including preventive care, nutrition, and specialized treatments. In addition, the rapidly increasing number of dogs as a pet, the high prevalence of animal and zoonotic diseases, the increasing adoption of pet insurance for dogs, and the increasing need of diagnostics and adequate treatment options.

Based on distribution channel, the companion animal healthcare market is segmented as pharmacies, distributors, and e-commerce. In 2022, the pharmacies segment dominated the companion animal healthcare pharmaceuticals market and is expected to grow at CAGR of 8.2% from 2023 to 2032. Pharmacies are dedicatedly established to dispense medications, including those for animals. A wide range of animal healthcare products, including prescription drugs, over-the-counter medications, vaccines, and supplements are available in pharmacies. As they provide a comprehensive range of medications it makes them a convenient and reliable source for purchasing animal healthcare products.

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North America accounted for largest companion animal healthcare market share in 2022. North America is one of the regions which has the largest pet populations in the world, with a significant number of households owning pets. Dogs and cats are the most common pets in the region, but there is also a considerable population of birds, fish, small mammals, and reptiles. Elevated pet ownership rates, a strong culture of pet care, and increasing awareness about animal welfare drive demand for comprehensive healthcare services and products.

Companion Animal Healthcare Market Share

Some of the major industry players operating in the companion animal healthcare market are

• Boehringer Ingelheim International GmbH
• Elanco Animal Health
• Merck & Co
• Vetoquinol
• Zoetis
• Medtronic plc
• IDEXX Laboratories
• Neogen Corporation
• Virbac SA
• B Braun Melsungen AG.

Companion Animal Healthcare Industry News

• On August 2023, Boehringer Ingelheim, announced that the U.S. Food and Drug Administration (FDA) approved SENVELGO (velagliflozin oral solution), a novel treatment for diabetic cats. SENVELGO is a once-daily liquid oral solution that cat owners can administer with food or directly into the cat's mouth.
• On August 2023, Boehringer Ingelheim has announced the launch of NexGard (afoxolaner) S and M in India. This NexGard product range expansion for small and medium dogs follows the successful launch of NexGard X and L earlier in 2020.

The companion animal healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments

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By Product, 2018 - 2032 (USD Million)

• Pharmaceuticals
  • Drugs
    • Anti-parasitic
    • Anti-infectives
    • Anti-inflammatory
    • Other drugs
  • Vaccines
    • Modified live vaccines
    • Killed inactivated vaccines
    • Other vaccines
  • Medicated feed additives
    • Antibiotics
    • Vitamins
    • Enzymes
    • Amino acids
    • Antioxidants
    • Prebiotics and probiotics
    • Minerals
    • Other medicated feed additives
• Medical devices
  • Veterinary diagnostic equipment
  • Veterinary anesthesia equipment
  • Veterinary patient monitoring equipment
  • Veterinary surgical equipment
  • Veterinary consumables
  • Other medical devices
• Veterinary services

By Animal type, 2018 - 2032 (USD Million)

• Dogs
• Cats
• Horses
• Other companion animals

By Distribution Channel, 2018 - 2032 (USD Million)

• Pharmacies
• Distributors
• E-commerce

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa