The companion animal healthcare market size was valued at USD 27.32 billion in 2023 and is projected to grow from USD 29.72 Billion in 2024 to USD 56.75 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.44% during the forecast period (2024-2032). A increase in the advantages by the private sectors and government to aid animal health and an rise in the amount of people having pets are the key market drivers enhancing the market growth.
As attention to companion animal health progressively grows, novel medicinal agents, food additives, vaccinations, and diagnostic methods have been developed expressly for companion animal health. For public health, animal welfare, and disease prevention, it's critical to manage companion animal health properly. Products for animal nutrition, diagnosis, treatment, and vaccination comprise companion health. Pet owners are becoming more prevalent, increasing the popularity of companion animal healthcare goods. The market is developing due to several important factors, including a rise in pet ownership and spending, humanization of pets, higher activity by key market players, expanded use of pet insurance, and rising medicalization rates.
Viruses, bacteria, and other disease-causing organisms are used in vaccines; however, they have been destroyed or changed to no longer cause illness but can still increase immunity. Gene-modified components originating from those disease pathogens have created new, highly developed vaccinations. A growing number of veterinary professionals, an increase in the number and severity of animal diseases, better health insurance coverage, and improvements in diagnostic imaging techniques all contribute to expanding the companion animal healthcare industry globally. The rising availability of companion animal healthcare accessories, such as oral chews, animal diets, boosters for growth, new product launches, and strategic partnerships between leading players, is also driving the worldwide companion animal healthcare market. Additionally, the market is expanding due to the rising incidence of pet sickness.
In addition, as pet humanization and pet ownership spread across the globe, pet insurance acceptance rates have increased. Plans for pet insurance frequently include medication coverage, usually for prescription-only medications. As a result, the increasing availability of companion animal coverage promotes market growth. However, the key factors that can impede the growth of the worldwide companion animal healthcare industry are the expensive nature of animal diagnosis and instances of product recalls. Additionally, one of the key reasons boosting the market's growth throughout the projection period is the rise in rabies incidences worldwide.
A deal has been made for Sun Pharmaceutical Industries Ltd. to buy a 60% stake in the animal healthcare company Vivaldis Health and Foods Pvt. Sun Pharma is buying the shareholding from current owners for a cash payment of Rs 143.3 crore, with the balance of forty percent to be purchased in the future under specific terms and conditions.
Key market drivers boosting market expansion include an increase in the advantages provided by the private sectors and government to aid animal health and an increase in the number of people keeping pets. Protecting their owners, their homes, and their possessions, pets have become increasingly popular worldwide. The worldwide pet healthcare market is being driven by the rising number of pet owners.
The rising urban population and the increased need for pet health care, which can be met in part by high-quality feed products, will further contribute to the market's expansion. The market is expanding as a result of an increase in the number of veterinary clinics, which is being supported by both private and state organizations. The pharmaceutical industry is receiving more funding, which is helping to boost the quality of medications and vaccines on the global pet health market. More people now have pets as a result of rising disposable income and other recent trends. The rising popularity of pet insurance in many regions is a major factor in the expansion of the companion animal healthcare industry's bottom line.
The growing popularity of nuclear families, as well as the government's initiatives to promote pet care goods, are major factors influencing the pet healthcare market. In addition, rising government spending on R&D is expected to bolster the sector. As pet health services improve, animal lifespans rise, and more effective treatments become available, the industry is forecast to expand gradually. Better goods are being created as a result of the increased use of animals in the home.
June 2023: The commodity juggernaut Cargill has launched a digital business in India: a pet-care app named Zoonivet. Zoonivet is a Cargill Digital Studio incubated startup that aims to streamline pet healthcare by putting pet owners in touch with licensed veterinarians over video chat for routine checkups and other preventative treatment. The mission of the Cargill Digital Studio is to incubate and build digital enterprises within Cargill that address the most pressing problems facing our global food and agriculture system using Cargill's investment and skills in the start-up space.
Pets play an important role in many lives, protecting people, property and homes and accelerating pet ownership around the world. Increasing number of pet owners is undoubtedly a major factor boosting the global pet healthcare market. According to Pet Secure, the U.S. has the highest ownership among all the nations and further stated that the U.S. is spending an amount of 50 billion per annum on pets. Thus, driving the market CAGR.
In addition, growing urbanized population and prevalence of pet health care by providing quality feed products will further boost the pet health market growth rate. Increased number of veterinary clinics with the help of private and public institutions is also boosting the market growth. The global pet health market is gaining momentum with increasing investment in the pharmaceutical industry to improve the quality of medicines and vaccines. Rising disposable income and recent trends have led to an increase in pets. The increasing availability of pet insurance options in many countries continues to drive the growth of the companion animal healthcare market revenue.
Key factors impacting the pet healthcare market include the trend toward nuclear families and increasing government efforts to promote pet care products. Moreover, increasing government R&D spending is projected to support the market. In addition, the market is expected to grow steadily due to advances in pet health services, increased life expectancy of animals, and increased availability of treatments for various diseases. In addition, these days, many animals are integrated into our homes, resulting in better products being produced.
The Market segmentation of companion animal healthcare, based on product, includes feed additives, pharmaceuticals and vaccines. The feed additives Companion Animal Healthcare segment held the majority share in 2022 with respect to the Companion Animal Healthcare Market revenue due to the rising need for treatment preferences in companion animals. Nutritional feed additives, as well as medicinal feed additives are the two major feed additives. Nutritional feed additives include minerals, vitamins, and proteins, while medicinal feed additives include enzymes, hormones, probiotics, prebiotics, and immune modulators.
Pharmaceutical products are anti-inflammatories, anti-infectives, and antibiotics. The rise in innovations, mounting awareness levels of animal health,, rising spending by government bodies and associations, huge consumption of animal protein, such as meat, milk, fish, and eggs, and escalating healthcare expenditure concerning companion animals drive the vaccines segment.
June 2022: Petlibro launched a new 5L Camera Monitoring Automatic Pet Feeder in its Granary Series.
The Companion Animal Healthcare Market, based on diagnostics, includes tests diagnostic imaging, immunodiagnostic tests, and molecular diagnostics. The tests diagnostic imaging segment led the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The increasing prevalence of various diseases in companion animals is expected to drive research and development of newer diagnostic tests and products, driving the growth of this segment. Major market players are also comprised in growing their product portfolios through research and development, product launches, and other strategic initiatives.Hence, rising Diagnostics options for Companion Animal Healthcare positively impact the market growth.
September 2020: Zoetis launched Vetscan Imagyst, a diagnostic platform to improve its pet diagnostics portfolio.
Figure 2: Companion Animal Healthcare Market Share by Diagnostic (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
March 2023:In the animal healthcare industry, Vivaldis Health and Foods Pvt. and Sun Pharmaceutical Industries Ltd. have agreed to a 60% stake purchase by Sun Pharmaceutical Industries Ltd. in March of 2023. According to a filing with the exchange on Friday, Sun Pharma has agreed to purchase 60% of the company, with the remaining 40% to be purchased at a later date under certain conditions. Sun Pharma recently acquired Concert Pharmaceuticals for USD 576 million in cash to advance research into alopecia areata treatment.
Sepember 2022:Jurox, a privately held animal health firm, develops, manufactures, and markets a broad variety of veterinary pharmaceuticals for treating livestock and companion animals. Zoetis Inc. announced the acquisition of Jurox in September 2022. Jurox is an Australian company having regional offices in the United States, Canada, the United Kingdom, and New Zealand. The purchase of Jurox provides Zoetis with a valuable animal health portfolio, including Alfaxan®, a leading anesthetic medicine for companion animals, and high-quality local R&D and manufacturing capabilities in Australia, all of which are well-suited for further worldwide expansion.
The world's largest producer of commodities, Cargill, has announced its entry into the Indian pet care market with a digital project called the Zoonivet pet care app. Cargill Digital Studio nurtured a local startup called Zoonivet. To incubate and expand digital enterprises within Cargill to tackle the most pressing issues confronting the international food and agriculture system, the company established the Cargill Digital Studio. This startup studio is supported by Cargill funding and expertise. Zoonivet is a telehealth platform that allows pet owners to provide basic medical care for their animals by linking them with competent veterinarians over a video conversation. It is intended to provide pet owners with simple and accessible veterinarian treatment through e-consultations.
By region, the study offers market insights into Asia-Pacific, North America, Europe, and Rest of the World. The North American accounted for USD 11.86 billion for market of companion animal healthcare in 2022 and is anticipated to show a substantial CAGR growth during the study period due to the increase in pet population and spending due to the humanization of pets. For example, in Canada, 58% of her households had at least one of her cats or dogs in 2020, according to the Canadian Institute of Animal Health (CAHI). Data from 2018 to 2020 show that the pet population is on the rise in the country, with the dog population growing from 7.6 million to 7.7 million. North American market players constantly focus on product development and partnership strategies to expand their business offerings in North America. Further, the United States Companion Animal Healthcare market held the largest market share, and the Canada market of companion animal healthcare was the fastest-growing market in the North American region.
Further, the key countries studied in the market report are: The U.S, Canada, UK, Italy, Germany, France, Spain, China, India, Australia, Japan, South Korea, and Brazil.
Figure 3: COMPANION ANIMAL HEALTHCARE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Companion Animal Healthcare market accounts for the second-largest market share due to the rising prevalence of animal diseases, increasing number of veterinary practitioners, improving health reimbursement, and advancements in diagnostics imaging techniques. Furthermore, increased availability of companion animal healthcare accessories such as oral chews, animal feeds, growth promoters, new product launches, and strategic collaborations between major players are also fuelling the European market of companion animal healthcare. Major European players are more focused on adopting advanced Companion Animal Healthcare to enhance operational efficiency, which also plays a crucial role in market growth. UK market of companion animal healthcare held the largest market share, and the German market of companion animal healthcare was the fastest-growing market in the area.
The Asia-Pacific Companion Animal Healthcare Market is anticipated to develop at the fastest CAGR from 2023 to 2030 due to increasing awareness about pet health & treatment and pet ownership. It is likely to propel regional market growth. New India Assurance, Bajaj Allianz, Vetina Pawtect, and Oriental Insurance are some key players offering pet insurance in the country. Furthermore, Key players are devising market entry strategies to expand their business presence in the Asia Pacific. China market of companion animal healthcare held the largest market share, and the India market of companion animal healthcare was the fastest-growing market in the area.
Companion Animal Healthcare Key Market Players & Competitive Insights
Key market players are spending heavily on research and development to expand their product lines that will help the pet health market grow further. Market players are also adopting various strategies to expand their global footprint through key market developments such as contractual agreements, mergers and acquisitions, new product launches, increased investments, and collaborations with other organizations. taking the initiative. Competitors in the pet health industry need to expand their business scope to compete in an increasingly competitive and growing market.
One of the major business strategies manufacturers adopt in the global Companion Animal Healthcare industry to profit clients and increase their market sector by growing investment in research & development to improve solutions and services. In recent years, the companion animal healthcare industry has provided transparency and reduced disruptions in the supply chain. The companion animals healthcare markets major players such as Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Merck and Co. Inc. (U.S.) and others are functioning on expanding the market demand by investing in research and development activities.
Zoetis Animal Healthcare is a US-based company that develops, manufactures, discovers, and markets animal health products, vaccines and diagnostic products in the US and internationally. It sell products across species, primarily livestock. For instance, in January 2022, Zoetis has approved the European Commission (EC) approval of Apokel chewable tablets (ocracitinib) for dogs for the treatment of clinical signs of pruritus associated with allergic dermatitis in dogs and for the treatment of clinical signs of atopic dermatitis in dogs marketing authorization for at least 12 months age.
Elanco Animal Health is an American company, which operates as an integrated veterinary pharmaceutical company that develops, manufactures, markets, and distributes animal health products and services to improve meat production. For instance, in January 2022, Elanco received the US FDA (Food and Drug Administration) approval for Zorbium. ZORBIUM is a brand-new long-acting drug used to treat postoperative pain brought on by surgical operations in cats. One transdermal dose of ZORBIUM can offer pain relief for up to four days.
Key Companies in the Companion Animal Healthcare market include
Companion Animal Healthcare Industry Developments
May 2021: EVAH Corp. has signed four contracts with Elanco Animal Health Incorporated to acquire and develop animal health technologies. EVAH is a company specializing in the development of biologicals to aid in the prevention of bacterial diseases in food animals and microbiome solutions for growth performance.
February 2021: Algenex SL and Virbac, one of the largest animal health companies, announced a global licencing agreement for developing and commercializing a CrisBio®-based vaccine in a major swine indication.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 27.32 billion |
| Market Size 2024 | USD 29.72 billion |
| Market Size 2032 | USD 56.75 billion |
| Compound Annual Growth Rate (CAGR) | 7.44% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends |
| Segments Covered | Product, Diagnostics, and Region |
| Geographies Covered | Europe, Asia Pacific, North America,and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, Italy, Spain, France, UK, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Merck and Co. Inc. (U.S.) |
| Key Market Opportunities | ·        Technological development and growing government support to Aid Market Growth |
| Key Market Dynamics | ·        Growth in the number of pets to Fuel Market Growth ·        Spending on pet health and wellness is also on the rise |
Frequently Asked Questions (FAQ) :
The market size of global Companion Animal Healthcare was valued at USD 25.90 Billion in 2022.
The global market is projected to grow at a CAGR of 7.44% during the forecast period, 2024-2032.
North America had the leading share of the global market
The key players in the market are Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Merck and Co. Inc. (U.S.), and others.
The feed additives Companion Animal Healthcare category dominated the market in 2021.
Tests diagnostic imaging segment had the largest share in the global market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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