Companion Animal Health Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Companion Animal Health Market Size accounted for USD 19.6 Billion in 2021 and is projected to occupy a market size of USD 43.4 Billion by 2030 growing at a CAGR of 9.3% from 2022 to 2030.

Companion animals are the animals which serve man by giving brotherhood and guarding their homes or workplaces. Different sorts of sicknesses in creatures and their exchange to people by means of their item utilization and fellowship are raising the market all around.

Companion Animal Health Market Report Statistics

• Global companion animal health market revenue is projected to reach USD 43.4 Billion by 2030 with a CAGR of 9.3% from 2022 to 2030
• According to the Humane Society data, over 85 million families are pet owners in the world
• North America companion animal health market share generated over 38% shares in 2021
• As per the American Society for the Prevention of Cruelty to Animals data, around 3.2 million animals are adopted every year
• Asia-Pacific companion animal health market growth will record noteworthy CAGR of over 10% from 2022 to 2030
• Based on animal type, dogs recorded USD 7.8 billion revenue in 2021
• Among products, pharmaceuticals sub-segment accounted for USD 9.8 billion in 2021
• Rising adoption of pets across the world is a popular companion animal health market trend that fuels the industry demand

Global Companion Animal Health Market Dynamics

Market Drivers

• Increasing companion ownership
• Growing prevalence of zoonotic diseases
• Rising favorable government initiatives

Market Restraints

• High cost associated with pet care
• Growing number of counterfeit drugs

Market Opportunities

• Rising awareness towards animal health
• Surging investments in the pharma sector

Companion Animal Health Market Report Coverage

Companion Animal Health Market Growth Factors

Humanization has impacted the obtaining choices to a lot. In this manner, the changing impression of the buyers toward pet wellbeing and expanding pattern of the family unit is a couple of central point boosting the market development. With expanding family units pattern over the world has quickened the pet possession pattern and is required to keep amid the conjecture time frame. Throughout the years, the pattern of permeating pets with human attributes has expanded the wellbeing and security worries among pet proprietors. As indicated by an overview directed by the American Veterinary Medical Association, in the ongoing years, found that the use towards pet's wellbeing and veterinary consideration has seen an ascent by 40%. This ascent owes to the developing human-creature security, which characterizes customers' readiness to spend more cash for their pets. Further, the rising interest for pet medicinal services protection in the United States is relied upon to help this contention. Different variables driving the development of the market incorporate expanding web based shopping and home conveyance, cutting edge innovation in creature medicinal services, and expanding activities by government and creature welfare affiliations.

Companion Animal Health Market Segmentation

The global companion animal health market is segmented based on animal type, product, distribution channel, end-use, and geography.

Companion Animal Health Market By Animal Type

• Dogs
• Cats
• Equine
• Poultry
• Sheep & Goats

According to our companion animal health industry analysis, the dogs sub-segment accounted for more than 40% of the market in 2021 and is expected to maintain this trend in the coming years. The global affection for dogs, as well as the increasing adoption of dogs for security purposes, are the two major factors supporting the dog market share. Furthermore, rapidly increasing urbanization, raising awareness of pet health insurance, and the growing importance of animal health are all likely to support the industry's dog segment.

Companion Animal Health Market By Product

• Diagnostics
• Vaccines
• Pharmaceuticals
  • Prescription
  • OTC
• Feed Additives
• Others

According to our companion animal health market forecast, pharmaceuticals are expected to hold significant market share from 2022 to 2030. On the other hand, pharmaceuticals sub-segment is likely to attain significant growth rate during the forecasted timeframe from 2022 to 2030. The increasing number of zoonotic diseases occurring in pets and the growth in research & development activities to diagnose these diseases will spur the diagnostics sub-segment.

Companion Animal Health Market By Distribution Channel

• E-commerce
• Retail
• Hospital Pharmacies

According to distribution channel, hospital pharmacies held the largest market share in 2021 and are expected to continue to do so in the coming years. The hospital pharmacies sub-segment is being driven by rising ease of access, a higher volume of prescriptions filled by these medical outlets, and an increase in demand for animal healthcare products. Furthermore, the increasing popularity of e-commerce will allow the market to expand even further in the coming years.

Companion Animal Health Market By End-Use

• Clinics and Veterinary Hospitals
• Point-of-Care Testing/In-house Testing
• Others

The veterinary hospitals & clinics sub-segment dominates the end-use segment due to a large number of patients that hospitals and clinics see. The variety of procedures performed at these facilities, such as general health exams, surgeries, and vaccinations, also contributes to the segment's expansion.

Companion Animal Health Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Companion Animal Health Market Regional Analysis

In 2021, North America caught a significant piece of the overall industry, principally because of the nearness of conspicuous players undertaking broad development methodologies. In addition, expanding number of R&D speculations started by the organizations is one of the key potential components dared to be in charge of the size able offer gathered by the district. Moreover, expanding perpetual creature ailment load is foreseen to drive the tendency of specialists and social insurance experts toward cutting edge innovations, which thusly is additionally foreseen to extend the extension for development.

Companion Animal Health Market Players

The global Companion Animal Health market is characterized by the presence of experienced and established players. Some of the key players include Agrolabo S.p.A., Bayer AG, Boehringer Ingelheim International GmbH, Ceva, Elanco, IDEXX Laboratories, Inc., Indian Immunologicals Ltd., Merck& Co., Nutreco N.V. Inc., Norbrook, Vetoquinol S.A., Virbac, and Zoetis.