Companion Animal Health Market expected to reach $51.15 billion by 2032, driven by pet ownership and innovation.

From GlobeNewswire: 2025-06-27 09:10:00

The global Companion Animal Health Market was valued at USD 24.1 billion in 2023 and is projected to reach USD 51.15 billion by 2032, growing at a CAGR of 8.74%. Factors driving growth include increasing acceptance of companion animals, emotional inclination towards pets, and advancements in animal diagnostics and pharmaceuticals.

The U.S. companion animal health industry, valued at USD 6.85 billion in 2023, has a significant global market share. Factors contributing to growth include increased spending on pets, veterinary R&D, and a developed pharmacy distribution network. The U.S. is projected for rapid market expansion with a CAGR of 8.63% through 2032.

Major players in the Companion Animal Health Market include Zoetis Inc., Merck Animal Health, Elanco Animal Health, and more. The market is experiencing growth due to innovations in veterinary medicine, precision diagnostics, and targeted therapies for chronic and infectious diseases.

Pharmaceuticals led the market in 2023, accounting for over 43% of the market size. Hospital pharmacies dominated distribution channels, contributing 48% of market share. The dogs segment led in 2023, contributing 39% of total market revenue, with a focus on standard veterinary care and treatments for chronic diseases and infections.

The largest regional market, North America, accounted for 36% of revenues in 2023. The APAC region is the fastest-growing market for veterinary parasiticides, driven by urbanization, growing pet ownership, and a focus on animal health. Recent developments include Zoetis launching AI-based precision medicine solutions for companion animals and Elanco Animal Health introducing a coating gel to treat feline respiratory claims.



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