Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Companion Animal Medicine Market size was over USD 22.98 billion in 2024 and is anticipated to cross USD 76.57 billion by 2037, witnessing more than 9.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of companion animal medicine is estimated at USD 24.87 billion.
The growth is driven by the increasing number of animal adoptions and shelters worldwide. This is further increasing expenditures on pet-related products. According to the article published by the World Animal Foundation in September 2024, around 4.8 million dogs and cats are being adopted annually from U.S. shelters. This subsequently increases the investment in veterinary needs, enlarging the market.
As the behavior and thoughts of pets have become humanized, owners are more likely to focus on maintaining their health and overall well-being. This further encourages them to spend on the market. The growing awareness about preventive care such as vaccinations, parasite control, and regular check-ups has boosted the demand for related medicines. Many pharmaceutical companies are taking action to new product lines for animal health care. For instance, in January 2021, Boehringer Ingelheim partnered with PetMedix to introduce innovation in animal therapeutics. The company aims to engage its Ky9 platform to discover new veterinary medicines in the market.
