Companion Animal Drugs Market Size

Companion Animal Drugs Market size was over USD 21.3 billion in 2024 and is estimated to reach USD 51.8 billion by the end of 2037, expanding at a CAGR of 7.7% during the forecast timeline, i.e., 2025-2037. In 2025, the industry size of companion animal drugs is evaluated at USD 22.9 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.