Copyright © 2024 Research Nester. All Rights Reserved
Companion Animal Health Market size was valued at USD 24.35 billion in 2023 and is expected to exceed USD 68.65 billion by 2036, registering over 8.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of companion animal health is assessed at USD 25.97 billion.
The increasing initiatives by the government regulatory bodies to promote veterinary products in the market, along with the growing adoption of pets are expected to fuel the development of this market. The growth of the market can also be attributed to factors such as the increasing technological advancements and product innovation in animal healthcare market. According to the data collected from the Humane Society of the United States, in 2020, 84.9 million of households were owning a pet. Increasing adoption of pet in the United States has increased the demand for animal healthcare facilities in the market.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
8.3% |
|
Base Year Market Size (2023) |
USD 24.35 billion |
|
Forecast Year Market Size (2036) |
USD 68.65 billion |
|
Regional Scope |
|
The market is segmented based on animal type into dogs, cats, and others, out of which, the dog segment is anticipated to grab the largest share by the end of 2021 on account of increased adoption of dog as a pet and rising investments by the pet owners for the betterment. Moreover, increasing government approval of new products globally is also projected to contribute to the growth of the segment during the forecast period.
On the basis of product, the therapeutic segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that there is an increase in the number of diseases associated with the animals. As a result, there is a growing demand for cure and treatment processes for the animals in the global market.
Based on end-user, the veterinary hospitals & clinics segment held the largest share in the global market on the back of growing concern and awareness for animal health.
Our in-depth analysis of the global market includes the following segments:
|
Animal Type |
|
|
Products |
|
|
End-user |
|
Geographically, the companion animal health market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising adoption of animals as a pet in the region. Furthermore, in 2021, the market in Asia Pacific is anticipated to hold largest revenue share by 2036, owing to rising adoption of animals as a pet in the region. With this, the countries in North America such as the United States is promoting animal healthcare campaigns, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global market on account of its proven success in terms of technology development and a high adoption of pets by the households in the region.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?