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.
Author Credits: Radhika Pawar
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