The global companion animal health market is likely to witness growth, with a CAGR of 6.0% across the forecast period from 2024 to 2032. With the rising companion animal ownership population, owners are concerned about companion animal health and nutrition, and thereby seeking various veterinary services. Which in turn, is increasing demand for diversified companion healthcare products such as, vaccines, feeding products, nutritional supplements and drugs for various diseases. Similarly, acquisitions by major players are increasing the demand for companion animal health market across the globe. For instance, in October 2022, Zoetis announced the acquisition of Phoenix Central Laboratory. Phoenix lab serves anatomic and clinical pathology in veterinary clinics of around 20 states. With the help of this acquisition, Zoetis aims to increase its portfolio by providing comprehensive diagnostics products and services in the US.

A major strategy that is implemented by companies in the companion animal health market is collaboration with one another, a crucial reason for the development of companion animal health market across the globe. For instance, in January 2020, Jaguar Animal Health, Inc. and Elanco US Inc. announced an agreement. This collaboration aims to develop Canalevia. Canalevia is a drug that will help in the treatment of Diarrhea, which is the most common cause for veterinary calls among dogs.

Manufacturers are focusing to provide new and innovative techniques and services in companion animal health market. For instance, in January 2022, Bayer announced to support infectious disease surveillance program for companion animals. Bayer is a major sponsor of the disease surveillance system that will provide distribution and prevalence of infections caused by arthropod and ectoparasite among dogs and cats in Africa. Moreover, initiatives such as One health initiative is one of the key factor which is increasing the demand for the companion animal health market.  

Dog holds the largest share in companion animal health market

In 2022, dogs held the largest share in the global companion animal health market. The dominance of this segment is supported by benefits which are associated with keeping dogs as pet. Dogs provide many health benefits such as improve heart health by lowering blood pressure and reducing cholesterol. According to The American Pet Production Association (APPA) National pet owners survey 2020-2021 announced that approximately 68% of the US households own pets, from which 60 million households have dogs as pets. Additionally, manufacturers are developing new product for dogs which is increasing the demand for Companion animal health products among dogs. For instance, in May 2022, Merck & Co. Inc. launched Bravecto Cares. Bravecto Cares is an educational campaign for keeping service dogs healthy. Merck as a part of this initiative launched Bravecto chewing tablets that protect dogs from fleas and ticks.

North America Garnered Largest Market Share in 2022

North America dominated the companion animal health market in 2022 and is most likely to continue its governance during the forecast period from 2024 to 2032. North America is having highest pet-owners population across the globe. For instance, according to statistics provided by “The Humane Society Institute for Science and Policy” the population of companion animals in North America for the year 2020 accounts for 86.8 Mn for cats and 76.6 for dogs. One of the key factor which supports the growth of companion animal health market is wide availability of pet care products in North America. For instance, in November 2021, Zoetis launched new product for parasite prevention in cats. The Revolution Plus is approved by the US Food and Drug Administration (FDA). Revolution Plus is 6-in-1 parasite protection that protects the cats from ticks, fleas, roundworms, hookworms and heartworm all at once. Revolution plus is an innovative product that protects the cats from internal as well as external pests by a single use in a month. Additionally, according to the statistics of Zoetis, Zoetis earns largest revenue i.e almost 50% of its revenue from North America region.

Competitive Insights

The major players identified in the companion animal heath market include Zoetis, Jaguar Health, Elanco, Bayer AG, Merck & Co., Ceva, Boehringer Ingelheim International GmbH., Virbac., Vetoquinol S.A., Inc. Conklin Company Inc., and Nestle Purina Petcare among others. Players are expanding their product portfolio to satisfy the rising needs of the customers. Partnerships and acquisitions remains some of the major strategies implemented by the major players in the companion animal health market. For instance, in April 2022, Elanco Animal Heath announced to acquire Aratana Therapeautics. Through this acquisition, Elanco aims to acquire Arantana’s product portfolio for pet animals in their own companion animal therapeutics business.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Companion Animal Health market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Companion Animal Health market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Companion Animal Health market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Companion Animal Health market?
• Which is the largest regional market for Companion Animal Health market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Companion Animal Health market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Companion Animal Health market worldwide?