Companion Animal Medicine Market Size is valued at USD 22.2 billion in 2024 and is predicted to reach USD 54.5 billion by the year 2034 at a 9.5% CAGR during the forecast period for 2025-2034.
Key Industry Insights & Findings from the Report:
The incidence of dental diseases detected in dogs in the U.K. was 14.10%, and the prevalence of skin illnesses was 12.6%, according to a 2021 article in the BMC Veterinary Research Journal. Market expansion is being fueled by rising veterinary visits and the uptake of pet insurance. For instance, the pet insurance provider Trupanion reported that as of June 2022, there were 1.3 million pet insurance enrollees. In the second quarter of 2021, it experienced a 32% growth.
The COVID-19 epidemic had a significant effect on the market. Low demand, supply chain interruptions, difficulties with research efforts, and decreased sales were only a few negative repercussions. For instance, working capital constraints and a decline in demand caused Elanco's revenue to fall by 10.0% in the first quarter of 2020.
The pandemic had a negative impact on Merck's animal health division's revenue in Q2 2020 of USD 100 million. Despite the COVID-19 outbreak, some businesses reported positive financial results or no change. For example, Calier announced that its companion animal section had a successful year. The company even introduced Dynacan Spot-On, an external parasiticide for dogs, cats, and ferrets. The line-up of veterinary medications and non-medical items from Vetoquinol helped boost sales in 2020. Yet with a faster growth rate in 2021, the use of e-commerce sales channels and remote assistance platforms has allowed the sector to realise its full potential.
The Companion Animal Medicine market is segmented by animal type, product, distribution channel, and indication. The market is segmented as dogs, cats, and horses based on animal type. By the product, the market is segmented into Biologics (Vaccines (Attenuated Live Vaccines, Inactivated Vaccines, Recombinant Vaccines, Toxoid, Others)), Pharmaceuticals (Parasiticides, Anti-infectives, Anti-inflammatory, Analgesics, Others) and Medicated Feed Additives. By distribution channel, the market is segmented into Retail, E-commerce, Hospital Pharmacy. By indication, the market is segmented into Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Other Indications.
Dogs dominated the market and made up the most significant portion of sales. On the other hand, the cat market is predicted to grow at a profitable CAGR over the next few years. This is because dogs and cats are very popular as pets, canine and feline diseases are becoming more common, and many medications are available for animals.
The pharmaceuticals segment led the market regarding products and accounted for over the total revenue. This is because many medications for companion animals are available and because there is a growing market for parasiticides and other products to treat common illnesses in animals. For instance, the Companion Animal Parasite Council (CAPC) reports that in 2022, there will be a significant increase in Lyme disease, heartworm infections, anaplasmosis, and ehrlichiosis among pets in the United States.
The majority of the revenue came from North America. This was brought about by activities from both the public and private sectors, pet insurance's growing popularity, and important businesses' existence. According to the NAPHIA (North American Pet Health Insurance Association, Inc.) American Pet Health Insurance Association, by the end of 2021, 3.45 million pets in the United States and Canada were covered by insurance.
| Report Attribute | Specifications |
| Market size value in 2024 | USD 22.2 Bn |
| Revenue forecast in 2034 | USD 54.5Bn |
| Growth rate CAGR | CAGR of 9.5% from 2025 to 2034 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2025 to 2034 |
| Historic Year | 2021 to 2024 |
| Forecast Year | 2025-2034 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Animal Type, Product, Distribution Channel, And Indication |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; South Korea; Southeast Asia |
| Competitive Landscape | Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; Bimeda, Inc.; Norbrook; Calier. |
| Customization scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing and available payment methods | Explore pricing alternatives that are customized to your particular study requirements. |
Companion Animal Medicine Market By Animal Type-
Companion Animal Medicine Market By Product-
Companion Animal Medicine Market By Indication-
Companion Animal Medicine Market By Distribution Channel-
Companion Animal Medicine Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.