Overview and Scope
Pet healthcare refers to an approach in which preventive and therapeutic care is taken to keep the pet animal disease-free. It is useful for a healthy pet lifestyle. It entails a multifaceted strategy that includes a vet's assessment of the pet's general health and potential for illness or other health issues.
Sizing and Forecast
The pet healthcare market size has grown strongly in recent years. It will grow from $239.29 billion in 2023 to $255.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to pet humanization trend, veterinary advancements, changing consumer lifestyles, economic prosperity, regulatory changes.
The pet healthcare market size is expected to see strong growth in the next few years. It will grow to $353.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing aging pet population, rise in pet adoption, focus on preventive care, economic trends, advancements in veterinary science. Major trends in the forecast period include pharmaceutical innovations for pet health, personalized pet healthcare plans, e-commerce growth in pet medications, increased focus on mental health, preventive dental care for pets.
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Segmentation & Regional Insights
The pet healthcare market covered in this report is segmented –
1) By Type: Therapeutics, Diagnostics
2) By Animal Type: Canine, Feline, Equine, Avian, Other Animals
3) By Distribution Channel: Retail, E-commerce, Hospital Pharmacies
North America was the largest region in the pet healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global pet healthcare market report during the forecast period. The regions covered in the pet healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of animal diseases is expected to propel the growth of the pet healthcare market forward. Animal diseases are diseases that mostly affect animals and impair their healthy state. Some of the diseases can be fatal for the animals, hence, they need proper treatment. Pet healthcare can be very useful for preventing diseases and treating ongoing infections. For instance, in 2021, according to the 2021 Pet Health Trends Report published by BluePearl Pet Hospital, a US-based pet hospital, 850,000 pets were treated in the hospital in 2021, accounting for 1.29 million pet visits. This is a 2.3% increase as compared to 2020. As a result, the increasing prevalence of animal infections is driving the pet healthcare market forward.
Key Industry Players
Major companies operating in the pet healthcare market report are Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited, Sanofi SA, Boehringer Ingelheim International GmbH, General Mills Inc., Colgate-Palmolive Company, Chewy Inc., Zoetis Inc., Petco Animal Supplies Inc., VCA Animal Hospitals Inc., Perrigo Company plc, Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Royal Canin, Ceva Santé Animale, Phibro Animal Health Corporation, Trupanion, Vetoquinol S.A., Norbrook Laboratories Ltd., Heska Corporation, Biogenesis Bago SA, Pumpkin Insurance services Inc., PetFirst Healthcare LLC, Embark Veterinary Inc., Agrolabo SpA, Bayer Animal Health GmbH, Bioniche Animal Health Canada Inc., Novartis Animal Health US Inc.
The pet healthcare market report table of contents includes:
1. Executive Summary
2. Pet Healthcare Market Characteristics
3. Pet Healthcare Market Trends And Strategies
4. Pet Healthcare Market - Macro Economic Scenario
5. Global Pet Healthcare Market Size and Growth
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32. Global Pet Healthcare Market Competitive Benchmarking
33. Global Pet Healthcare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pet Healthcare Market
35. Pet Healthcare Market Future Outlook and Potential Analysis
36. Appendix
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