PUBLISHER: The Business Research Company | PRODUCT CODE: 1436581
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436581
Pet healthcare involves a comprehensive approach that combines preventive and therapeutic measures to maintain the well-being of pet animals and keep them free from diseases. This approach is instrumental in promoting a healthy pet lifestyle. It encompasses a multifaceted strategy, which includes regular assessments by a veterinarian to evaluate the pet's overall health and assess the potential for illnesses or other health issues.
The primary types of pet healthcare encompass therapeutics and diagnostics. Therapeutics include products such as vaccines, anti-parasitic medications, and feed additives, designed to treat already-infected pets. These therapeutic products cater to various types of animals, including canines, felines, equines, avian pets, and others. They are made available through diverse distribution channels, including retail outlets, e-commerce platforms, and hospital pharmacies, ensuring accessibility for pet owners seeking healthcare solutions for their animals.
The pet healthcare market research report is one of a series of new reports from The Business Research Company that provides pet healthcare market statistics, including pet healthcare industry global market size, regional shares, competitors with a pet healthcare market share, detailed pet healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the pet healthcare industry. This pet healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 witnessed in the historical period can be ascribed to the trend of pet humanization, advancements in veterinary practices, shifts in consumer lifestyles, economic prosperity, and changes in regulatory frameworks.
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%. Anticipated growth in the upcoming period is driven by factors such as the increasing population of aging pets, a surge in pet adoption rates, a heightened emphasis on preventive care, evolving economic trends, and continuous advancements in veterinary science. Major trends expected during this forecasted period encompass pharmaceutical innovations aimed at pet health, the introduction of personalized healthcare plans for pets, the expansion of e-commerce within the pet medications sector, a heightened focus on mental health in pets, and a greater emphasis on preventive dental care for pets.
The escalating prevalence of animal diseases is expected to drive the growth of the pet healthcare market in the foreseeable future. Animal diseases, which primarily affect animals and compromise their overall health, can often lead to fatal consequences, necessitating proper treatment and care. Pet healthcare plays a crucial role in preventing diseases and addressing ongoing infections among animals. As of 2021, data from the 2021 Pet Health Trends Report published by BluePearl Pet Hospital, a US-based pet hospital, indicated that 850,000 pets were treated in the hospital, accounting for 1.29 million pet visits. This marked a 2.3% increase compared to the previous year, highlighting the growing demand for pet healthcare services. Consequently, the rising prevalence of animal diseases stands as a key factor propelling the pet healthcare market forward.
The anticipated increase in the pet population is expected to be a significant driver of the growth in the pet healthcare market in the future. The pet population refers to the total number of domesticated animals kept as pets by individuals or households within a specific geographic area. Pet health products play a crucial role in sustaining and enhancing the well-being of the growing pet population. These products provide preventive care, therapeutic solutions, and nutritional support, contributing to overall pet health and longevity. As of October 2023, data from the European Pet Food Industry Federation (FEDIAF), a UK-based trade association, revealed an 11% growth in the European pet population in 2022, with a total of 340 million pets, primarily comprised of 127 million cats and 104 million dogs. This substantial increase in the pet population underscores the rising demand for pet healthcare products, thereby driving the growth of the pet healthcare market.
The pet healthcare market is witnessing a significant trend towards technological advancements, with major companies strategically introducing innovative digital platforms to enhance their market positioning. A notable example is the October 2023 launch of Zoonivet by Cargill Incorporated, a prominent US-based company. This pet health-focused digital platform is specifically designed to offer convenient and accessible veterinary care through e-consultations. Zoonivet aims to streamline pet healthcare by facilitating remote video consultations between pet parents and qualified veterinarians, addressing primary healthcare needs in a simplified and efficient manner. This strategic move reflects the company's commitment to staying competitive in the evolving landscape of pet healthcare.
Major companies are increasingly directing their efforts towards the implementation of pet biobanks as a strategic means to attain a competitive advantage. A pet biobank serves as a specialized facility dedicated to the storage and management of biological samples, including tissue, blood, or DNA, sourced from animals, predominantly pets. Notably, in June 2022, Mars Petcare, a Belgium-based industry leader, introduced the groundbreaking MARS PETCARE BIOBANK, establishing itself as the world's pioneer in this domain. The primary objective of this pioneering initiative is to catalyze advancements in disease diagnosis and prevention within the realm of pet healthcare. By facilitating the storage of comprehensive biological data, the MARS PETCARE BIOBANK seeks to enhance the understanding of pet health and diseases, thereby enabling scientists and veterinarians to spearhead innovation in personalized healthcare solutions for individual pets. This strategic move underscores Mars Petcare's commitment to driving transformative breakthroughs in the field of pet healthcare.
In December 2023, Zenex Animal Health, an animal health company based in India, successfully acquired Ayurveda for an undisclosed sum. This strategic acquisition is anticipated to enhance Zenex's product portfolio by incorporating herbal offerings, thereby improving the overall quality of its animal health products. Ayurvet, an India-based pet healthcare company, is known for its specialization in providing natural and safe Ayurvedic and herbal medicines tailored for pets. The integration of Ayurveda into Zenex Animal Health's operations represents a strategic move to further diversify and enhance the company's capabilities in the animal health sector.
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 Sante 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.
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.
The countries covered in the pet healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pet healthcare market consists of sales of pet healthcare diagnostic tools, medicines and preventive care products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pet Healthcare Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pet healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pet healthcare ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pet healthcare market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.