Young French Bulldog on the visit to the vet.
The Pet Healthcare Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pet Healthcare Global Market Report 2024, 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.
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.
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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
Major companies operating in the pet healthcare market are increasing their focus on introducing pet biobanks to gain a competitive edge in the market. A pet biobank is a facility that stores and manages biological samples, such as tissue, blood, or DNA, collected from animals, primarily pets. For instance, in June 2022, Mars Petcare, a Belgium-based company, launched the world’s first pet biobank, known as the MARS PETCARE BIOBANK, to drive breakthroughs in disease diagnosis and prevention. This initiative is designed to improve the understanding of pet health and disease and to help scientists and veterinarians innovate individualized healthcare for pets.
The pet healthcare market report table of contents includes:
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