U.S. Companion Animal Health Market: A Portrait of Health Spending

U.S. Companion Animal Health Industry Overview

The U.S. companion animal health market size was estimated at USD 12.30 billion in 2023 and is expected to expand at a CAGR of 7.93% from 2024 to 2030. The market is primarily driven by the growing pet population and spending, increasing pet humanization, growing efforts by key market players, rising popularity of pet insurance, and the increasing rate of medical care for pets. For instance, According to the 2022 Pet Ownership & Demographic Sourcebook from the American Veterinary Medical Association (AVMA), more than 75% of dogs and over 60% of cats had veterinary visits the previous year. The expected increase in veterinary visits or medicalization rate is anticipated to drive the demand for the U.S. market during forecast period.

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Diabetes mellitus is a chronic condition not just in humans but also in pet animals, leading to severe threats such as cataracts, urinary tract infections, seizures, kidney failure, and enlarged liver. Timely diagnosis and treatment for diabetes are required to prevent such potentially life-threatening conditions. The number of dogs and cats developing diabetes mellitus is estimated to be significantly higher in recent years, expected to drive demand for the U.S. companion animal health market. According to an article published in PetMD in April 2022, in 2020, it is estimated that, 1 in every 300 dogs and 1 in 230 cats develop diabetes during their lifetime. Similarly, in 2021, the Med Trust report stated that 3 out of 500 dogs and 6 out of 500 cats are prone to diabetes. In addition, Merck Animal Health reported in 2015 that the prevalence of diabetes among pets has tripled in the past 30 years.

The pet population has been significantly growing over the years in various regions. Most common pet animals, such as dogs & cats, are valued for providing better companionship to humans. Pets have become a part of each household due to their various benefits, such as psychological comfort, reduction of stress & depression among adults, and helping humans overcome anxiety. Such factors have increased pet ownership and pet humanization in various countries. According to an article published in PetMD in April 2023, 1 in every 300 dogs and 1 in 230 cats develop diabetes during their lifetime. Similarly, in 2021, the Med Trust report stated that 3 out of 500 dogs and 6 out of 500 cats are prone to diabetes. In addition, Merck Animal Health reported in 2015 that the prevalence of diabetes among pets has tripled in the past 30 years.

Browse through Grand View Research's Category Animal Health Industry Research Reports.

• The global veterinary services market size was estimated at USD 120.12 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.45% from 2023 to 2030. Some of the key factors contributing to the market growth are increasing consumption of animal-derived products, growing pet expenditure, humanization of pets, increasing initiatives by key market participants, and rising focus on sustainable animal husbandry.

• The global artificial intelligence (AI) in animal health market size was estimated at USD 997.33 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.09% from 2023 to 2030. Key market growth drivers include increasing applications of AI in animal health, availability of AI-based solutions, initiatives by key companies, increasing expenditure on animals, and demand for improving animal health outcomes.

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Recent Developments

• In January 2024, IDEXX Laboratories expanded its Fecal Dx antigen testing platform to include Cystoisospora, a common intestinal parasite in young dogs and cats. This provides early and accurate detection alongside other common parasites.

• In January 2024, Ceva Santé Animale acquired Scout Bio, a leading biotechnology firm specializing in advanced pet therapies. This acquisition marks a substantial advancement for Ceva, granting access to groundbreaking treatments such as monoclonal antibodies and gene therapy aimed to tackle chronic pet diseases.

• In November 2023, Antech introduced advanced diagnostic solutions such as KeyScreen and AIS RapidRead to enhance pet healthcare outcomes across the UK veterinary community.