The U.S. companion animal health market size is expected to reach USD 11.39 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.2% from 2022 to 2030. The rising number of pet owners seeking better healthcare services, healthier quality foods, and high-end grooming and training services for their companion animals is a major driver for this market. According to the National Pet Owners Survey, 90.5 million families in the U.S. own a pet, out of which 69.0 million own a dog. Moreover, high-income families amounted to approximately 60% of the total spending. In recent years, pet adoption has shown immense growth. This is primarily attributed to the fact that people are healthier and happier in the presence of pets, as found by the Human-Animal Bond Research Initiative Foundation (HABRI).
U.S. Companion Animal Health Market Report Highlights
- Based on animal type, the dog segment held the dominant share in 2021 due to the increasing spending on pet care, specifically in developed regions
- By product, the pharmaceuticals segment is expected to gain popularity in the coming years owing to the growing demand to increase pet longevity and rising R&D activities
- On the basis of distribution channel, the e-commerce segment is anticipated to witness rapid growth over the forecast period due to the increased convenience offered to pet owners
- The veterinary hospitals and clinics end-use segment held the largest revenue share of over 80.0% in 2021 due to the growing demand for services such as clinical pathology, toxicology tests, and therapy
- Vetiquinol S.A., Zoetis, Merck, Ceva Santé Animale, Boehringer Ingelheim GmbH, and Elanco are some of the major market participants due to their product offerings and strong regional presence
- Companies are adopting various strategies to gain competitive advantages, such as new product development, partnerships, mergers and acquisitions, collaborations, and regional expansion
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With the rising adoption of companion animals and growing concerns over their health, there comes a direct association with pet insurance. Presently, pet insurance accounts for a small segment in the insurance industry. The Covid-19 pandemic positively impacted the market growth in the U.S. Key players such as Boehringer Ingelheim Animal Health, Chewy, Elanco, MWI Animal Health, Covetrus, and PetIQ focused on expanding their telemedicine solutions into the market as governments relaxed governance to enable more flexible veterinary examinations during the coronavirus pandemic.
Approval of novel therapeutics and companion animal vaccines continues to present this market with lucrative growth opportunities. Ongoing trends for the adoption of e-commerce, pet insurance, veterinary telemedicine, point of care diagnostic testing, and digitalization of veterinary practices are further accelerated by the crisis of COVID-19.
Groundbreaking technological advances are rapidly transforming the pet health industry. These expansions are maximizing the potential for growth. Companies are taking strategic initiatives in pet health, such as the adoption of big data, wearable technologies to monitor pet health, and the inclusion of stem cell therapy. Moreover, established players are focusing on expanding their portfolios. For instance, Elanco acquired Bayer AG’s animal health business unit in August 2019.
The U.S. captured a substantial share of the market. The share attained by this country is primarily a consequence of the presence of prominent market players undertaking extensive expansion strategies. Moreover, the increasing number of R&D investments initiated by the companies is one of the key potential growth factors presumed to be responsible for the sizeable share garnered by the U.S.
U.S. Companion Animal Health Market Insights By Key Players
Extensive mergers and acquisitions, product portfolios, geographical expansions, and collaborative research initiatives are strategies undertaken by the leading players. Established players, in an attempt to increase their market presence and strengthen their product offering, are entering into alliances. The market is competitive and the rising penetration of advanced technologies in this space is further anticipated to present this market with promising growth opportunities in the near future. Some prominent players in the U.S. companion animal health market include:
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- Ceva Santé Animale
- Merck Animal Health
- Vetiquinol S.A.
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U.S. Companion Animal Health Market Segmentation
Grand View Research has segmented the U.S. companion animal health market on the basis of animal type, product, distribution channel, and end use:
- S. Companion Animal Health Animal Type Outlook (Revenue, USD Million, 2017 – 2030)
- S. Companion Animal Health Product Outlook (Revenue, USD Million, 2017 – 2030)
- S. Companion Animal Health Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- S. Companion Animal Health End-use Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in U.S. Companion Animal Health Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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