U.S. Companion Animal Health Market Size to Reach USD 28.32 Billion By 2033
Laxman Dige
Brand Builder at Precedence Research | Towards Healthcare | Towards Packaging | Nova One Advisor
The U.S. companion animal health market size was valued at USD 13.19 Billion in 2023 and is poised to grow from USD 14.24? Billion in 2024 to USD 28.32 Billion by 2033, at a CAGR of 7.94% during the forecast period (2024-2033).
Key Takeaways:
The Complete Study is Now Available for Immediate Access | Download the Sample Pages of this Report@? https://www.novaoneadvisor.com/report/sample/7811
The market is driven by various factors such as the increasing rate of medical care for pets, increasing pet humanization, and growing spending and pet population. More than 60% of cats and 75% of dogs had veterinary visits in 2022, according to the Pet Ownership & Demographic Sourcebook. The expected growth in medicalization rate and veterinary visits is expected to drive the market growth during the forecast period.
?The U.S. companion animal health market revolves around the distribution and production of medications designed especially for pets, such as dogs, birds, cats, and other domesticated animals kept primarily for companionship instead of commercial objectives. Companion animal drug development has improved in tandem with innovations in human medicine enabling pets to obtain prescriptions and therapies that can efficiently treat medical issues, increase their longevity, and accelerate their well-being.
Preventative measures for protection against potentially fatal heartworm disease, vaccination against infectious diseases, and parasite control are just a few of the various medications used for companion animals further anticipated to drive the growth of the U.S. companion animal health market. Pets may have age-related diseases such as cognitive decline, arthritis, and organ malfunction as they age. In addition, drugs for companion animals can help to deal with these problems and enhance the quality of life and geriatric dog’s comfort.
Diabetes mellitus is a chronic disease that also occurs in pet animals, owing to various threats such as enlarged liver, kidney failure, seizures, urinary tract infections, and cataracts. Furthermore, the increasing focus on animal health monitoring solutions, increasing number of animals, expanding activities by various governments, increasing interest in veterinary vaccinations, rising disposable income, and changing lifestyles are expected to enhance the market growth during the forecast period.?
Immediate Delivery is Available | Get Full Report Access@?? https://www.novaoneadvisor.com/report/checkout/7811
The U.S. Companion Animal Health Market Trends
The U.S. Companion Animal Health Market Segment Insights
By Animal Type Insights
The dogs segment accounted for the largest revenue share of 66.19% in 2023. In the U.S., dogs are the most popular pets. For instance, 56% of Americans reported indicating a significant growth in dog ownership and having a dog in their household in 2023. Due to the susceptibility to various health issues such as age-related diseases, genetic diseases, injuries, and infections, dogs often need more frequent veterinary care. Respiratory illness affecting dogs in the U.S. is ongoing, with multiple states reporting researchers and cases working to identify the potential treatments and causes, according to the American Veterinary Medical Association (AVMA) in 2023.?
The cat segment is expected to grow fastest during the forecast period. Cats do not need special training for basic hygiene and self-cleaning because cats are considered low maintenance. The notably increasing cat adoption rate with increasing demand for feline-specific drugs is driving the major players to make research and development investments.
Buy Now Full Report: ?https://www.novaoneadvisor.com/report/checkout/7811
By Product Types
The pharmaceutical segment accounted for the largest revenue share of 44.09% in 2023. The rising advancements in pet medicine such as new treatments and drugs, offer more options to maintain health diseases and are estimated to drive the demand for pharmaceuticals. FDA reviews for medications that increase pet life durations, such as dog lifespan extension drugs as expected to drive the demand as owners search to improve their longevity and the well-being of animals. For instance, in December 2023, a biotech company, Loyal received positive feedback from the FDA for its drug LOY-001. The aim behind this launch was to extend the lifespan of large dog breeds. The veterinarian-administered and affordable drug could be available as a conditional approval procedure.
By Distribution Channel Types
Hospital/ clinic pharmacies dominated the market with a share of 59.08% in 2023. This segment generates revenue from veterinary clinics and hospitals, which directly provide diagnostic test kits, customized therapies, vaccines, and medications to pet owners. The growth of vet pharmacy networks by major players is anticipated to drive the growth of the U.S. companion animal health market. For instance, in February 2024, a cooperative network of veterinary hospitals in North Carolina, Vets Pets announced its pharmacy initiative led by young pharmacists to improve pharmacy-associated client service and patient care for their more than 100 veterinarians.?
The e-commerce segment is expected to grow fastest during the forecast period. The segment growth is attributed to the competitive pricing strategies employed, the ability to compare prices, the wide variety of products available, and the convenience of purchasing medications online via e-commerce platforms.
?By End Use Types
Hospitals & clinics dominated the market with a share of 60.09% in 2023. Veterinary hospitals help pet owners by educating them on the presence of diagnostics and medications for pet health and encouraging them to search for effective treatments. The rising advancements in companion animal medicine such as treatment techniques and diagnostic tools contributed to the growth of the hospitals and clinics segment. For instance, in March 2023, the world leader in animal health, Zoetis announced the expansion of its diagnostics and multipurpose platform, Vetscan Imagist to include two new applications one for AI equine FEC analysis and the other for AI dermatology.
Point-of-care testing in veterinary medicine involves using various products to conduct preventive or diagnostic tests at the site where the pet receives care, such as a veterinary clinic or a pet’s home. Point-of-care testing allows tests to be performed at the site where the pet receives care, eliminating the need to visit a separate laboratory or clinic. For instance, in July 2023, the Vetster platform, in collaboration with MySimplePetLab, introduced veterinary rapid diagnostic tests for home use. This strategic move aims to create a seamless spectrum of veterinary care, especially for nonurgent cases, thereby reducing the stress associated with in-clinic visits.
Immediate Delivery Available, Get Full Access@??? https://www.novaoneadvisor.com/report/checkout/7811
The U.S. Companion Animal Health Market Company Insights?
Some of the major players in the companion animal health market in the U.S. such as IDEXX Laboratories, Inc., Dechra Pharmaceuticals Plc, Ceva Santé Animale, Boehringer Ingelheim GmbH, Merck & Co., Inc., Elanco and others. These major players undertake extensive collaborative research initiatives, geographical expansions, product portfolios, and mergers and acquisitions.?
Some of the prominent players in the U.S. companion animal health market include:
U.S. Companion Animal Health Market Recent Developments
?Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. companion animal health market
By Animal Type?
By Product?
By Distribution Channel
By End Use?
Immediate Delivery Available | Buy This Premium Research? https://www.novaoneadvisor.com/report/checkout/7811
USA :?+1 804 441 9344
APAC :?+61 485 981 310 or +91 87933 22019
Europe :?+44 7383 092 044
Email: [email protected]
You can place an order or ask any questions, please feel free to contact at?[email protected] ?| +1 804 441 9344
Browse More Insights:
Active Pharmaceutical Ingredient CDMO Market:?The global active pharmaceutical ingredient CDMO market size was valued at USD 119.80 billion in 2023 and is anticipated to reach around USD 249.22 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
U.S. Pharmaceutical Market?:?The U.S. pharmaceutical market size was valued at USD 602.19 billion in 2023 and is projected to surpass around USD 1,093.79 billion by 2033, registering a CAGR of 6.15% over the forecast period of 2024 to 2033.
Viral Vector And Plasmid DNA Manufacturing Market:?The global viral vector and plasmid DNA manufacturing market size?was valued at USD 6.19 billion in 2023 and is anticipated to reach around USD 39.30 billion by 2033, growing at a CAGR of 20.3% from 2024 to 2033.
U.S. Viral Vector And Plasmid DNA Manufacturing Market ;?The U.S. viral vector and plasmid DNA manufacturing market size was valued at USD 2.45 billion in 2023 and is expected to be worth around USD 15.30 billion by 2033, with a registered CAGR of 20.1% during forecast period 2024 to 2033.
Compounding Pharmacies Market :?The global compounding pharmacies market size?was valued at USD 16.19 billion in 2023 and is anticipated to reach around USD 30.97 billion by 2033, growing at a CAGR of 6.7% from 2024 to 2033.
U.S. Compounding Pharmacies Market?:?The U.S. compounding pharmacies market size?is projected to be worth around USD 10.76 billion by 2033 from USD 6.31 billion in 2024, at a CAGR of 6.1% from 2024 to 2033.
Antibiotics Market: The?global antibiotics market size?was valued at USD 51.19 billion in 2023 and is projected to surpass around USD 85.80 billion by 2033, registering a CAGR of 5.3% over the forecast period of 2024 to 2033.
Biologics Market :?The?global biologics market size was estimated at USD 511.04 billion in 2023 and is projected to hit around USD 1,374.51 billion by 2033, growing at a CAGR of 10.4% during the forecast period from 2024 to 2033.
Biotechnology Market:?The?global biotechnology market size was estimated at USD 1.54 Trillion in 2023 and is projected to hit around USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% during the forecast period from 2024 to 2033.
Next Generation Sequencing Market?:?The?global next generation sequencing market size was estimated at USD 9.19 billion in 2023 and is projected to hit around USD 66.04 billion by 2033, growing at a CAGR of 21.8% during the forecast period from 2024 to 2033.
Genome Editing Market ;?The?global genome editing market size?was valued at USD 8.45 billion in 2023 and is anticipated to reach around USD 40.48 billion by 2033, growing at a CAGR of 16.96% from 2024 to 2033.
U.S. Genome Editing Market:?The?U.S. genome editing market size was estimated at USD 3.55 billion in 2023 and is projected to hit around USD 16.49 billion by 2033, growing at a CAGR of 16.6% during the forecast period from 2024 to 2033.
U.S. Gene Synthesis Market?:?The?U.S. Gene Synthesis market size was valued at USD 700.90 million in 2023 and is projected to surpass around USD 3,118.73 million by 2033, registering a CAGR of 16.1% over the forecast period of 2024 to 2033.
Biopharmaceutical Market :?The global?Biopharmaceutical market size accounted for USD 327.46 billion in 2022 and is estimated to achieve a market size of USD 1,101.77 billion by 2032 growing at a CAGR of 12.9% from 2023 to 2032.
Immunotherapy Drugs Market?:?The?global immunotherapy drugs market size was valued at USD 240.19 billion in 2023 and is projected to surpass around USD 1,300.38 billion by 2033, registering a CAGR of 18.4% over the forecast period of 2024 to 2033.
Cancer Immunotherapy Market:?The global cancer immunotherapy market size was valued at USD 126.19 billion in 2023 and is projected to surpass around USD 296.01 billion by 2033, registering a CAGR of 8.9% over the forecast period of 2024 to 2033.
U.S. Plasmid DNA Manufacturing Market?:?The U.S. plasmid DNA manufacturing market size?was valued at USD 711.90 million in 2023 and is projected to surpass around USD 4,885.15 million by 2033, registering a CAGR of 21.24% over the forecast period of 2024 to 2033.
U.S. Precision Medicine Market?:?The?U.S. precision medicine market size was valued at USD 24.95 billion in 2023 and is projected to reach around USD 76.12 billion by 2033, registering a CAGR of 11.80% from 2024 to 2033.