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What key factors are powering the surge in the pet healthcare market right now?

There has been significant expansion in the pet healthcare market in the past few years. It is projected to increase from a $253.75 billion value in 2024 to $269.63 billion in 2025, recording a compound annual growth rate (CAGR) of 6.3%. The historic growth can be linked to factors such as the trend of humanizing pets, advancements in veterinary care, shifts in consumer behavior, economic growth, and regulatory alterations.

How fast Is the pet healthcare market expected to grow, and what’s its future value?

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What are the leading drivers of growth in the pet healthcare market?

A surge in pet ownership is anticipated to be a significant driver for the pet healthcare industry’s growth. This increase in pet ownership denotes a growing number of households choosing to include pets in their lives, a trend that signals a rise in individuals and families opting for animal companionship. This trend is fueled by the mental health benefits that pets offer, such as stress reduction and alleviation of loneliness, as well as evolving lifestyles that create opportunities for individuals to spend time nurturing pets. Pet healthcare is crucial in this scenario, contributing to the surge in pet ownership by ensuring that pets remain healthy and live longer through preventive care and education. By equipping new pet owners with the necessary knowledge, they are able to make informed decisions regarding their pets’ welfare. To substantiate this, findings from The World Animal Foundation in August 2024 highlighted that sixty-six percent of U.S. households, or 86.9 million homes, possess a pet. Dogs remain the preferred pet in the U.S., seen in 65.1 million homes, trailed by cats in 46.5 million homes, and freshwater fish in 11.1 million homes. The millennial demographic comprises the biggest segment of pet owners at 33%, succeeded by Gen X at 25% and baby boomers at 24%. In 2022, pet-related spending in the U.S. touched $136.8 billion, marking a close to 11% jump from 2021, when the expenditure stood at $123.6 billion. Consequently, the escalating pet ownership trend is powering the advancement of the pet healthcare industry.

What are the key segments defining the pet healthcare market?

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

Subsegments:

1) By Therapeutics: Vaccines, Anti-infective Drugs, Anti-inflammatory Drugs, Pain Management Medications, Parasiticides, Nutraceuticals

2) By Diagnostics: Laboratory Diagnostics, Imaging Diagnostics, Point-of-Care Testing, Genetic Testing, Microbiome Testing

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Who are the key players steering the development of the pet healthcare market?

Major companies operating in the pet healthcare market include Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited, Boehringer Ingelheim International GmbH, Colgate-Palmolive Company, Chewy Inc., Zoetis Inc., Petco Animal Supplies Inc., VCA Animal Hospitals Inc., Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Royal Canin, Ceva Santé 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.

What emerging trends are influencing the growth of the pet healthcare market?

Key companies in the pet healthcare market consist of Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited, Boehringer Ingelheim International GmbH, and Colgate-Palmolive Company, to name a few. Other notable mentions include Chewy Inc., Zoetis Inc., Petco Animal Supplies Inc., VCA Animal Hospitals Inc., Elanco Animal Health Incorporated, and IDEXX Laboratories Inc. Firms like Royal Canin, Ceva Santé Animale, Phibro Animal Health Corporation, Trupanion, Vetoquinol S.A., and Norbrook Laboratories Ltd., also have a significant presence in the sector. Additionally, 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., are other important players in the pet health industry.

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Which regions are most influential in expanding the pet healthcare market?

North America was the largest region in the pet healthcare market in 2024. 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.

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