Companion Animal Medicine Market To Reach $66.96 Billion By 2034

Companion Animal Medicine Market Growth & Trends

The global companion animal medicine market size is expected to reach USD 66.96 billion by 2034 and is expected to expand at 11.22% CAGR from 2026 to 2034, according to a new report by Grand View Research, Inc. The key factors driving the growth of the market for companion animal medicine include the rising pet population, the increased prevalence of diseases, and the availability of pet insurance.

In Canada for example, more than half of the country’s households (around 60% of households) owned at least one dog or cat in 2022, according to the Canadian Animal Health Institute (CAHI). The country’s dog population increased from 7.7 million in 2020 to 7.9 million in 2022, whereas the cat population increased from 8.1 million in 2020 to 8.5 million in 2022. CAHI also reported a surge in feline vet visits following the start of the COVID-19 outbreak in 2020.

The COVID-19 pandemic notably affected the market for companion animal medicine. The impact included dampened sales, supply chain challenges, operational hurdles, falling inpatient visits, and reduced demand. Elanco for instance reported a 20% decline in revenue during Q2 2020. The company’s companion animal segment, in particular, was adversely impacted by the fall in brands in international markets and those administered in the clinic e.g. vaccines.

The company reported a recovery in sales during H2 2020. Vetoquinol on the other hand reported an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to vet clinics and hospitals due to lockdown protocols. Boehringer Ingelheim too registered increased sales in the companion animal segment.

With the rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet guardians are becoming increasingly aware of their pet’s health, treatment, and well-being. This has increased the adoption of pet insurance to reduce the financial risks for them. Petplan- the largest pet insurance provider in the U.K. offers insurance policies for various species including dogs, cats, horses, small mammals, birds, reptiles, rabbits, and multi-pet owners. These policies provide coverage for physical and online consultations, prescription medicine, diagnostic tests, surgery, dental injury, cancer treatment, and more.

The rising prevalence of diseases in pets is another key driver expected to contribute to market growth. Parasitic infections from internal and external parasites for example, commonly affect pets. Antibiotics and topical therapies are often prescribed in the case of pyoderma. However, further testing and routine bathing with medicated shampoos may be prescribed in case of chronic or recurring pyoderma. For example, Viv Silky Shampoo by Vivaldis is indicated for various fungal and bacterial infections including superficial and deep pyoderma.

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Companion Animal Medicine Market Report Highlights

• The pharmaceuticals segment held the largest market share of 59.55% in 2025. The pharmaceuticals segment for companion animals includes various products to treat multiple health conditions.

• The dog segment within the companion animal medicine industry is experiencing robust growth, driven by widespread pet ownership, increasing veterinary healthcare spending, and the growing availability of medicines designed for canine conditions.

• The infectious diseases segment dominated the global companion animal medicine in 2025, driven by the growing burden of transmissible diseases and heightened focus on preventive care.

• The hospital pharmacy segment dominated the market by distribution channel in 2025. The factors contributing to the large share include higher patient footfalls at hospitals and the convenience of buying the necessary medications as soon as the pet is diagnosed.

• North America region dominated the market in 2025 and registered the largest revenue share of over 36.04%. This is due to the region’s high per capita animal healthcare spending and a large number of pet owners 

Companion Animal Medicine Market Segmentation

Grand View Research has segmented the global companion animal medicine market on the basis of product, animal, indication, distribution channel and region:

Companion Animal Medicine Product Outlook (Revenue, USD Million, 2021 - 2034)

• Biologics

  • Vaccines

    • Modified/ Attenuated Live

    • Inactivated (Killed)

    • Other Vaccines

  • Other Biologics

    • Monoclonal Antibody (mAb)

      • Dogs

      • Cats

    • Other Biologics (excluding mAb)

• Pharmaceuticals

  • Parasiticides

  • Anti-infectives

  • Anti-inflammatory

  • Analgesics

  • Other Pharmaceuticals

• Medicated Feed Additives

Companion Animal Medicine Animal Outlook (Revenue, USD Million, 2021 - 2034)

• Dogs

• Cats

• Horses

• Other Animals

Companion Animal Medicine Indication Outlook (Revenue, USD Million, 2021 - 2034)

• Infectious Diseases

• Dermatologic Diseases

• Pain

• Orthopedic Diseases

• Behavioral Diseases

• Other Indications

Companion Animal Medicine Distribution Channel Outlook (Revenue, USD Million, 2021 - 2034)

• Retail

• E-commerce

• Hospitals/Clinics

Companion Animal Medicine Regional Outlook (Revenue, USD Million, 2021 - 2034)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in Companion Animal Medicine Market

• Merck & Co., Inc.

• Ceva

• Vetoquinol

• Zoetis

• Boehringer Ingelheim International GmbH

• Elanco Animal Health Incorporated

• Ourofino Animal Health

• Virbac

• Phibro Animal Health Corporation

• Dechra Pharmaceuticals Plc

• Bimeda Inc.