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Pet Healthcare Market Report 2024 - 2033 | Insights, Analysis, Key Drivers
Pet Healthcare Market
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According to The Business Research Company's, The pet healthcare market size has grown strongly in recent years. It will grow from $239.29 billion in 2023 to $255.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to pet humanization trend, veterinary advancements, changing consumer lifestyles, economic prosperity, regulatory changes.
The pet healthcare market size is expected to see strong growth in the next few years. It will grow to $353.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing aging pet population, rise in pet adoption, focus on preventive care, economic trends, advancements in veterinary science. Major trends in the forecast period include pharmaceutical innovations for pet health, personalized pet healthcare plans, e-commerce growth in pet medications, increased focus on mental health, preventive dental care for pets.
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Market Drivers and Trends:
The rising prevalence of animal diseases is expected to propel the growth of the pet healthcare market forward. Animal diseases are diseases that mostly affect animals and impair their healthy state. Some of the diseases can be fatal for the animals, hence, they need proper treatment. Pet healthcare can be very useful for preventing diseases and treating ongoing infections. For instance, in 2021, according to the 2021 Pet Health Trends Report published by BluePearl Pet Hospital, a US-based pet hospital, 850,000 pets were treated in the hospital in 2021, accounting for 1.29 million pet visits. This is a 2.3% increase as compared to 2020. As a result, the increasing prevalence of animal infections is driving the pet healthcare market forward.
Technological advancements are a key trend gaining popularity in the pet healthcare market. Major companies operating in the pet healthcare market are introducing innovative digital platforms to sustain their position in the market. For instance, in October 2023, Cargill Incorporated, a US-based company, launched a pet health-focused digital platform called Zoonivet, which is designed to provide convenient and accessible veterinary care to pets through e-consultations. The platform aims to simplify pet healthcare by connecting pet parents with qualified veterinarians remotely via video for their pet's primary healthcare needs.
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Major Key Players of the Market:
Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited, Sanofi SA, Boehringer Ingelheim International GmbH, General Mills Inc., Colgate-Palmolive Company, Chewy Inc., Zoetis Inc., Petco Animal Supplies Inc., VCA Animal Hospitals Inc., Perrigo Company plc, 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.
Pet Healthcare Market 2024 Key Insights:
• The pet healthcare market size is expected to see strong growth in the next few years. It will grow to $353.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Surging Prevalence Of Animal Diseases Propels Growth In Pet Healthcare Market
• Pet Healthcare Market Embraces Technological Advancements With Digital Platform
• North America was the largest region in the pet healthcare market in 2023
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