Key growth drivers include:

The ongoing humanization of pets, with increased spending on advanced care like life‑extending medications and wellness plans.

Rapid technological adoption in AI‑based point‑of‑care diagnostics, enhancing speed and accuracy.

The rise of telehealth and e‑commerce platforms, enabling easy access to veterinary services and medications.

Market Segmentation

By Product Type (2024 data):

Therapeutics hold the largest share at ~42.8%, driven by vaccines, parasiticides, and monoclonal antibodies.

Diagnostics are the fastest‑growing segment, with an anticipated 12.6% CAGR through 2030

By Animal Type:

Dogs dominate with 46.8% of the market, supported by robust preventive care.

Cats are the fastest‑growing segment, projected to post an 11.2% CAGR due to rising interest in feline‑specific treatments

By Distribution Channel:

Veterinary clinics/hospitals account for about 54.8% of revenue.

Online / e‑commerce channels are set to expand at a 10.7% CAGR

Regional Insights

North America leads the market with 42.3% of global revenue in 2024.

Asia‑Pacific is the fastest‑growing region, expected to grow at 10.3% CAGR, fuelled by rising pet ownership and income.

Industry Trends & Innovations

Pet humanization is transforming care—from extended-lifespan therapies to monthly wellness budgets (~USD 260/month per pet)

Pet insurance is surging, with U.S. premiums at USD 4.5 billion (2024), expanding access to high-value treatments

Monoclonal antibodies (e.g., Solensia, Librela, Felycin‑CA1) are gaining traction in chronic pain and disease management

Digital transformation: Combined platforms offering teleconsultations, pharmacy delivery, and digital wellness plans are reshaping care models.

Competitive Landscape

Leading players include:

Zoetis, Boehringer Ingelheim, Elanco, Virbac, Merck Animal Health (MSD), along with IDEXX, Ceva, Phibro, Mars Veterinary Health (Banfield & VCA), and others.

These firms are investing in R&D and digital ecosystems to integrate therapeutics, diagnostics, and service delivery. Notably, Zoetis reported USD 2.2 billion in Q1 2025 companion animal revenue and opened a new diagnostic lab in Louisville, KY

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Market Outlook & Strategic Insights

Diagnostics are poised for accelerated growth due to AI-enhanced POC tools improving clinical workflow.

Cat‑specific care is gaining momentum, with targeted therapies like Felycin‑CA1 and anxiety medications reflecting rising feline focus

Omnichannel delivery models—blending clinics with e‑commerce—are increasing adherence and convenience.

Emerging regions like Latin America and MEA offer long‑term expansion potential, propelled by urbanization and pet adoption growth.

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