Companion Animal Medicine Market 2034: Hospital Pharmacies at the Center of Care

The global companion animal medicine market was valued at USD 25.88 billion in 2025 and is projected to reach USD 66.96 billion by 2034, reflecting a CAGR of 11.22% from 2026 to 2034. Market expansion is supported by rapid progress in veterinary therapeutics, growing humanization of pets, rising pet-related spending, and evolving pet ownership trends worldwide. These factors continue to stimulate demand for advanced and specialized veterinary care.

Continuous innovation in veterinary pharmaceuticals has enabled the development of more precise and effective treatments for various animal health conditions. Novel therapies are improving clinical outcomes, reducing side effects, and strengthening the demand for next-generation veterinary medicines. Increasing product approvals, a rising focus on precision medicine, expanding adoption of pet insurance, and surging animal health expenditure are further accelerating industry growth. The emergence of regenerative medicine and growing demand for advanced treatment options are also shaping the future landscape of companion animal medicine.

Regulatory progress also plays a vital role in industry expansion. For example, a February 25, 2025 dvm360 report noted that the FDA may grant conditional approval for rapamycin by March 2025. This targeted therapy is being tested for its potential to reverse hypertrophic cardiomyopathy (HCM) in felines. Such advancements signal an ongoing shift toward more sophisticated therapeutics in veterinary care.

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Key Market Trends & Insights

• North America accounted for the largest revenue share of 35.79% in 2025.
• The U.S. represented the leading market within North America in 2025.
• By product, pharmaceuticals dominated with a 59.55% share in 2025.
• By animal type, the dog segment experienced strong growth in 2025.
• By indication, infectious diseases led the global companion animal medicine market in 2025.

Market Size & Forecast

• 2025 Market Size: USD 25.88 Billion
• 2034 Projected Market Size: USD 66.96 Billion
• CAGR (2026–2034): 11.22%
• Largest Market (2025): North America
• Fastest Growing Region: Asia Pacific

Key Companion Animal Medicine Company Insights

The competitive landscape is characterized by rising consolidation and strategic realignments among industry players. Companies are emphasizing mergers and acquisitions, collaborative partnerships, R&D, and new product introductions to strengthen market reach and enhance competitiveness. High R&D investments and strict regulatory requirements contribute to moderate entry barriers. Established players such as Zoetis and Merck maintain strong brand loyalty, making it challenging for new entrants unless they offer breakthrough innovations or target unmet clinical needs.

Strategic collaborations also support innovation. For instance, in April 2025, Virbac partnered with MabGenesis to license advanced therapeutic monoclonal antibodies aimed at developing novel treatments for canine diseases, strengthening its portfolio of technologically advanced solutions.

Key Companion Animal Medicine Companies

• 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.

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Conclusion

The global companion animal medicine market is set for strong, sustained growth as pet ownership surges and demand for advanced veterinary care accelerates. Innovations in pharmaceuticals, precision medicine, and regenerative therapies—combined with rising pet insurance adoption and higher spending on animal health—are shaping a more sophisticated and technology-driven industry. North America remains the dominant market, while Asia Pacific is emerging rapidly. With established players expanding through R&D and strategic partnerships, the industry is positioned for continued evolution and significant long-term expansion.