PUBLISHER: Grand View Research | PRODUCT CODE: 1908629
PUBLISHER: Grand View Research | PRODUCT CODE: 1908629
The global companion animal medicine market size was estimated at USD 25.88 billion in 2025 and is projected to reach USD 66.96 billion by 2034, growing at a CAGR of 11.22% from 2026 to 2034. The market is primarily driven by factors like rapid advancements in companion animal medicine, increasing humanization of pets & expenditure on pets, supportive initiatives, and changing pet demographics globally.
Advancements in veterinary medicines have led to the development of more effective and targeted treatments for various animal diseases and health conditions. New drugs and therapies offer improved efficacy, reduced adverse effects, and better animal outcomes, driving demand for innovative veterinary medications.
Increasing product approvals, rising focus on precision medicine, increasing uptake of pet insurance, growing animal health expenditure, the emergence of regenerative medicine techniques, and increasing demand for advanced animal care are expected to drive advancements in veterinary medicine in the near future. For instance, according to a dvm360 article from February 25, 2025, the FDA might provide conditional approval by March 2025 for a targeted drug known as rapamycin, which is currently under clinical trials for testing its efficacy in reversing hypertrophic cardiomyopathy (HCM) in felines.
Similarly, in March and April 2025, the US FDA approved two new veterinary drugs for cats and ornamental pet fish. In March 2025, the U.S. (FDA) granted conditional approval for Felycin-CA1 (sirolimus delayed-release tablets), the first approved treatment for cats suffering from subclinical hypertrophic cardiomyopathy (HCM). The product, manufactured by TriviumVet, an Ireland-based company, aims to manage cat ventricular hypertrophy without suppressing the immune system.
Such advancements highlight a shift toward more precise, effective, and safer pet treatment options. As veterinary science evolves, developing targeted therapies and novel drug delivery systems will enhance disease management and overall animal well-being. This growing focus on innovation, supported by increasing pet health awareness, rising veterinary care expenditures, and broader adoption of pet insurance, is driving demand for advanced veterinary solutions. These factors are expected to accelerate the sector's growth and reshape the future of companion animal medicine.
Global Companion Animal Medicine Market Report Segmentation
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2021 to 2034. For the purpose of this report, Grand View Research has segmented the global companion animal medicine market report on the basis of product, application, distribution channel, and region: