"There are a number of reasons for this trend, but the overall numbers are large, reaching $39.8 billion in 2024. Some projections estimate that pet healthcare will swell to $112 billion by 2030. As a result, veterinary healthcare is a big growth segment of the overall US pet market which is estimated at $157 billion, and the global pet healthcare and products sector, which is on track to top $273 billion this year."
"Since the 1960s, the status of pets has steadily but inexorably increased from that of a convenient, but expendable temporary companion to an essentially equal family member. As such, spending on pets has exponentially increased in terms of food choices, amusements, and most significantly, in health care. The range of US pet medicines, surgical procedures, and treatments for allergies, disease, injury, and other ailments rivals that of humans in some emerging market nations."
Pet healthcare costs doubled over five years, totaling $39.8 billion in 2024 and projected to reach $112 billion by 2030. Veterinary healthcare represents a major growth segment within the $157 billion US pet market and the global pet healthcare and products sector nearing $273 billion. Pets have transitioned into family members since the 1960s, driving increased spending on food, entertainment, and especially health care. The United States offers extensive pet medicines, surgeries, and treatments that in some cases rival human care in emerging nations, and a pet medical insurance industry has emerged. Zoetis dominates veterinary medications, exports to roughly 100 markets, and reported $9.26 billion revenue and $2.5 billion net income in 2024, with its pet segment up 13%.
Read at 24/7 Wall St.
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