In recent years, with the continuous expansion of the pet population and the increasing status of pets in the family, pet medicine and health issues have received more and more attention. The latest market research data shows that the global pet medicine market will exceed US$10 billion in 2024 and is expected to continue to maintain steady growth in the next few years. In China, the pet medicine market is also showing a booming trend, with an average annual growth rate of more than 20%.

Consumption upgrade and changes in disease spectrum are the main reasons

The improvement of pet owners' spending power and health awareness are the main driving forces for the development of the pet medicine market. More and more pet owners are willing to invest more money in their pets' health and purchase high-quality pet medicines and health products. At the same time, with the extension of pets' lifespan and changes in their living environment, the spectrum of pet diseases has also shown new characteristics. For example, the incidence of chronic diseases, obesity-related diseases and allergic diseases in elderly pets has increased, and the demand for related medicines and treatments has also increased accordingly.

The market segment has huge potential and innovative products emerge in an endless stream

At present, the pet medicine market covers multiple sub-sectors such as anthelmintics, vaccines, prescription drugs, over-the-counter drugs, and health products. Among them, innovative drugs and personalized treatment plans for specific diseases have become new growth points in the market. Some biopharmaceutical companies and pet medical institutions have increased their R&D investment and launched new drugs and treatments for pet tumors, arthritis, diabetes and other diseases. In addition, the pet health product market is also showing a diversified development trend, and products such as probiotics, vitamins, and nutritional supplements are favored by pet owners.

Industry supervision and regulation need to be strengthened

Although the pet medicine market has broad prospects, it also faces some challenges. For example, there are some fake and inferior pet medicines on the market, which damage the rights and interests of pet owners and the health of pets. At the same time, the regulatory system and industry standards of the pet medicine industry are still imperfect and need to be further strengthened. Industry insiders call for the establishment and improvement of the pet medicine approval system, quality supervision system and industry self-discipline mechanism as soon as possible to ensure the safety of pet medicines and promote the healthy development of the industry.

Looking ahead, with the continuous improvement of pet owners' health awareness and the advancement of science and technology, the pet medicine market will usher in a broader space for development. The development of innovative drugs, the promotion of personalized treatment plans and the improvement of industry supervision will jointly push the pet medicine industry to a new level.