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NORTH AMERICA COMPANION ANIMAL DRUGS MARKET ANALYSIS (2020-2027)

Read here the market research report on the u201cNorth America Companion Animal Drugs Marketu201d published by CMI team

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NORTH AMERICA COMPANION ANIMAL DRUGS MARKET ANALYSIS (2020-2027)

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. NORTH AMERICA COMPANION ANIMAL DRUGS MARKET ANALYSIS (2020-2027) • North America Companion Animal Drugs Market, By Product Type (Antibiotics, Anti-inflammatory, Parasiticides, Ecto-Parasiticides, Endo-Parasiticides, Heart worm Products, Behavioral Products, Nutritional Products, Skin care Products, Vaccines), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores), and By Region (U.S., Canada) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. A companion animal primarily refers to cats and dogs, which are domesticated and normally maintained in or near the household of the owner or person caring for them. Pet or companion animals do not refer to a farm animal, or grazing animals such as cattle and sheep.

  4. Statistics: North America companion animal drugs market is estimated to account for US$ 14,065.8 Mn in terms of value by the end of 2027.

  5. North America Companion Animal Drugs Market: Drivers • Increasing adoption of companion animals is expected to propel growth of North America companion animal drugs market over the forecast period. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5% in 2012. • Moreover, increasing geriatric population is also expected to boost is demand for companion animal drugs. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.   

  6. Statistics: • U.S. held dominant position in North America companion animal drugs market in 2019, accounting for 83.2% share in terms of value, followed by Canada respectively.

  7. Figure 1: North America Companion Animal Drugs Market Share (%) Value, By Region, 2019

  8. North America Companion Animal Drugs Market: Restraints • High cost of animal healthcare services and lack of pet insurance is expected to hinder growth of North America companion animal drugs market. For instance the companion animal healthcare expenses include annual surgical vet visits costs of US$ 474 for dogs, US$ 245 for cats, and US$ 45 for birds, sick vet visits costs (yearly average) of US$ 204 for dogs, US$ 244 for cats, and US$ 138 for birds, and emergency vet visits costs (yearly average) of US$ 349 for dogs, US$ 154 for cats, US$ 107 for birds, and US$ 471 for horses. • Moreover, lack of awareness of animal diseases is also expected to limit the demand for companion animal drugs. In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored.

  9. North America Companion Animal Drugs Market: Opportunities   • High prevalence of salmonella infection is expected to offer lucrative growth opportunities for players in North America companion animal drugs market. For instance, according to May 2019 report of the Centers of Disease Control and Prevention (CDC), salmonella infection (salmonellosis) causes approximately 1.2 million illnesses and 450 deaths annually, in the U.S. and in 2018, there were 18 reported outbreaks, 15 of which were linked to food. • Moreover, availability of online veterinary pharmacies is also expected to aid in growth of the market.

  10. Statistics: • North America companion animal drugs market was valued at US$ 10,384.2 Mn in 2019 and is forecast to reach a value of US$ 14,065.8 Mn by 2027 at a CAGR of 3.8% between 2020 and 2027.

  11. Figure 2: North America Companion Animal Drugs Market Value (US$ Mn), 2016 – 2027

  12. Market Trends/Key Takeaways • Increasing number of exotic animals is expected to propel growth of North America companion animal drugs market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the number of rabbits per 1,000 households in the U.S increased from 1,408 in 2012 to 1, 534 in 2017-2018. • Major players in North America companion animal drugs market are focused on launching new products to expand their product portfolio. For instance, in 2018, Dechra Veterinary Products, LLC launched new TAF Spray, a next generation antibiotic wound spray used for the treatment of wounds in animals.

  13. North America Companion Animal Drugs Market: Competitive Landscape • Major players operating in North America companion animal drugs market include, Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co., Sanofi (Merial), CevaSanté Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH.

  14. North America Companion Animal Drugs Market: Key Developments • Major players in North America companion animal drugs market are focused on approval and launch of new products to expand their product portfolio. For instance, in September 2019, Zoetis Inc. received marketing authorization for Simparica Trio (sarolaner/moxidectin/pyrantel) chewable tablets for the treatment of mixed external and internal parasitic infestations in dogs, from the European Commission. • Similarly, in January 2018, Elanco Animal Health, a division of Eli Lilly and Company, received approaval for its product, Credelio (lotilaner), a small chewable tablet for dogs, for protection against ticks and fleas.

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