The Rapidly North America Companion Animal Drugs: Demographic Shifts Driving Increased Pet Ownership

Over the past decade, North America Companion Animal Drugs has seen significant changes in demographics that have contributed to rising pet ownership rates. As millennials have come of age and started families later in life compared to previous generations, many are opting to get a pet instead of or in addition to having children. According to the American Pet Products Association, 68% of U.S. households, or about 85 million families, owned a pet in 2020. This represents a substantial increase from 56% of households in 1988. A similar trend is occurring in Canada, where pet ownership rates have risen from 48% of households in 2006 to 53% in 2020.

With more single-person and smaller households owning pets, the companion animal has taken on greater importance as a source of unconditional love and support. The human-animal bond is stronger than ever, driving pet parents to spend more on caring for their furry family members. As a result of both demographic and societal factors, the North America Companion Animal Drugs has experienced significant growth and is projected to continue expanding in the coming years.

Increased Lifespans Lead to Greater Healthcare Needs

Advances in North America Companion Animal Drugs mean pets are living longer, which increases the likelihood that they will develop age-related health issues requiring medical treatment. For example, the average lifespan for dogs has risen from 11-13 years in the 1980s to 10-15 years today depending on breed. Likewise, cats now often live 15-20 years compared to 8-12 years several decades ago. With senior pets accounting for a larger portion of the companion animal population, demand is up for prescription medications to treat chronic conditions such as arthritis, diabetes, kidney disease, and hyperthyroidism.

In addition, obesity has reached epidemic levels in both dogs and cats due to overfeeding, lack of exercise, and calorie-dense commercial diets. Being overweight significantly increases the risk for joint problems, respiratory issues, and diabetes - all of which require long-term drug therapy for management. According to the Association for Pet Obesity Prevention, an estimated 60% of U.S. dogs and 56% of cats are currently overweight or obese. The obesity epidemic in companion animals parallels trends in the human population and translates into higher pharmaceutical sales.

Expanded Formulary Drives Prescription Drug Usage

Veterinary drug formularies continue to broaden with the introduction of new medications developed specifically for animal diseases and conditions. Whereas in the past, veterinarians may have had to prescribe canine or feline versions of human medications off-label, there are now many FDA-approved treatments available that were designed and tested for companion animals. This gives veterinarians more targeted therapeutic options and pet owners more confidence that the prescribed drugs are both safe and effective for their pet's individual situation.

One area that has seen the most growth is behavioral medication. Just a few decades ago, behavior issues in pets were often dealt with through training alone or as a last resort, euthanasia. Now common mental health drugs for humans such as Prozac have been repackaged for canine and feline anxiety disorders and obsessive-compulsive behaviors. New drugs have also hit the market for separation anxiety in dogs. These advancements mean behavior problems are more frequently managed through pharmacotherapy alone or in conjunction with behavioral modification techniques.

Online Pharmacies Shift Dynamics

The internet has drastically reshaped how companion animal medications reach consumers. Virtual veterinary pharmacies allow pet owners to order refills of chronic prescriptions conveniently online without having to travel to their vet's brick-and-mortar location each month. This has had enormous impacts on pharmaceutical sales and end-user behavior. Online pharmacies also provide an important access point for people in remote areas far from veterinary clinics.

Perhaps most notably, the internet pharmacy model has introduced price competition that has driven down prescription drug costs for pet owners. Sites undercut veterinary clinic prices for many commonly prescribed medications through their bulk purchasing power. While this benefits consumers' wallets in the short-term, there is debate around whether the lower profit margins threaten the sustainability of traditional veterinary practices that provide comprehensive physical exams and medical advice alongside dispensing medications. Nonetheless, online pharmacies now account for a significant portion of prescription drug volume in North America Companion Animal Drugs and their share continues growing.

Generic Drug Market Provides Budget-Friendly Options

The rise of generic companion animal drugs has paralleled trends in human medicine and brought more treatment affordability to pet owners. When name-brand drugs lose exclusivity, multiple generic manufacturers enter the market, driving prices down substantially through competition. Commonly prescribed medications for conditions like heart disease, diabetes, seizures, and infections are routinely available in lower-cost generic formulations today.

While barriers remain for some complex drugs, the genericvet medicines pipeline continues expanding. The FDA has taken steps to accelerate approval of generic animal drugs. Generic manufacturers have also received regulatory flexibility to demonstrate pharmaceutical equivalence through biowaiver applications rather than costly clinical field trials. With generics capturing a larger share of the total drug volume, average prescription costs have decreased greatly compared to a decade ago when few off-patent options existed. This enhances access to necessary medications for budget-constrained pet guardians.

Growth of Compounded Medications

In recent years, the use of compounded medications customized for individual animal patients has increased significantly in North America Companion Animal Drugs. Veterinary compounding pharmacies create capsules, gels, or creams by combining, mixing, or altering ingredients to fit a pet's unique needs in circumstances where FDA-approved treatments aren't available in the required dose, form, or flavoring/scent. Compounding allows customized solutions for issues like pets who can't swallow pills, require a medication mixed with food, have allergies, or need a specific strength that doesn't exist commercially.

Due to a lack of regulation oversight, some compounding facilities in the past decade were linked to harmful or fatal medication errors. In response, Congress passed the Drug Quality and Security Act of 2013 tightening FDA regulation of outsourcing facilities. With heightened standards in place, compounded medicines prescribed judiciously by veterinarians for patients with special circumstances have helped expand treatment options available to pets.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (https://www.linkedin.com/in/ravina-pandya-1a3984191)