The North America companion animal drugs market comprises drugs that are intended for veterinary use in domestic pets like dogs, cats, and horses among others. Companion animal drugs help in disease prevention and treatment of various conditions in pets such as parasitic infections, pain, and inflammation among others. Growing occurrences of zoonotic diseases and increasing pet adoption are major factors driving the demand for companion animal drugs in the region.
The market offers a wide range of products including anti-infectives, parasiticides, vaccines, anti-inflammatory drugs, and others. These drugs are available in various dosage forms like tablets, capsules, powders, and liquids for convenient consumption by pets. Rising awareness about animal health and increased spending on pet care are contributing to the growth of the North America companion animal drugs market.
North America Companion Animal Drugs Market is estimated to be valued at US$ 13.17 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the North America companion animal drugs are Zoetis Inc., Merck Co., Inc., Bayer AG, Eli Lily Co, Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, Boehringer Ingelheim GmbH. Zoetis Inc. is one of the leading players in the market and offers wide range of parasite control products and vaccines.
The North America Companion Animal Drugs Market Demand As per the American Pet Products Association, around 90 million cats and 79.7 million dogs were kept as pets in the US in 2021 showcasing high pet ownership.
Technological advancements in drug delivery systems are helping increase compliance and bioavailability of companion animal drugs. Players are focusing on developing novel drug delivery forms like chewable tablets, gel caps, and transdermal patches for pets.
Market Trends
Increasing Focus on Preventive Healthcare
Companion animal owners are increasingly focusing on preventive healthcare for their pets to ensure long and healthy lives. This has led to higher demand for vaccines and parasite control products in the region. Vaccines help prevent the occurrence of lethal viral and bacterial diseases in pets.
Customization of Drugs
Companies are focusing on developing drugs customized for specific age groups, body weight, and health conditions of pets. For example, developing senior-friendly drugs for older cats and dogs with lower dosage and multi-dose packaging. Such customization aids compliance and cater to life-stage needs of pets.
Market Opportunities
Growing Demand for Therapeutics
With increased spending North America Companion Animal Drugs Market Size And Trends capacities, pet owners in the region are open to using therapeutic drugs for chronic conditions in pets like arthritis, allergy, and seizures offering opportunities for drug makers.
Targeted Delivery Systems
There is scope for development of novel targeted drug delivery systems like transmucosal films and gels for pain relief, vaccination, and other treatments in pets improving acceptability and compliance.
Impact of COVID-19 on North America Companion Animal Drugs Market
The COVID-19 pandemic has significantly impacted the North America companion animal drugs market. During the initial lockdown phases, veterinary clinics remained closed leading to fewer prescription refills and disrupted supply chains. This resulted in reduced demand and sales for companion animal drugs in 2020. However, with more people adopting pets during the pandemic for company, the overall companion animal population increased.
As lockdowns eased, veterinary facilities resumed operations with safety protocols. While telehealth consultations saw increased adoption, in-person visits also picked up steadily. Drug manufacturers faced initial difficulties in production and distribution due to supply chain issues. However, most were able to resolve the challenges by the end of 2020. The resumption of veterinary care coupled with growing pet ownership has helped drive market recovery in 2021. Going forward, continued expansion of pet health insurance and wellness programs are expected to further aid market growth in the region in the coming years.
The United States accounts for the major share of the North America companion animal drugs market in terms of value. High per capita pet spending, easy availability of pet drugs and veterinary care services. Growth is also concentrated in populous states such as California, New York, and Texas. Meanwhile, Canada has emerged as the fastest growing regional market. Rising pet adoption, increasing veterinary infrastructure and surging per capita drug spending are fueling strong gains. Favorable regulatory environment for new drug approvals also supports market expansion in Canada. Growing acceptance of pets
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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