by Companion animal drugs include veterinary pharmaceuticals used for the treatment and prevention of diseases in companion animals such as dogs, cats, and horses. These drugs are used across veterinary indications such as pain management, dermatology, vaccines, and others. Growing pet humanization, rising incidence of animal diseases, and increasing pet adoption are some of the key factors driving the adoption of companion animal drugs in the region. The rising demand for pet health and wellness is also propelling market growth.
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. These players are focusing on new product launches, mergers & acquisitions, and expansion strategies to increase their market share.
The North America Companion Animal Drugs Market Demand Increasing disposable incomes and rising demand for puppies and kittens are allowing pet owners to spend more on animal health. Growing animal health awareness through social media campaigns by key players is further fueling market growth.
Technological advancements in drug delivery methods and formulations are supporting the growth of the market. Companies are developing novel drugs with minimum dosing frequency to improve patient compliance. The development of monoclonal antibody therapies and stem cell therapeutics offers treatment possibilities for a wide range of diseases.
Market Drivers
Growth in pet insurance uptake: The increasing awareness about pet health insurance among pet owners is driving the adoption of companion animal drugs. Pet insurance helps cover medical bills and drives prescription fills. This acts as a key growth driver for the market.
Current Challenges in North America Companion Animal Drugs Market
The North America Companion Animal Drugs Market Size And Trends is facing few challenges currently including rising health concerns regarding antibiotic usage in companion animals, shortage of veterinarians, and rising pet care costs. The indiscriminate use of antibiotics in companion animals is promoting antimicrobial resistance which is becoming a serious public health issue. The demand is rising for alternatives to antibiotics for minor ailments in pets. At the same time, the number of veterinarians is not increasing in proportion to the growing pet population. With most veterinary practices already running at full capacity, it is becoming difficult for pet owners to access timely veterinary care for their animals. Furthermore, the overall cost of pet care including veterinary bills, insurance, and other ancillary expenses has been surging which is reducing pet ownership in lower income households.
SWOT Analysis
Strength: Strong bond between pet owners and their companion animals in North America is driving greater investment in pet healthcare. Rapid growth of banfield pet hospital, emergency pet clinics are making veterinary care highly accessible.
Weakness: Heavy reliance on antibiotics and lack of focus on preventive healthcare in the past has led to issues like antimicrobial resistance. Shortage of veterinarians is also a challenge.
Opportunity: Rising awareness about pet wellness and preventive care is opening up opportunities for alternative therapies and nutrition-based solutions. Growing popularity of pet insurance is further boosting the drugs market.
Threats: Strict regulations regarding antibiotic usage can impact revenue streams of drug makers. Economic uncertainties during the pandemic have also threatened the ability of some pet owners to afford premium healthcare.
Geographical Regions
The United States accounts for the major share in the North America companion animal drugs market both in terms of value and volume. This is attributable to factors like growing pet ownership, increasing pet healthcare expenditure, widespread availability of veterinary facilities etc. As per recent industry estimates, over 90% of the regional market revenues are concentrated in the US market currently.
Fastest Growing Region
Canada is emerging as the fastest growing country in the North America companion animal drugs market backed by rising living standards, growing acceptance of pets amid urban population, and increased pet healthcare awareness through educational campaigns. The Canadian companion animal drugs market is projected to expand at a CAGR of over 5% during the forecast period of 2024-2031.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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. LinkedIn Profile
