[2021] North America Companion Animal Drugs Market Growth to register a CAGR of 3.8% to reach US$ 14,065.8 Million by 2027, Says Coherent Market Insights

SEATTLE, April 29, 2021, (PHARMIWEB) — North America Companion Animal Drugs Market

Overview:

Dogs and cats are often referred to as companion animals, as they are tamed and kept in or near the owner’s or caregiver’s home. Companion animal include ferret, guinea pig, hamster, rabbit, horse, bird, fish, cat, and dog. Companion animal drug include parasiticides, antibiotics, vaccines, nutraceuticals, supplements, veterinary drugs, and over-the-counter drugs. These drugs are widely used to treat disease associated with urinary system, respiratory system, immunological system, reproductive system, and digestive system.

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By the end of 2027, the North American companion animal drugs market is expected to reach US$ 14,065.8 million.

Drivers:

Growing adoption of companion animals is expected to augment the North America companion animal drugs market growth during the forecast period. According to the American Veterinary Medical Foundation’s (AVMF’) U.S. Pet Ownership & Demographics Sourcebook, in 2017-2018, around 38.4% of household in the U.S. owned dogs compared to 36.5% in 2012.

Furthermore, growing geriatric population is expected to propel the North America companion animal drugs market growth. According to the United States Census Bureau, by 2034, the geriatric population in the United States is expected to reach 77 million.

Opportunities:

Increasing prevalence of salmonella infection and the availability of online veterinary pharmacies is expected to create significant growth opportunities for players active in the market. According to the Centers of Disease Control and Prevention (CDC), each year, salmonellosis (salmonella) is responsible for around 1.2 million illnesses, 23,000 hospitalizations, and 450 deaths in the U.S.

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Restraints:

Lack of awareness among people about animal diseases, lack of pet insurance, and the high cost of animal healthcare services is expected to impede the North America companion animal drugs market growth over the forecast period.

Market Taxonomy:

By Product Type:

• Vaccines
• Antibiotics,
• Parasiticides
• Anti-inflammatory
• Ecto-Parasiticides
• Heart worm Products
• Endo-Parasiticides
• Behavioral Products
• Skin care Products
• Nutritional Products

By Distribution Channel:

• Veterinary Clinics
• Drug Stores Pharmacies
• Veterinary Hospitals

By Region:

• The United States
• Canada

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Competitive Section:

Key players operating in the North America companion animal drugs market are Boehringer Ingelheim GmbH., Bayer AG, Zoetis Inc., Eli Lily & Co., Ceva Santé Animal, Sanofi (Merial), Virbac Animal Health, and Merck & Co., Inc.

In September 2019, Zoetis Inc. announced that the European Commission has granted marketing authorisation for Simparica Trio (pyrantel/moxidectin/sarolaner) chewable tablets, a once-monthly triple combination antiparasitic medication for dogs with, or at risk from, mixed external and internal parasitic infestations.

In January 2018, Elanco Animal Health announced the approval of Credelio (lotilaner), a new monthly oral tick and flea treatment that is easy on dogs, but tough on ticks and fleas.

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

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