by Companion animal drugs refer to medicines used for treatment and prevention of diseases in companion animals. This includes drugs for treatment of pain, inflammation, dermatologicals, parasites, Gastrointestinal, and other therapeutic areas. Growing awareness about animal health and rising per capita expenditure on animal care have been supporting the demand for these drugs. Companion animals play an important emotional and social role for many families across the region.
North America companion animal drugs market is expected 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 major players are focusing on new product launches and mergers & acquisitions to gain a competitive edge in the market.
North America Companion Animal Drugs Market Demand pet ownership, growing emphasis on pet health by owners, and increasing consumer willingness to spend on animal healthcare. Technological advancements are further supporting product innovation.
Geographically, the US dominates the North America companion animal drugs market owing to high pet adoption rates and rising pet care expenditure in the country. However, other regions such as Canada are also witnessing growth due to increasing pet population and improving access to veterinary services. Players are expanding their presence across the region in order to tap the market potential.
Market drivers
A primary driver boosting the North North America Companion Animal Drugs Market Size And Trends is increasing pet ownership in the region. According to recent statistics, over 70 million households own a companion pet in the US alone. This has led to growing demand for pet healthcare products and services. Another major factor is rising consumer spending on animal health. Pet owners are increasingly willing to spend more on diagnostic tests, medicines, and vaccines for their animals. As awareness about animal wellness grows, demand for drugs will continue rising in the foreseeable future.
PEST Analysis
Political: The pet healthcare industry is regulated by the FDA in the US and Health Canada in Canada. Regulations around drug safety and approval processes affect the operating environment for companies in this market.
Economic: The overall economic growth and increased disposable income levels in North America have positively impacted pet ownership and spending on companion animal healthcare over the past decade. Fluctuations in economic conditions could impact consumption levels.
Social: The humanization of pets trend has increased the view of companion animals as family members in societies across North America. This has raised expectations around quality of care and led to higher spending on pet nutrition, healthcare, and insurance.
Technological: Advancements in drug research and development have enabled the launch of new therapeutics focused on specific diseases and conditions in pets. Digitization and e-commerce have also expanded access to care providers and medication. Telehealth solutions for pets saw increased investment during the pandemic.
North America is currently the largest regional market for companion animal drugs in terms of value. The US accounts for the major share due to factors like higher pet ownership rates and growing per capita expenditures on pet healthcare.
The Mexico companion animal drugs market is expected to witness the fastest growth over the forecast period supported by increasing pet adoption, rising disposable incomes, and enhancing veterinary infrastructure in the country. Pet care product manufacturers are also diversifying their distribution networks across Mexico to tap rising demand from pet owners.
*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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
