Dublin, April 12, 2024 (GLOBE NEWSWIRE) -- The "U.S. Pet Medication Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The U.S. Pet Medication Market was valued at USD 13.21 billion in 2023, and is projected to reach USD 17.90 billion by 2029, showcasing a CAGR of 5.19%.
The U.S. pet medication market report contains exclusive data on 39 vendors. The competition in the U.S. pet medication market is intense, with several global players offering diverse products. Currently, Ceva, Zoetis, Boehringer Ingelheim, Merck, Elanco, Bayer AG, and Novartis are the leading vendors in pet medication production and distribution in the U.S.
The growing awareness about pet parasitism is pivotal in the market's expansion. Pet owners proactively seek information about parasite risks and are keen on preventing infestations. The shift toward preventive care aligns with the broad trend of pet humanization, where pets are regarded as cherished family members deserving of the best care.
Increasing Pet Ownership and Pet Owners
The continuous rise in pet ownership drives the U.S. pet medication market. There has been a notable increase in households worldwide and the U.S. that include pets as part of the family. This trend can be attributed to various factors, including urbanization, changing lifestyles, and an increasing understanding of the emotional benefits of having pets. As more people choose to bring pets into their lives, the demand for pet medication grows. Pet owners seek to provide the best care for their furry companions, and insurance protects their pets' health while managing potential financial burdens associated with unexpected medical expenses.
Increasing Medical Treatment of Companion Animals
Companion animals consist of dogs and cats that are integrated into the family and considered part of the family. These companion animals can act as carriers of diseases that infect humans. Diseases transmitted between animals and humans are known as zoonoses, mainly spread through vectors such as flies, ticks, and mosquitoes. Therefore, the care and concern of pet owners regarding the health and well-being of companion animals are increasing. Routine testing of companion animals during clinical visits is critical to control and prevent the spread of such diseases.
U.S. PET MEDICATION MARKET INSIGHTS
- The U.S. pet medication market is projected to increase, driven by the pet humanization trend and the ensuing commercialization of a broad range of pet care products coupled with the growing focus on safe food and a parallel emphasis shed on raising healthy livestock. The rising throwaway income of pet owners pertains to the middle-income group, and the growing trend of nuclear families is the major key factor for the growth of the pet care market in the coming years. The increase in the adoption of pets and the high demand for pet products are the major factors driving the U.S. pet medication market.
- The prescription medications segment occupies a significant market share of over 53% in the U.S. pet medication market. The segment is growing due to pet owners needing to visit their veterinarian for their pet's annual exam to renew their prescriptions. It is observed that many pet owners may prefer the convenience of purchasing their pet medications or other health products at the time of a veterinarian visit.
- The antimicrobials segment is growing significantly, with the fastest-growing CAGR of 6.87% during the forecast period. The segmental growth is mainly due to the rising prevalence of inflammation and pain-causing diseases in domesticated animals. The convenient availability of pain management products and devices, including opioids, nonsteroidal anti-inflammatory drugs (NSAIDs), laser devices, and local anesthetics, is providing a thrust to the market growth.
- The dog animal segment is growing prominently in the U.S. market, with the highest CAGR during the forecast period. The rise in the number of dog owners and high spending on dogs' care, coupled with a high adoption rate of dogs for companionship and security purposes, is the primary reason for the growth of this segment and is also expected to further boost the demand for pet medications across the U.S.
- The veterinary hospitals & clinics distribution segment dominated the U.S. pet medication market share. This growing pet culture has caused a significant surge in demand for veterinary hospitals & clinics in the U.S. Pets require treatment not only in the short term, but they also need medical attention for vaccination, neutering, and other veterinary care.
KEY QUESTIONS ANSWERED
- How big is the U.S. pet medication market?
- What is the growth rate of the U.S. pet medication market?
- What are the key drivers of the U.S. pet medication market?
- Who are the major players in the U.S. pet medication market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $13.21 Billion |
| Forecasted Market Value (USD) by 2029 | $17.9 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | United States |
VENDOR LANDSCAPE
Key Vendors
- Boehringer Ingelheim
- Ceva
- Elanco Animal Health
- Merck
- Zoetis
- Bayer AG
- Novartis
Other Prominent Vendors
- Dechra
- Durvet
- Endovac Animal Health
- Kyoritsu Seiyaku Corporation
- Huvepharma
- Jaguar Animal Health
- Norbrook
- Parnell
- Sera
- Sparhawk Laboratories
- IDEXX
- Virbac
- Calier
- Vetoquinol
- American Regent Animal Health
- Covetrus
- Krka
- Heska
- Sequent
- Zymox
- Drag Pharma
- PetIQ
- Bimeda
- Kindred Biosciences
- Frontline
- Pet Health Solutions (PHS)
- Neogen Corporation
- Orion Pharma Animal Health
- Zenex Animal Health
- Chanelle Pharma
- HIPRA Animal Health
- Biogenesis Bago
SEGMENTATION & FORECAST
By Medication
- Prescription Medications
- Over-The-Counter Medications
By Product
- Antiparasitics
- Antibiotics
- Antimicrobials
By Animal
- Dogs
- Cats
- Birds
- Others
By Distribution
- Veterinary Hospitals & Clinics
- E-Commerce
- Offline Retail Stores
For more information about this report visit https://www.researchandmarkets.com/r/dyreim
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