Coherent Market Insights

North America Companion Animal Drugs Market To Surpass US$ 16.2 Bn By 2030

North America Companion Animal Drugs Market To Surpass US$ 16.2 Bn By 2030 - Coherent Market Insights

Publish On: Aug 03, 2023

North America Companion Animal Drugs Market, By Product Type (Antibiotics, Anti-inflammatory, Parasiticides, Ecto-Parasiticides, Endo-Parasiticides, Heart worm Products, Behavioral Products, Nutritional Products, Skin care Products, and Vaccines),By Distribution channels (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores), and By country  ( U.S., Canada) is estimated to be valued at US$ 12.1 Billion in 2023 and is expected to exhibit a CAGR of 4.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

The increasing government approvals by key market players is expected to drive the North America companion animal drugs market growth over the forecast period. For instance, on June 13, 2023, Zoetis Inc., an animal health company, announced that the U.S. Food and Drug Administration (FDA) approved Apoquel Chewable (oclacitinib chewable tablet) for the control of pruritus associated with allergic dermatitis and control of atopic dermatitis in dogs at least 12 months of age. Apoquel Chewable, the first and only chewable treatment for the control of allergic itch and inflammation in dogs in the U.S. is expected to have comparable efficacy to original Apoquel (oclacitinib tablet) after the first dose, with a formulation that may enhance medication compliance and therefore improve outcomes for dogs. Pruritus is the most common sign of allergies in dogs, and atopic dermatitis (environmental allergies) affects up to 15% of the dog population. Itching caused by allergic skin disease can be an acute, short-term condition or can be recurrent, seasonal or chronic, impacting the quality of life for both the dog and owner.

North America Companion Animal Drugs Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.

COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.

COVID-19 had negative impact on the North America companion animal drugs market. For instance, according to an article published by the National Center for Biotechnology Information, on April 07, 2020, animal coronaviruses represented excellent host models for development of SARS-CoV-2 vaccines, which could require much more time than initially anticipated. The majority of vaccines licensed for the veterinary market have been developed for coronaviruses causing enteric infections, such as BCoV and the swine coronaviruses transmissible gastroenteritis virus of swine (TGEV) and Porcine epidemic diarrhea virus. These vaccines are intended for parenteral use in pregnant cows/sows or oral use in sows (TGEV, PEDV) to transfer maternal immunity to their offspring and protect them in the first weeks of life, when they are more susceptible to severe of disease. These vaccines take advantage of different technologies, since BCoV/TGEV vaccines are inactivated or modified-live virus (MLV) formulations that are produced according to traditional protocols.

North America Companion Animal Drugs Market: Key Developments

Increasing research & development of animal drugs is expected to drive the North America companion animal drug market growth.

For instance, on July 11, 2023 The U.S. Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS), released national research from its first year of studies and sampling of white-tailed deer (Odocoileus virginianus) for active infection of SARS-CoV-2, the virus that causes COVID-19. These studies show that SARS-CoV-2 is likely to have spread widely within the U.S. white-tailed deer population. Additionally, research shows that SARS-CoV-2 was transmitted from humans to deer, mutated, and was potentially transmitted back to humans. This research is helped understand if cervids, such as white-tailed deer, are acting as a host or “reservoir species,” meaning an animal host where the virus can survive and potentially change. While experts are still learning about SARS-CoV-2 in animals, there is no evidence that animals play a significant role in spreading the virus to humans.

Browse 30 Market Data Tables and 35 Figures spread through 190 Pages and in-depth TOC on North America Companion Animal Drugs Market, By Product Type (Antibiotics, Anti-inflammatory, Parasiticides, Ecto-Parasiticides, Endo-Parasiticides, Heart worm Products, Behavioral Products, Nutritional Products, Skin care Products, and Vaccines),By Distribution channels (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores ) and By country  ( U.S., Canada)

To know the latest trends and insights prevalent in this market, click the link below:

Key Takeaways of the North America Companion Animal Drugs Market:

  • North America companion animal drugs market is expected to exhibit a CAGR of 4.3% during the forecast period due to increasing new techniques. For instance, on January 05, 2023 an article published by the U.S. Food and Drug Administration stated animal drug compounding is the process of combining, mixing, or altering ingredients to create a medication tailored to the needs of an individual animal or a small group of animals, and these drugs can play a critical role in veterinary medicine. Compounded animal drugs are typically made by pharmacists or veterinarians. The Federal Food, Drug, and Cosmetic Act (FD&C Act) permits compounding of animal drugs when the source of the active ingredient is a finished FDA-approved drug, and not a bulk drug substance. A “bulk drug substance” is a substance used to make a drug that becomes an active ingredient in the finished dosage form of the drug.
  • Among product type, antibiotics segment is expected to dominate the North America companion animal drugs market over the forecast period, owing to increasing government approvals. For instance, on May 05, 2023, Zoetis Inc., an animal health company, announced that the U.S. Food and Drug Administration (FDA) has approved Librela (bedinvetmab injection) for the control of pain associated with osteoarthritis (OA) in dogs. Librela is the first and only once-monthly, anti-NGF monoclonal antibody treatment for canine OA pain and is approved as safe and effective in providing long-term control of OA pain symptoms in dogs, which can improve their mobility and overall quality of life.
  • Major players operating in the North America companion animal drugs market include Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co, Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH.

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