Companion animals are used for company, amusement, psychological support, extrovert display and all of the other functions that humans need to share with animals of other species. Dogs, cats, pleasure horses, birds, mice, guinea pigs, and more exotic species kept by humans are considered companion animals.
North America companion animal drugs market is estimated to account for US$ 10848.0 Mn in terms of value by the end of 2020.
North America Companion Animal Drugs Market: Drivers
Increasing outbreak of zoonotic diseases is expected to propel growth of North America companion animal drugs market over the forecast period. For instance, according to the Center for Disease Control and Prevention, the U.S. witnessed outbreaks of Salmonella Typhimurium in pet turtles in 2020. In 2019, the country also witnessed outbreak of Salmonella Oranienburg infections in pet turtles and campylobacter infections in pet store puppies.
North America Companion Animal Drugs Market: Opportunities
Increasing veterinary expenditure is expected to offer lucrative growth opportunities for players in North America companion animal drugs market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the veterinary expenditure per animal in the U.S. was US$ 227 in 2012, which increased to US$ 253 in 2017-2018.
North America Companion Animal Drugs Market: Restraints
High annual cost of owning a companion animal is expected to hinder growth of North America companion animal drugs market. For instance, according to The American Society for the Prevention of Cruelty to Animals, the annual cost of owning a dog averages as much as US$ 1,843.
North America companion animal drugs market was valued at US$ 10,384.2 Mn in 2019 and is forecast to reach a value of US$ 14,065.8 Mn by 2027 at a CAGR of 3.8% between 2020 and 2027. The growth of the market is attributed to increasing prevalence of infectious diseases in companion animals along with increasing animal healthcare expenditure.
Ecto-Parasiticides segment held dominant position in North America companion animal drugs market in 2019, accounting for 71.1% share in terms of value, followed by Parasiticides and Endo-Parasiticides, respectively. The growth of the segment is attributed to increasing adoption of companion animals along with new product launch during the forecasted period.
Major players in North America companion animal drugs market are focused on approval and launch of new products to expand their product portfolio. For instance, in August 2018, Merial (Boehringer Ingelheim GmbH), received approval from the U.S Food and Drug Administration (FDA) to expand the label claims for NexGard (afoxolaner). NexGard can now be used to prevent Borrelia burgdorferi infections and Lyme disease in dogs.
Increasing funding and support for eradication of animal diseases is expected to propel growth of North America companion animal drugs market. For instance, under the Regulation (EU) No 652/2014, the European Union offered a budget of around US$ 2 billion for 2014-2020, 65% of which is allocated to implement animal health measures.
North America Companion Animal Drugs Market: Competitive Landscape
Major players operating in 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.
North America Companion Animal Drugs Market: Key Developments
Major players in North America companion animal drugs market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2019, Elanco Animal Health entered into a definitive agreement to acquire Bayer Animal Health for US$ 7.6 billion, including US$ 5.3 billion to be paid in cash and US$ 2.3 billion in equity.
Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.
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