The Transparency Market Research (TMR) report titled “U.S. Pet Medication Market – U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2023” deals with the recent trends and future opportunities in the market.
The major companies offering pet medication in the U.S. are Novartis Animal Health, Boehringer Ingelheim Vetmedica, Bayer Animal Health, Ceva Sante Animale, Merck Animal Health, Elanco, Zoetis, and Merial, among many others. Regional analysis of the pet medication market covers Asia Pacific, Latin America, North America, Western Europe, the Middle East and Africa, and Eastern Europe. These are sub-segmented into countries such as India, Japan, Australia, China, ASEAN, New Zealand, North and South Africa, GCC, Russia, France, Poland, Belgium, Luxembourg, Germany, Canada, the U.S., the Netherlands, Italy, Spain, the U.K., Nordic countries, Peru, Mexico, Brazil, and Chile.
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Segmentation of the pet medication market in the U.S. has also been done in accordance with the type of medication, type of pet, and type of disease. Categories under types of pets are fish care medications, feline care medications, bird care medications, canine care medications, and others. Of these, canine care medications formed the leading segment, followed by feline care medications. This is because the U.S. owns the largest number of both pet dogs and cats in the world.
Based on the type of disease, the pet medication market in the U.S. is segmented into behavioral health, pain treatment, parasite prevention and control (ticks and fleas), heart related problems, diabetes, ear care, allergies, and wounds. Under this segment, parasite prevention and control will account for the dominant share between 2016 and 2023.
Steroids, opioid pain relievers, sedatives, non-steroidal anti-inflammatories, antibiotics, anti-parasitics, chemotherapeutics, and behavior-modifying drugs are the key segments according to medication type. While the most rapidly growing sub-segment is projected to be chemotherapeutics during the forecast period, the leading share was held by antiparasitic drugs. The rising incidence of cancer among pets is the reason behind the significant demand for chemotherapeutics. While leukemia is seen as the most common form of cancer among cats, mammary gland cancer and lymphoma are found to be most common in dogs.
The key drivers in the market for pet medication in the U.S. are an increase in pet ownerships, rising occurrence of new diseases among animals, the availability of pet insurance, the introduction of new drugs, and a high demand for animal protein. Rising competition among players and strict regulatory policies pertaining to pet ownership are two of the key challenges faced by vendors in this market.
Significant developments in the pet medication market, the traditional and upcoming segments in the market, forecasts and recommendations, the supply-demand ratio, technological advancements, market size, and micro- and macro-economic indicators are some of the crucial factors discussed in the report.
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