The North America Companion Animal Health Care Market was worth $ 4.84 Billion in 2016 and estimated to reach $ 6.53 Billion by the end of 2021 with a growing potential of 6.18 %.
Companion animals serves man by giving companionship and guarding their houses or offices. Several type of diseases in animals and their transfer to humans by their product consumption and companionship are growing the market. The companies are focusing more on their research and technical advancement to produce better pharmaceutical and vaccine products for their existing and newly diagnosed diseases. Companion Animal healthcare market has seen some of the important mergers and acquisitions to attain expertise in developing new active pharmaceutical ingredients /drugs. The market has high potential for branded generic drugs and has most of the blockbuster drugs are now off-patent. Greater investment in R&D to develop drugs would fetch companion animal healthcare companies’ lucrative profits in the coming 15-20 years.
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North America Companion Animal health care market is mainly driven by incidence of zoonotic and food borne diseases will be a potential concern to the health of pet animals, Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition. The restraints that will hinder the growth of the market are restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs.
Based on product type, the market is segmented into Feed additives, Pharmaceuticals, and vaccines. The feed additives segment is further segmented into Nutritional feed additives and Medicinal feed additives. Nutritional feed additives are given to animals for ensuring their growth. Nutritional feed additives include Proteins, minerals, amino acids, and vitamins. On the other hand, medicinal feed additives target particular types of diseases in companion animals. Medicinal feed additives include enzymes, probiotics, hormones, immune modulators, prebiotics, and feed acidifiers. Pharmaceutical products in the Companion animal healthcare market include ectoparasiticides, endectocides, antibiotics, anti-inflammatories, and medicines for curing reproductive problems. Based on Geography, the North America Companion Animal Health care market is analysed under various regions namely United States, Canada. North America accounts to the largest share in the market due to growing expenditure on pet nutrition and health care.
Major players in North America Companion Animal Health Care market are Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA
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