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North America Companion Animal Drugs Market Share Is Anticipated to touch US$ 14,065.8 Million By 2027 | Coherent Market Insights

December 7th, 2020 Coherent Market Insights Releases

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.

Statistics:

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.

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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.

Key Takeaways:

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.

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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.

Market Trends

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.

View Press Release For More Information @ https://www.coherentmarketinsights.com/press-release/north-america-companion-animal-drugs-market-3375

Segmentation

Scope of the report

  • 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
    • Vaccines
  • North America Companion Animal Drugs Market, By Distribution Channel:
    • Veterinary Hospitals
    • Veterinary Clinics
    • Pharmacies and Drug Stores
  • North America Companion Animal Drugs Market, By Region:
    • U.S.
      • By Product Type:
        • Antibiotics
        • Anti-inflammatory
        • Parasiticides
        • Ecto-Parasiticides
        • Endo-Parasiticides
        • Heart worm Products
        • Behavioral Products
        • Nutritional Products
        • Skin care Products
        • Vaccines
      • By Distribution Channel
        • Veterinary Hospitals
        • Veterinary Clinics
        • Pharmacies and Drug Stores
    • Canada
      • By Product Type:
        • Antibiotics
        • Anti-inflammatory
        • Parasiticides
        • Ecto-Parasiticides
        • Endo-Parasiticides
        • Heart worm Products
        • Behavioral Products
        • Nutritional Products
        • Skin care Products
        • Vaccines
      • By Distribution Channel
        • Veterinary Hospitals
        • Veterinary Clinics
        • Pharmacies and Drug Stores
About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

To know more about us, please visit our website – www.coherentmarketinsights.com

Contact:

Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

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