North America Companion Animal Drugs Market to Grow With Increasing Adoption of Companion Animals
The North America companion animal drugs market is estimated to be valued at US$ 10848.0 Mn in 2020 and is expected to exhibit a CAGR of 3.8% during the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Companion animal drugs used to diagnose, mitigate, and treat different animal diseases. This includes drugs, additives, and vaccines that are used specifically in the diagnosis, treatment, and prevention of various animal infections. Companion animals are those animals who share our homes and lives. The category is often limited to cats and dogs, but may also include birds, horses, and other animals as well. Owners of companion animals consider them to be friends, family, and confidants. Most companies focus on one of several major categories, such as general-purpose drugs, specific purpose drugs, immune system boosters, and cancer drugs. In recent years, there has been an increase in the production of drugs that are used for diseases in which the animals have a wide range of natural immunity.
𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭: (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐚𝐛𝐥𝐞𝐬 & 𝐅𝐢𝐠𝐮𝐫𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭) @ https://www.coherentmarketinsights.com/insight/request-pdf/4117
Competitive Landscape:
Major players operating in the North America companion animal drugs market are Merck & Co., Inc., Zoetis Inc., Eli Lily & Co., Bayer AG, Sanofi (Merial), Virbac Animal Health, Ceva Santé Animal, and Boehringer Ingelheim GmbH, among others.
Key Market Drivers:
Increasing adoption of companion animals in this region, especially in the U.S., is expected to augment the growth of the North America companion animal drugs market during the forecast period. For instance, according to the National Pet Owners Survey (2021-2022), around 70% of all US households include a companion animal. Recent studies have linked pet ownership to lower blood pressure, reduced stress, less incidence of heart disease, and lower overall health care costs. Thus, it is only fair to keep them safe, healthy, and happy too.
Moreover, increasing demand for companion animal drugs in this region is expected to boost the growth of the North America companion animal drugs market. For instance, in July 2020, Boehringer Ingelheim launched two new products in their animal healthcare portfolio. The two products, NexGard and Broadline provide comprehensive parasite treatment for dogs and cats, respectively. According to Boehringer, new products will help pet owners and veterinarians to protect the health of our four-legged friends in a more consistent and convenient way.
𝐓𝐨 𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐋𝐚𝐭𝐞𝐬𝐭 𝐂𝐨𝐯𝐢𝐝𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 @ https://www.coherentmarketinsights.com/insight/request-sample/4117
COVID-19 Impact Analysis:
Since the beginning of 2020, many governments have enforced strict safety measures to contain the spread of the novel coronavirus (COVID-19), creating impediments for international trade and transportation. This in turn has disrupted the supply chain of the companion animal drugs market, temporarily causing a drop in demand for these products. Moreover, it is recommended that people with confirmed/suspected infection limit contact with animals and exercise caution while handling animals or pets. This in turn is expected to hinder growth of the market.
Key Takeaways:
- The North America companion animal drugs market is expected to exhibit a CAGR of 3.8% during the forecast period due to the increase in research and development activities. For instance, in February 2022, Merck Animal Health and Iowa State University teamed up to address complex needs and expedite delivery of animal health solutions to the marketplace for companion, equine, and livestock animals.
- Among regions, United States is expected to witness robust growth in the North America companion animal drugs market due to the increasing demand for companion animal drugs, increasing adoption of companion animals, rise in research and development, and frequent approvals and launches of novel products in the region. For instance, in February 2020, Zoetis announced that the Food and Drug Administration (FDA) has approved Simparica TrioTM, the first once-monthly, chewable tablet in the United States that delivers all-in-one protection from heartworm disease, ticks and fleas, roundworms, and hookworms.
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐚𝐧𝐝 𝐆𝐞𝐭 𝐅𝐥𝐚𝐭 𝐔𝐒𝐃 𝟐𝟎𝟎𝟎 𝐎𝐅𝐅
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐅𝐮𝐥𝐥 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 @ https://www.coherentmarketinsights.com/promo/buynow/4117
Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Distribution Channel
- Market Snippet, By Country
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Impact of COVID19 on market
- Market Dynamics
- North America Companion Animal Drugs Market, By Product Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Antibiotics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Anti-inflammatory
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Parasiticides
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Ecto-Parasiticides
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Endo-Parasiticides
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Heart worm Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Behavioral Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Nutritional Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Skin care Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Vaccines
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- North America Companion Animal Drugs Market, By Distribution Channel, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Veterinary Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Veterinary Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Pharmacies and Drug Stores
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
View Press Release: https://www.coherentmarketinsights.com/press-release/north-america-companion-animal-drugs-market-3375
About US:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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