North America Companion Animal Drugs Market to Grow With Increasing Adoption of Companion Animals 2028 | Zoetis Inc., Merck & Co., Bayer AG, Sanofi,

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.