CHICAGO, April 2, 2024 /PRNewswire/ -- According to Arizton's latest focus research report, the US pet medication market is growing at a CAGR of 5.20% during 2023-2029.
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The U.S. Pet Medication Market?Report Scope????
Report Attributes????? | Details?????? |
Market Size (2029)????? | USD 17.90 Billion?? |
Market Size (2023)????? | USD 13.21 Billion?? |
CAGR (2023-2029)????? | 5.20 % |
Historic Year???? | 2020-2022 |
Base Year???? | 2023 |
Forecast Year????? | 2024-2029????? |
The US pet medication market is projected to increase, driven by the pet humanization trend and the ensuing commercialization of a broad range of pet care products coupled with the growing focus on safe food and a parallel emphasis shed on raising healthy livestock. The rising throwaway income of pet owners pertains to the middle-income group, and the growing trend of nuclear families is the major key factor for the growth of the pet care market in the coming years. The increase in the adoption of pets and the high demand for pet products are the major factors driving the US pet medication market.
The growth of the pet medication market is also influenced by a heightened level of awareness and education regarding the benefits of pet medication. Veterinary and pet organizations have been proactive in creating awareness campaigns and educational initiatives to inform pet owners about the advantages of having medication & insurance coverage for their pets. These efforts have successfully dispelled misconceptions and myths surrounding pet insurance, improving pet owners' understanding. As a result, more individuals realize that pet medication protects their pets' health and provides peace of mind by ensuring that the insurance providers cover unexpected medical expenses. The ongoing efforts to educate the public about the value of pet insurance contribute significantly to the market growth, as informed pet owners are more likely to invest in policies that safeguard their pets' well-being while offering financial security. Several major players focus on strategic acquisitions, licensing, and collaboration agreements with emerging players to enter the US pet medication market and access commercially launched products. For instance, in 2023, Elanco Animal Health Incorporated announced that the US Food and Drug Administration (FDA) approved Varenzin-CA1 (molidustat oral suspension) as the first and only treatment to control non-regenerative anaemia in cats with chronic kidney disease (CKD).
Over-the-Counter Medications the Fastest Growing Segment in the US Pet Medication Market
The over-the-counter (OTC) medications segment is poised to reach a substantial revenue of $8.51 billion by the conclusion of the forecasting period, marking it as the fastest-growing sector with an impressive absolute growth rate of 39.19% and an incremental growth of $2.40 billion throughout the forecast duration. This surge is primarily propelled by a heightened awareness among pet owners regarding the significance of pet healthcare, prompting them to seek accessible and effective healthcare solutions for their cherished companions.
A discernible trend has emerged in favor of herbal topical medications for addressing common pet ailments such as fleas and allergies. This shift towards herbal and natural remedies resonates with a broader consumer inclination towards organic and sustainable products. Natural OTC medications, often incorporating natural ingredients, appeal to pet owners seeking safer and gentler alternatives for their pets, aligning seamlessly with the prevailing consumer preference for natural and organic products and further fueling the demand for natural pet OTC medications.
The flea and tick control segment represents the largest share of the OTC pet medication market, driven by the increasing incidences of parasitic infections in pets during the forecast period. Moreover, the convenience and accessibility offered by online retailers serve as a significant catalyst for pet owners, facilitating the purchase of OTC pet medications through e-commerce platforms, which saves time and effort compared to traditional physical stores. Additionally, consumers can procure OTC pet medications, predominantly flea and tick control products, from veterinarians or retail outlets without needing a prescription.
About the Report:
The study considers a detailed scenario of the present U.S. pet medication market and its market dynamics for 2024-2029 in the U.S. It covers a thorough overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent players operating in the market.
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Segmentation & Forecast
- Medication
- Prescription Medications
- Over-The-Counter Medications
- Product
- Antiparasitics
- Antibiotics
- Antimicrobials
- Animal
- Dogs
- Cats
- Birds
- Others
- Distribution
- Veterinary Hospitals & Clinics
- E-Commerce
- Offline Retail Stores
Vendors List
- Key Vendors
- Boehringer Ingelheim
- Ceva
- Elanco Animal Health
- Merck
- Zoetis
- Bayer AG
- Novartis
- Other Prominent Vendors
- Dechra
- Durvet
- Endovac Animal Health
- Kyoritsu Seiyaku Corporation
- Huvepharma
- Jaguar Animal Health
- Norbrook
- Parnell
- Sera
- Sparhawk Laboratories
- IDEXX
- Virbac
- Calier
- Vetoquinol
- American Regent Animal Health
- Covetrus
- Krka
- Heska
- Sequent
- Zymox
- Drag Pharma
- PetIQ
- Bimeda
- Kindred Biosciences
- Frontline
- Pet Health Solutions (PHS)
- Neogen Corporation
- Orion Pharma Animal Health
- Zenex Animal Health
- Chanelle Pharma
- HIPRA Animal Health
- Biogenesis Bago
Table of Contents
CHAPTER - 1: Pet Medication Market Overview
- Executive Summary
- Key Findings
CHAPTER - 2: Pet Medication Market
- US: Projected Revenue of Pet Medication Market (2020-2029; $Billions)
CHAPTER - 3: Pet Medication Market Segmentation Data
- US: Projected Revenue by Medication (2020-2029; $Billions)
- Prescription Medications
- Over-The-Counter Medications
- US: Projected Revenue by Distribution (2020-2029; $Billions)
- Veterinary Hospitals & Clinics
- E-Commerce
- Offline Retail Stores
- US: Projected Revenue by Animal (2020-2029; $Billions)
- Dogs
- Cats
- Birds
- Others
- US: Projected Revenue by Product (2020-2029; $Billions)
- Antiparasitics
- Antibiotics
- Antimicrobials
CHAPTER - 4: Pet Medication Market Prospects & Opportunities
- Pet Medication Market Opportunities & Trends
- Pet Medication Market Drivers
- Pet Medication Market Constraints
CHAPTER - 5: Pet Medication Industry Overview
- Pet Medication Market - Competitive Landscape
- Pet Medication Market - Key Vendor Profiles
- Pet Medication Market - Other Prominent Vendors
- Pet Medication Market - Key Strategic Recommendations
CHAPTER - 6: Appendix
- Research Methodology
- Abbreviations
- About Arizton
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