The North America companion animal drugs market comprises drugs that are used for the diagnosis, prevention, and treatment of companion animal diseases. The drugs include vaccines, antibiotics, anti-inflammatory, parasiticides, and others. Growing companion animal ownership and increasing pet healthcare expenditure are fueling the demand for companion animal drugs in the region. The market offers various advantages such as better health monitoring of pets, prevention and treatment of pet diseases, and overall well-being of companion animals.
North America Companion Animal Drugs Market is estimated to be valued at US$ 13.17 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the North America companion animal drugs are Zoetis Inc., Merck Co., Inc., Bayer AG, Eli Lily Co, Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, Boehringer Ingelheim GmbH.
North America Companion Animal Drugs Market Demand According to the American Pet Products Association, 68% of US households, or about 85 million families, own a pet. The growing humanization of pets is compelling owners to spend more on advanced medical care and drugs.
The market players are focusing on regional expansion through acquisition and partnership strategies to leverage growth opportunities. For instance, in 2021, Zoetis acquired animal healthcare company Lystella to expand its offering of pain management and osteoarthritis solutions. The companies aim to strengthen their presence across North America through comprehensive drug portfolios and service offerings.
Market key Trends
Increasing demand for pet insurance is a key trend witnessed in the North America Companion Animal Drugs Market Size And Trends Pet owners are increasingly purchasing insurance covers for veterinary care, surgeries, and advanced medical treatments. The insurance minimizes out-of-pocket expenses and encourages responsible pet care. This drives demand for prescription and therapeutics drugs across the region.
Porter’s Analysis
Threat of new entrants: New entrants will find it difficult as high capital is required for R&D and established veterinary drugs manufacturers enjoy economies of scale.
Bargaining power of buyers: Buyers have low bargaining power as manufacturers have huge product portfolios and veterinarians act as advisors for animal healthcare needs.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials can be sourced from different suppliers but contract manufacturing is common in industry.
Threat of new substitutes: Threat is low as animal owners find drugs safer than alternatives and substitutes have limits in treating various diseases.
Competitive rivalry: Intense as top players compete on basis of innovation, quality and gaining more market share.
The US accounts for over 80% share of the North America companion animal drugs market in terms of value owing to high pet ownership and expenditure on animal healthcare. Canada is another major market driven by rising awareness about animal health.
Asia Pacific excluding Japan is projected to grow fastest during the forecast period supported by increasing pet adoption, growing urbanization and rising spending capacity of pet owners in China and India. Rising pet humanization trend and presence of key generic drug manufacturers also support market growth in the region.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it