Chicago, April 2, 2024 /PRNewswire/ — The U.S. pet medicine market is growing at a CAGR of 5.20% from 2023 to 2029, according to Arizton's latest focused research report.
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Arizton’s U.S. Pet Pharmaceutical Market Focused Research Report
Scope of the US Pet Pharmaceutical Market Report
|
Report attributes |
detail |
|
Market size (2029) |
$17.9 billion |
|
Market size (2023) |
$13.21 billion |
|
CAGR (2023-2029) |
5.20% |
|
historic year |
2020-2022 |
|
base year |
2023 |
|
Forecast year |
2024-2029 |
The U.S. pet pharmaceutical market is driven by the trend toward humanization of pets and the resulting commercialization of a wide range of pet care products, as well as a growing interest in safe food and a parallel focus on raising healthy livestock. It is predicted that the number will increase due to the current location. The increase in disposable income among pet owners is associated with middle-income groups, and the trend toward nuclear families is a key factor for the growth of the pet care market in the coming years. Increasing pet adoption and high demand for pet products are the major factors driving the US pet pharmaceutical market.
The growth of the pet medicines market is also influenced by the increasing level of awareness and education regarding the benefits of pet medicines. Veterinarians and pet organizations have been active in awareness campaigns and education efforts to inform pet owners about the benefits of providing medication and insurance coverage for their pets. These efforts have dispelled misconceptions and myths about pet insurance and deepened understanding among pet owners. As a result, more and more people are recognizing that pet medications can protect their pet's health and give them the peace of mind that their insurance company will cover unexpected medical costs. Continued efforts to educate the public about the value of pet insurance will drive the market forward, as informed pet owners are more likely to invest in insurance that protects their pet's health while providing financial security. contributes greatly to the growth of Several large companies are focusing on strategic acquisitions, licensing, and partnership agreements with emerging companies to enter the U.S. pet pharmaceutical market and access commercially launched products. For example, in 2023, Elanco Animal Health, Inc. announced that the U.S. Food and Drug Administration (FDA) has approved valendin-CA1 ( announced the approval of moridastat (oral suspension). ).
Over-the-counter medications are the fastest growing segment of the U.S. pet drug market
The over-the-counter (OTC) pharmaceutical sector is $8.51 billion By the end of the forecast period, an impressive absolute growth rate of 39.19%; $2.4 billion throughout the forecast period. This surge is primarily driven by pet owners' growing awareness of the importance of pet health care, leading them to seek accessible and effective health care solutions for their beloved companions.
There is a clear trend emerging in favor of herbal topicals to combat common pet ailments such as fleas and allergies. This shift toward herbs and natural remedies resonates with broader consumer trends toward organic and sustainable products. Natural OTC medicines that incorporate natural ingredients are appealing to pet owners seeking safer, better-for-you alternatives for their pets, and align seamlessly with general consumer preferences for natural and organic products. , further increasing the demand for natural pet OTC medicines.
The flea and tick control segment holds the largest share in the OTC pet medicine market due to the increasing incidence of parasitic infections in pets during the forecast period. Additionally, the convenience and accessibility offered by online retailers acts as an important catalyst for pet owners, promoting the purchase of over-the-counter pet medicines through e-commerce platforms compared to traditional brick-and-mortar stores. save time and effort. Additionally, consumers can purchase OTC pet medications, primarily flea and tick control products, from veterinarians and retailers without the need for a prescription.
About the report:
The study considers the detailed scenario of the current US Pet Pharmaceuticals market and the US market dynamics from 2024 to 2029 and provides a thorough overview of several market growth drivers, restraints, and trends. Covered. This report provides both demand and supply aspects of the market. Key companies and other prominent players operating in the market are profiled and studied.
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Segmentation and prediction
- medicine
- Prescription drugs
- Over-the-counter drugs
- product
- anthelmintic drug
- Antibiotics
- antibacterial agent
- animal
- dog
- Cat
- bird
- others
- distribution
- Veterinary hospitals and clinics
- e-commerce
- offline retail store
vendor list
- Major vendors
- boehringer ingelheim
- Ceva
- Elanco Animal Health
- Merck
- Zoetis
- Bayer AG
- Novartis
- Other notable vendors
- Decla
- Darbe
- END BACK ANIMAL HEALTH
- Kyoritsu Pharmaceutical Co., Ltd.
- Hube Pharma
- jaguar animal health
- norbrook
- parnell
- Sera
- Sparhawk Research Institute
- idex
- billback
- carrier
- Vetoquinol
- american regent animal health
- Covetrus
- Krka
- Heska
- continue
- Zymox
- drug pharma
- pet iq
- Bimeda
- Kindred Bioscience
- front line
- Pet Health Solutions (PHS)
- Neogen Co., Ltd.
- Orion Pharma Animal Health
- Xenex Animal Health
- chanel pharma
- HIPRA Animal Health
- Biogenesis Bago
table of contents
Chapter 1: Pet Pharmaceutical Market Overview
- executive summary
- Main findings
Chapter 2: Pet Pharmaceutical Market
- United States: Pet Pharmaceuticals Market Forecast Revenue (2020-2029; $ Billion)
Chapter 3: Pet Pharmaceutical Market Segmentation Data
- United States: Forecast revenue by drug (2020-2029; $ billion)
- Prescription drugs
- Over-the-counter drugs
- US: Estimated revenue by distribution (2020-2029; $ billion)
- Veterinary hospitals and clinics
- e-commerce
- offline retail store
- United States: Projected Revenue by Animal (2020-2029; $Billions)
- dog
- Cat
- bird
- others
- United States: Forecast Revenue by Product (2020-2029; $Billions)
- anthelmintic drug
- Antibiotics
- antibacterial agent
Chapter 4: Pet Pharmaceuticals Market Outlook and Opportunities
- Pet Pharmaceutical Market Opportunities and Trends
- Driving factors of the pet pharmaceutical market
- Constraints in the pet drug market
Chapter 5: Pet Pharmaceutical Industry Overview
- Pet Pharmaceutical Market – Competitive Environment
- Pet Pharmaceutical Market – Key Vendor Profiles
- Pet Pharmaceuticals Market – Other Prominent Vendors
- Pet Pharmaceutical Market – Key Strategic Recommendations
Chapter 6: Appendix
- research method
- Abbreviation
- About Ariston
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