North America Companion Animal Drugs Market, By Product Type (Antibiotics, Anti-inflammatory, Parasiticides, Ecto-Parasiticides, Endo-Parasiticides, Heart worm Products, Behavioral Products, Nutritional Products, Skin care Products, Vaccines), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores)- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The North America companion animal drugs market size was exhibited at USD 12.16 billion in 2022 and is projected to hit around USD 17.83 billion by 2032, growing at a CAGR of 3.9% during the forecast period 2023 to 2032.

Key Pointers:

• U.S. held dominant position in North America companion animal drugs market in 2022, accounting for 90.2% share in terms of value, followed by Canada respectively.
• Ecto-Parasiticides segment held the major market share in 2022 owing increasing prevalence of parasitic infection among companion animals is expected to propel growth of the North America Companion Animal Drugs market over the forecast period.
• U.S. market is expected to generate the highest revenue during the forecast period.

Report Scope of the North America companion animal drugs Market

A companion animal primarily refers to cats and dogs, which are domesticated and normally maintained in or near the household of the owner or person caring for them. Pet or companion animals do not refer to a farm animal, or grazing animals such as cattle and sheep.

Increasing adoption of companion animals is expected to propel growth of North America companion animal drugs market over the forecast period. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5% in 2012.

Moreover, increasing geriatric population is also expected to boost is demand for companion animal drugs. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.   U.S. held dominant position in North America companion animal drugs market in 2022, accounting for 90.2% share in terms of value, followed by Canada respectively.

High cost of animal healthcare services and lack of pet insurance is expected to hinder growth of North America companion animal drugs market. For instance the companion animal healthcare expenses include annual surgical vet visits costs of US$ 474 for dogs, US$ 245 for cats, and US$ 45 for birds, sick vet visits costs (yearly average) of US$ 204 for dogs, US$ 244 for cats, and US$ 138 for birds, and emergency vet visits costs (yearly average) of US$ 349 for dogs, US$ 154 for cats, US$ 107 for birds, and US$ 471 for horses.

Moreover, lack of awareness of animal diseases is also expected to limit the demand for companion animal drugs. In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored.

High prevalence of salmonella infection is expected to offer lucrative growth opportunities for players in North America companion animal drugs market. For instance, according to May 2019 report of the Centers of Disease Control and Prevention (CDC), salmonella infection (salmonellosis) causes approximately 1.2 million illnesses and 450 deaths annually, in the U.S. and in 2018, there were 18 reported outbreaks, 15 of which were linked to food.Moreover, availability of online veterinary pharmacies is also expected to aid in growth of the market.

Increasing number of exotic animals is expected to propel growth of North America companion animal drugs market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the number of rabbits per 1,000 households in the U.S increased from 1,408 in 2012 to 1, 534 in 2017-2018.

Major players in North America companion animal drugs market are focused on launching new products to expand their product portfolio. For instance, in 2018, Dechra Veterinary Products, LLC launched new TAF Spray, a next generation antibiotic wound spray used for the treatment of wounds in animals.

North America companion animal drugs Market Segmentation