NORTH AMERICA COMPANION ANIMAL DRUGS MARKET ANALYSIS (2020-2027)

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NORTH AMERICA COMPANION ANIMAL DRUGS MARKET
ANALYSIS (2020-2027)

• 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), and By Region (U.S.,
  Canada) - Size, Share, Outlook, and Opportunity
  Analysis, 2020 - 2027

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• 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.

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• Statistics
• North America companion animal drugs market is
  estimated to account for US 14,065.8 Mn in terms
  of value by the end of 2027.

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• North America Companion Animal Drugs Market
  Drivers
• 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.   

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• Statistics
• U.S. held dominant position in North America
  companion animal drugs market in 2019, accounting
  for 83.2 share in terms of value, followed by
  Canada respectively.

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• Figure 1 North America Companion Animal Drugs
  Market Share () Value, By Region, 2019

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• North America Companion Animal Drugs Market
  Restraints
• 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.

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• North America Companion Animal Drugs Market
  Opportunities  
• 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.

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• Statistics
• North America companion animal drugs market was
  valued at US 10,384.2 Mn in 2019 and is forecast
  to reach a value of US 14,065.8 Mn by 2027 at a
  CAGR of 3.8 between 2020 and 2027.

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• Figure 2 North America Companion Animal Drugs
  Market Value (US Mn), 2016 2027

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• Market Trends/Key Takeaways 
• 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.

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• North America Companion Animal Drugs Market
  Competitive Landscape
• Major players operating in North America
  companion animal drugs market include, Zoetis
  Inc., Merck Co., Inc., Bayer AG, Eli Lily
  Co., Sanofi (Merial), Ceva Santé Animal, Virbac
  Animal Health, and Boehringer Ingelheim GmbH.

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• North America Companion Animal Drugs Market Key
  Developments
• Major players in North America companion animal
  drugs market are focused on approval and launch
  of new products to expand their product
  portfolio. For instance, in September 2019,
  Zoetis Inc. received marketing authorization for
  Simparica Trio (sarolaner/moxidectin/pyrantel)
  chewable tablets for the treatment of mixed
  external and internal parasitic infestations in
  dogs, from the European Commission.
• Similarly, in January 2018, Elanco Animal Health,
  a division of Eli Lilly and Company, received
  approaval for its product, Credelio (lotilaner),
  a small chewable tablet for dogs, for protection
  against ticks and fleas.

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