Pet Medication is a branch of medicine that deals with the prevention, diagnosis and treatment of disease, disorder and injury in pet animals. The U.S. pet medication market is majorly driven by changing socio economic and cultural factors that have led to domestic pets being regarded as member of family. This in turn increases pet owner’s spending from innovative and specialized premium product and grooming expenses to medication drugs. Moreover, with the increasing trend of nuclear family and increasing disposable income the ownership of pets among middle class family is growing exponentially. The increasing number of pet owners and their growing concern towards pets, in turn is also expected to boost the U.S. pet medication market. However, the rising incident of pet allergy and increasing prices of pet medications products acts as restraining factor for the growth of pet care market. In addition, strict government regulations regarding pet ownership also hinders the growth of U.S. pet care market.
The United States federal agency regulates the manufacturing and distribution of drugs and medications that are prescribed the veterinary animals. Veterinary prescription drugs are labeled for use only by or on the order of a licensed veterinarian. All veterinary prescription drugs must be properly labeled when dispensed. A complete label should include all the information set forth under the section on Basic Information for Records, Prescriptions, and Labels.
The U.S. pet market has been segmented on the basis of pet type, type of medication and type of disease. On the basis of pet type the market is categorized into canine care medications, feline care medications, fish care medications, bird care medications and others pets. The canine care medication segment held the largest share in the U.S. pet medication market and is anticipated to experience a constant growth during the focus period. The rise in the number of canine owners and high spending on canine care, coupled with high adoption rate of canines for companionship and for security purpose is expected to further boost the demand for medications for canine care. The canine care medication market is followed by feline care medication market. On the basis of type of disease, the market can be segmented into parasite prevention and control (flea, tick, heartworm, etc.), cancer, pain management, behavioral health, diabetes, heart health, ear care and allergies. The parasite prevention and control segment held the largest share during the forecast period. Parasite attacks and itching problems is the most common problem of the pet animals. Merial’s Frontline Plus and Nexgard are the market leaders for the parasite and control drug. On the type of medication, the U.S. pet medication market can be segmented into antibiotics, non-steroidal anti-inflammatories, opioid pain relievers, steroids, antiparasitics, behavior-modifying drugs and sedatives and chemotherapeutics. The antiparasitic drugs held the largest share in this segment. These products are intended to prevent, repel or kill internal or external parasites such as intestinal worms, intestinal protozoans (Giardia, etc.), heartworms, fleas and ticks. Chemotherapeutics is anticipated to be the fastest growing segment in the U.S. pet medication market during the forecast period of 2015-2023.
Some of the major companies participating in the U.S. pet medications market include Bayer Animal Health, Boehringer Ingelheim Vetmedica, Ceva Sante Animale, Novartis Animal Health, Elanco, Merial, Merck Animal Health, Zoetis and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.