Companion Animal Drugs Market, by Product
Type, Animal Type, Distribution Channel -
Global Industry Insights, Trends, Outlook, and
Opportunity Analysis, 2018-2026
Companion animals are domesticated animals which are kept primarily for person’s companionship
and enjoyment rather than as a livestock, working animal or laboratory animal. Companion animal
include dog, cat, fish, bird, horse, rabbit, hamster, guinea pig, and ferret. According to the National
Pet Owners Survey in 2017, conducted by American Pet Products Association (APPA), around 68%
of the household owns a companion animal or pet in U.S. Companion animal drug include
veterinary and over-the-counter drugs, supplements, nutraceuticals, vaccines, antibiotics and
parasiticides, which are used in the treatment of disease associated with digestive system,
immunological system, reproductive system, respiratory, and urinary system.
According to the report published by Federal Trade Commission (FTC), in 2015, U.S. spent around
US$ 58 billion in 2014 on their companion animals, which include food, veterinary care,
prescription, and OTC medications, and other pet services and products. Moreover, U.S. companion
animal drugs market is significantly growing in both prescription and non-prescription based
medications. Growing rate of companion animal ownership, progressive rate in pet health
insurance, and longer life expectancy of companion animals due to the advances in animal health
medication, expected to drive the growth of companion animal drugs market in the near future.
According to the North American Pet Health Insurance Association (NAPHIA), in 2015, there is an
increase of US$ 774 million in overall gross written premium (GWP), accounting to 17.2 percent
growth in GWP. In 2015, around 1.6 million pets got secured with health insurance, increasing to
12% from 2014 to 2015.