The Veterinary Pharmaceuticals Market Is The Largest In The USA
13 Mar, 2020
The USA was the largest county in the veterinary pharmaceuticals market in 2019, worth around $14,525 million. It accounted for 43% of the total share and is expected to grow to $21,938 million in 2023 at a compound annual growth rate (CAGR) of nearly 11%. The market is supported by the high rate of pet ownership, high animal healthcare expenditure, high animal production, and high prevalence of animal diseases in the country. As of 2017, about 54.6% of the USA’s households owned pets. In 2017, the USA’s pet owners spent $69.5 billion on pets, an average of $126.19 every month. Dog ownership in the USA accounts for 0.25% per capita, i.e. one dog for four Americans.
Pet ownership in the USA has tripled over the past few years. According to statistics provided by PetSecure, an Australian pet insurance company, Americans spend over $50 billion per annum on their pets and more than half of Americans have a dog or a cat as a pet in their home. About 9 in 10 Americans consider their pet as a part of their family and pet ownership in the USA has more than tripled in the past 30 years. More than half of pet owners in the USA admit to talking to their pets and about 555,000 households in the USA have a snake as a pet.
In the USA, veterinary visits per household per year for dogs, cats, birds, and horse healthcare services were 2.4, 1.3, 0.3 and 1.6, respectively. Veterinary expenditure for a dog is around $253 and for horses is around $291. Apart from physical visits for treatment, a shift is taking place towards online consultation. According to the American Pet Products Association (APPA), 43% of dog owners and 41% of cat owners rely on online information. This expansion of online consultation lead consumers to self-diagnose their animals and purchase veterinary pharmaceuticals online, resulting in a reduction of the physical assessment of animals and associated veterinary services.
The US veterinary pharma market is expected to grow to $27,448.5 million in 2025 at a compound annual growth rate of more than 11.5%, and to $40,476 million in 2030 at a compound annual growth rate of around 8%. The market is regulated by the US Food and Drug Administration (FDA). The FDA conducts field examinations and analyzes samples of veterinary drug products to ensure they comply with applicable standards and/or label requirements. Under the FD&C Act, new animal drugs must be approved, conditionally approved, or included in the Index of Legally Marketed Unapproved New Animal Drugs for Minor Species to be legally marketed. New animal drugs must be reviewed by the FDA for safety and effectiveness and obtain legal marketing status before they can be marketed in the USA.