DUBLIN--(BUSINESS WIRE)--The "Pet Medications in the U.S., 6th Edition" report has been added to ResearchAndMarkets.com's offering.
Building on the analysis presented in the previous editions of this report, this completely updated sixth edition of Pet Medications in the U.S. covers historical and projected retail sales from 2014 through 2022, competitive strategies of key players, trends in new product development, and retail channel trends, with a particular focus on the online marketplace.
With their 2019 entry into the prescription pet medications space, Chewy.com and Walmart's new WalmartPetRx.com promise to stimulate the market as the two online behemoths compete for shareand all the more so now that Petco is also setting its sights on a larger piece of the prescription pet medications pie by teaming up with Express Scripts.
In addition to its online platform, Walmart is also planning to stock its 4,500+ in-store pharmacies with the 30 most requested pet medications, meaning pet owners shopping in store will be able to pick up their pet's prescription medications while doing their weekly grocery run.
At the same time, in their struggle to remain viable in the face of the e-commerce onslaught, brick-and-mortar retailers are ramping up pet care services including veterinary, with Petco adding Thrive in-store clinics and PetCoach freestanding clinics, and with Walmart partnering with PetIQ to open vet clinics at up to 1,000 stores by the end of 2023.
Vet services are also expanding online, with app- and cloud-based technologies increasingly connecting pet owners with veterinarians online and in person, and representing new opportunities for marketers of pet medications to partner with vet service providers. For pet medications, the upshot of the heightened retail and veterinary competition is wider exposure and availability, and likely also a sharpening focus on more affordable generics as the market increasingly mimics healthcare trends on the human side.
These competitive trends build on an already strong market growth trajectory for pet medications, which have been following in the footsteps of myriad human markets for many years, including with an unrelenting focus on health and wellness. A concomitant contributor is the pets as family trend, with today's pet owners more willing than ever to spend whatever it takes to keeps their pets healthy and happy, including for pet medications offering preventive benefits, such as flea/tick and heartworm medications, and those targeting specific health conditions, from pain to diabetes to cancer.
Consumers in the Millennial demographic especially are committed to doing everything in their power to make sure their pets enjoy long, healthy lives, and they consider pet medications and veterinary care to be essential to good pet parenting. Proprietary survey data shows that, among dog and cat owners who had been to the veterinarian for their pets in the past 12 months, 78% of dog owners and 62% of cat owners purchased pet medications, with 63% of dog owners and 60% of cat owners spending more than $100.
The report examines these and other opportunities for growth in the pet medications market, with a primary focus on parasiticides including flea/tick and heartworm prevention, which are broken out at multiple levels including by product type, animal type, and prescribed vs. OTC. Coverage also extends to market-shaping developments in areas including anxiety, pain management, cancer, cognitive dysfunction, and obesity/diabetes, with numerous images illustrating marketing and product trends.
Overall, the pet medications' future looks bright. With sales reaching $9 billion in 2018, up 8.5% from the previous year, the market is expected to handily surpass overall pet market growth for the foreseeable future, spurred by a continued intensive focus on pet wellness, ongoing advances in veterinary medicine, and online and brick-and-mortar expansion of pet medication and veterinary service availability and options.
Companies Mentioned
- Bayer Companion Animal
- Boehringer Ingelheim Animal Health
- Central Garden & Pet
- Ceva Animal Health
- Chewy.com
- Elanco
- Express Scripts
- Frontline
- Hartz Mountain Corp.
- Merck Animal Health
- PetCo
- PetIQ
- Vetoquinol
- Virbac
- Walmart
- Zoetis
Key Topics Covered
1. Executive Summary
- Market Trends
- Scope and Methodology
- Market Size & Composition
- Market Outlook
- Marketers and Products
- Competitive Overview
- Product Trends
- Retail Trends
- A Shifting Paradigm
- The Vet Channel
- Online Sales
- Pet Specialty
- Mass-Market Retailers
- Consumer Trends
- Pet Medication Purchasing Patterns
- Demographic Trends
- Market Opportunities
- Opportunity 1 - Human/Animal Bond
- Opportunity 2 - Veterinary Services Expansion
- Opportunity 3 - E-Commerce
- Opportunity 4 - Generics and Patent Expiration Fuel New Product Pipeline
- Opportunity 5 - Innovative Product Delivery Systems
- Opportunity 6 - Combo Products
- Opportunity 7 - Parasiticides: OTC v. Prescription
- Opportunity 8 - Weather Patterns, Parasiticides, and Consumer Education
- Opportunity 9 - Tapping (Further) into Natural
2. Market Trends
- Chapter Highlights
- Scope and Methodology
- Market Definition
- Report Methodology
- Market Size & Composition
- U.S. Retail Sales of Pet Medications Top $9 Billion in 2018
- Share of Sales by Animal Type
- Share of Sales by Distribution Channel
- Share of Sales by Product Type
- Parasiticide Sales by Type
- Market Outlook
- Overall Pet Market Focus on Health and Wellness
- Innovation Spurred by Cost, Convenience, and Safety
- Strong Veterinary Market Underpins Pet Medications
- Growth in Pet Health Monitoring and DNA Testing
- Pet Medications Sales Shifting to Online Platforms
- Parasiticide Use Impacted by Product Confusion, Perception of Risk
- FDA Issues Warning on Some Flea and Tick Products
- Natural Flea and Tick Protection
- Overall Pet Market Trends Impacting Pet Medications
- Looking Ahead
- Pet Medication Sales to Surpass $12 Billion by 2022
3. Marketers & Products
- Chapter Highlights
- Competitive Overview
- Pharmaceutical and OTC Marketers
- M&A and Investment Activity
- Global and U.S. Conglomerates Dominate Pet Medications Market
- Generics Increasing Competition and Spurring Innovation
- Marketer Profiles
- Bayer Companion Animal
- Boehringer Ingelheim Animal Health
- Central Garden & Pet
- Ceva Animal Health
- Elanco (Eli Lilly Animal Health)
- Hartz Mountain Corp.
- Merck Animal Health
- PetIQ
- Vetoquinol
- Virbac
- Zoetis
- Product Trends
- Parasiticides
- Flea and Tick Products
- The Heartworm Market
- Combination Products
- Broad Spectrum Wormers
- First Aid Products
- Vaccines and Other Drugs
- Product Introductions and Advancements
- New FDA Approvals
4. Retail Trends
- Chapter Highlights
- Introduction
- A Shifting Paradigm
- The Vet Channel
- Pet Owners Rely on Vets for Pet Medication Advice
- Most Pet Owners Purchase Prescription Meds Through Vets
- Veterinarians Countering E-Tailers with Online Pharmacies of Their Own
- Online Sales
- Online Pet Medication Sales Booming
- Chewy Sets Sights on Prescription Pet Medications
- Chewy.com Pharmacy Answered with WalmartPetRx.com
- Small Growth Means Lost Share for PetMed Express in Booming Online Market
- Amazon's PillPack Acquisition May Lead to Prescription Pet Meds
- Pet Specialty
- Veterinary Services Inside Pet Superstores
- PetSmart Pharmacy Moves to Chewy.com
- PetSmart Site Visit
- Petco Invests in Online Platforms and In-Store Services
- Pet Specialty Retailers Focus on OTC Medications
- Mass-Market Retailers
- Walmart Emphasizes Vet Care and Pet Meds
- Walgreens and CVS Partnering with Veterinary Service Providers
- Costco Pet Pharmacy
- Tractor Supply For the Do-It-Yourself Pet Owner
5. Consumer Trends
- Chapter Highlights
- Pet Medication Purchasing Patterns
- Most Dog or Cat Households Use Parasiticide Products
- Vet-Prescribed and OTC Flea and Tick Meds Most Popular
- More Pet Owners Use Flea/Tick Products as Prevention
- Oral Flea/Tick Medication More Popular Among Dog Owners
- Parasiticide Usage by Number of Pets
- FRONTLINE Most Frequently Purchased Flea/Tick Brand
- Consumer Expenditures on Prescription Pet Meds
- Consumer Usage of Vet-Recommended Products
- Veterinarians a Major Factor in Usage/Purchasing of Dewormers Other than Heartworm
- Consumer Usage of Alternative Medicine
- DNA/Health Screening Kits Detect Potential for Inherited Conditions
- Demographic Trends
- Demographics by Medication Type
- Demographics for Flea and Tick Brands
For more information about this report visit https://www.researchandmarkets.com/r/fyikf0
