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Longer Living, Healthier Pets Boost the $5 Billion Market for Pet Medications
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NEW YORK, NY -- (Marketwire) -- 10/10/08 -- At the center of robust global animal healthproduct growth, the U.S. market for pet medications is going gangbusters,says a new report from market research publisher Packaged Facts, withcontinued double-digit sales gains predicted for the foreseeable future asall of the world's largest pharmaceutical companies move full-force intothe segment, adapting human technologies and developing pet-specific ones.
According to the U.S. Market for Pet Medications: Prescription andOver-the-Counter Remedies as Consumer Products, the pet medication marketwas just shy of $5 billion in 2007, inclusive of sales throughveterinarians, retailers and websites. This reflects an 11% growth over2006 sales; Packaged Facts projects that the pet medications market willreach $8.6 billion by 2012.
Driving the pet healthcare boom in the United States is a trend that willbecome the most important overall pet market driver and marketing thrustwithin the next five years: the aging pet population. Also driving thegrowth of the senior pet population are advancements in veterinary care,supported by newer payment options such as pet insurance and veterinarywellness plans.
"Pets are living longer because their owners are taking better care ofthem, both medically and nutritionally," says Tatjana Meerman, Publisher ofPackaged Facts. "Even more important perhaps, longer lives mean everstronger emotional bonds between pets and their owners, and thus anincreased willingness among pet owners to do whatever it takes to keeptheir pets healthy and happy for as long as possible."
Bringing a unique "cross-market" focus examining trends in both theveterinary (pharmaceutical) and retail (OTC) sectors, The U.S. Market forPet Medications analyzes the market for medications for dogs and cats, witha particular focus on products marketed directly to consumers. Areascovered include parasite prevention and control (flea, tick, heartworm,etc.), pain management, mood disorders, overweight/obesity, cognitivedysfunction and oral care. For further information visit:http://www.packagedfacts.com/Pet-Medications-Prescription-1655768/.
About Packaged Facts -- Packaged Facts, a division of Market ResearchGroup, publishes market intelligence on a wide range of consumerindustries, including consumer goods and retailing, foods and beverages,demographics, pet, and financial products. Packaged Facts also offers afull range of custom research services. For more information contact JennTekin at 240-747-3015 or jtekin@marketresearch.com.
For Immediate ReleaseContact:Jenn TekinPackagedfacts.com240-747-3015jtekin@marketresearch.com11200 Rockville PikeSuite 504Rockville, Maryland 20852800.298.5294240.747.3004 fwww.PackagedFacts..com
Driving the pet healthcare boom in the United States is a trend that willbecome the most important overall pet market driver and marketing thrustwithin the next five years: the aging pet population. Also driving thegrowth of the senior pet population are advancements in veterinary care,supported by newer payment options such as pet insurance and veterinarywellness plans.
"Pets are living longer because their owners are taking better care ofthem, both medically and nutritionally," says Tatjana Meerman, Publisher ofPackaged Facts. "Even more important perhaps, longer lives mean everstronger emotional bonds between pets and their owners, and thus anincreased willingness among pet owners to do whatever it takes to keeptheir pets healthy and happy for as long as possible."
Bringing a unique "cross-market" focus examining trends in both theveterinary (pharmaceutical) and retail (OTC) sectors, The U.S. Market forPet Medications analyzes the market for medications for dogs and cats, witha particular focus on products marketed directly to consumers. Areascovered include parasite prevention and control (flea, tick, heartworm,etc.), pain management, mood disorders, overweight/obesity, cognitivedysfunction and oral care. For further information visit:http://www.packagedfacts.com/Pet-Medications-Prescription-1655768/.
About Packaged Facts -- Packaged Facts, a division of Market ResearchGroup, publishes market intelligence on a wide range of consumerindustries, including consumer goods and retailing, foods and beverages,demographics, pet, and financial products. Packaged Facts also offers afull range of custom research services. For more information contact JennTekin at 240-747-3015 or jtekin@marketresearch.com.
For Immediate ReleaseContact:Jenn TekinPackagedfacts.com240-747-3015jtekin@marketresearch.com11200 Rockville PikeSuite 504Rockville, Maryland 20852800.298.5294240.747.3004 fwww.PackagedFacts..com
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