Rockville (MD), August 27, 2019 — Today’s pet owners are more directly involved in their pets’ healthcare, educating themselves about the latest pet health medications and services and paying particular interest to those that track trends on the human side. They want—and are willing to pay more for—products offering preventive benefits, such as flea/tick and heartworm medications, as well as those targeting specific health conditions, from pain to diabetes to cancer.
Packaged Facts in the new market research study, Pet Medications in the U.S., 6th Edition, estimates U.S. retail sales of pet medications hit $9 billion in 2018, inclusive of sales through veterinarians, brick-and-mortar stores, and online retailers. The market has increased at a robust pace since 2014, with a compound annual growth rate (CAGR) of 8% for the five-year period.
An emerging trend indicating of pet owners’ growing interest in pet wellness, health monitoring products are becoming more common. For example:
“Informed pet owners are able to spot potential health problems early and seek treatment before small problems grow to become serious health conditions,” says David Sprinkle, research director for Packaged Facts.
Also breaking new ground in the pet market is a phenomenon that is on-trend in the human wellness market as well: DNA testing. Especially active in this arena is Mars with its Wisdom Panel for dogs, which combines breed ancestry with detection of potential inherited health conditions. Other companies in this market include Embark, HomeDNA, and DNA My Dog.
The tests have become so popular that in June 2019, Canine Journal reviewed several of the tests, and the American Kennel Club has released guidelines for pet owners, explaining how these tests work and what they can be used for.
Packaged Facts’ Survey of Pet Owners indicates that 29% of dog owners and 22% of cat owners agree that “I am interested in buying an at-home DNA/health screening kit for my pet(s),” and these numbers only stand to grow as the test results are increasingly used to predict and enhance pet health.
About the Report
Pet Medications in the U.S., 6th Edition (published 07/2019, 157 pages) is available for $3,995 from Packaged Facts.
Media members please contact our Communications Manager Daniel Granderson at email@example.com for a copy of the report summary. Those interested in purchasing the report can contact Research Specialist Jeff Miller at firstname.lastname@example.org or visit https://www.packagedfacts.com/updates/Pet-Medication.
Pet Medications in the U.S., a completely updated sixth edition covers:
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.
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