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The humanization of pets has expanded into the realm of medicine, as pharmaceutical companies adapt human technologies to develop pet-specific ones, and the category is seeing double-digit growth, according to a new study by market research firm Packaged Facts.
“Pets are living longer because their owners are taking better care of them, both medically and nutritionally,” said Tatjana Meerman, publisher of Packaged Facts. “Even more important perhaps, longer lives mean ever stronger emotional bonds between pets and their owners, and thus an increased willingness among pet owners to do whatever it takes to keep their pets healthy and happy for as long as possible.”
According to Packaged Facts’ research report, “The U.S. Market for Pet Medications: Prescription and Over-the-Counter Remedies as Consumer Products,” the pet medication market was just shy of $5 billion in 2007, inclusive of sales through veterinarians, retailers, and Web sites. This was up 11 percent from 2006; and Packaged Facts projects the pet medications market will reach $8.6 billion by 2012.
Driving the pet healthcare boom in the U.S. is a trend that will become the most important overall pet market driver and marketing thrust over the next five years: the aging pet population, said Packaged Facts. An additional contributing factor is advancements in veterinary care, supported by newer payment options such as pet insurance and veterinary wellness plans.
The study analyzes the market for medications for dogs and cats, with a particular focus on products marketed directly to consumers. Areas covered include parasite prevention and control (such as flea, tick, and heartworm), pain management, mood disorders, overweight/obesity, cognitive dysfunction, and oral care.
For the full report, visit: http://www.packagedfacts.com/Pet-Medications-Prescription-1655768/.