SOURCE: Packaged Facts

October 10, 2008 10:32 ET

Longer Living, Healthier Pets Boost the $5 Billion Market for Pet Medications

NEW YORK, NY--(Marketwire - October 10, 2008) - At the center of robust global animal health product growth, the U.S. market for pet medications is going gangbusters, says a new report from market research publisher Packaged Facts, with continued double-digit sales gains predicted for the foreseeable future as all of the world's largest pharmaceutical companies move full-force into the segment, adapting human technologies and developing pet-specific ones.

According to 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 websites. This reflects an 11% growth over 2006 sales; Packaged Facts projects that the pet medications market will reach $8.6 billion by 2012.

Driving the pet healthcare boom in the United States is a trend that will become the most important overall pet market driver and marketing thrust within the next five years: the aging pet population. Also driving the growth of the senior pet population are advancements in veterinary care, supported by newer payment options such as pet insurance and veterinary wellness plans.

"Pets are living longer because their owners are taking better care of them, both medically and nutritionally," says 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."

Bringing a unique "cross-market" focus examining trends in both the veterinary (pharmaceutical) and retail (OTC) sectors, The U.S. Market for Pet Medications 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 (flea, tick, heartworm, etc.), pain management, mood disorders, overweight/obesity, cognitive dysfunction and oral care. For further information visit: http://www.packagedfacts.com/Pet-Medications-Prescription-1655768/.

About Packaged Facts -- Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information contact Jenn Tekin at 240-747-3015 or jtekin@marketresearch.com.

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