Market Challenges And Opportunities

North America Companion Animal Drugs Market– Drivers

Increasing government approvals in the animal drugs market

Increasing government approval in the animal drugs is expected to drive the North America companion animal drugs market growth over the forecast period. For instance, November 12, 2020 Zoetis Inc., an animal health company, announced that the European Commission has granted the company marketing authorization for Librela (bedinvetmab), the first injectable monoclonal antibody (mAb) therapy approved in the European Union for monthly alleviation of osteoarthritis (OA) pain in dogs. Librela provides veterinarians a new treatment option, which effectively controls OA pain for a month, while also offering a positive safety profile. Librela is the first-of-its-kind veterinary medicine that contains bedinvetmab, a monoclonal antibody that binds to Nerve Growth Factor (NGF), a key player in OA pain and in doing so reduces pain.

Restraints

Risk of treatment for animals

The risk of treatments for animals is expected to hamper the North America companion animal drugs market growth. For instance, on October 01, 2021, according to an article published by the American Veterinary Medical Association, U.S. Food and Drug Administration Center for Veterinary Medicine officials said in a letter to veterinarians and animal product retailers that people have become seriously ill from consuming highly concentrated ivermectin formulations, such as pour-on products, injectable products, pastes, and drenches meant for horses, cattle, and sheep. Agency officials also were receiving reports of local shortages of some veterinary-use approved ivermectin products, and they called for veterinarians and animal caretakers to report difficulties obtaining those drugs. It also called for veterinarians and retailers to report false claims about ivermectin and COVID-19. And they created a warning sign that veterinarians and retailers could post or distribute.

To counterbalance this restraint, a robust treatments should be introduced with lesser side effects.

North America Companion Animal Drugs Market- Key Players

Major players operating in the North America companion animal drugs market include Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co, Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH.