Packaged Facts, a division of MarketResearch.com, recently revealed that retail sales of pet medications will reach $6.7 billion dollars by the end of 2011. In their report, Pet Medications in the United States, Packaged Facts reported on pet medication retails sales through veterinarians, brick-and-mortar retailers, and online.
As new drugs are launched from the pharmaceutical side of the market and products and ingredients cross over from the veterinary channel, growth will occur. The report revealed that market drivers such as an aging pet population, pet obesity, and major pharmaceutical companies getting involved, pet medication sales are geared to return to their pre-recession rates of growth, with annual percentage gains projected at 10 percent by 2015.
David Sprinkle, publisher of Packaged Facts, revealed, “The underpinnings of the U.S. pet industry remain strong, and the outlook is especially favorable for all things pet health related.”
It is reported that veterinarians have been in the most advantageous position in terms of selling pet medications for years. As the most trusted source for their pet’s health, they have a built-in base of potential pet medication clients. Further, the report revealed a May-June 2011 Pet Owner Survey ranks veterinarians as the outlet of choice for 71 percent of heartworm medication purchases and 40 percent of purchases of flea and tick spot-ons, which are mostly non-prescriptive.
In the brick-and-mortar segment, mass-market channels are considered least involved in pet medications, as they mainly deal in flea and tick products. However, online pharmacies including those of mass retailers Target and Walmart are continuing to expand their pet product range and expected to become a greater factor in the pet product market.
Packaged Facts is located in Rockville, Maryland, and publishes market intelligence about consumer market topics. For more information, visit their website at www.packagedfacts.com.