Connect with us

Headlines

Pet Medication Market Hits $9B As Wellness Trend Takes Hold

It’s grown at a robust pace since 2014.

mm

Published

on

ROCKVILLE, MD — U.S. retail sales of pet medications hit $9 billion in 2018, including sales through veterinarians, brick-and-mortar stores and online retailers, according to a new report.

The market has increased at a robust pace since 2014, with a compound annual growth rate of 8% for the five-year period, research firm Packaged Facts reports in Pet Medications in the U.S., 6th Edition.

“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,” the company states in a press release. “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.”

One emerging trend is increasing interest in health monitoring products. For example:

  • Tailio fields a namesake device designed to be placed under a cat’s litter box to collect data on weight, amount of waste, frequency of visits, and litter box behavior, with data being “sent to the cloud where powerful analytics learn your cat’s individual profile and watch for trends in their weight and litter box behavior” while keeping the pet owner informed via smartphone app.
  • PrettyLitter, available for home delivery via subscription plans, changes colors to let the pet owner know when the cat is sick.
  • Petnostics fields the first at-home mobile urine test for pets, including kits, strips, and accessories. According to press materials, the product employs the same diagnostic technology used by veterinarians and includes an app that lets pet owners assess potential health issues and monitor chronic conditions such as diabetes, bladder stones, and urinary tract infections.

“Informed pet owners are able to spot potential health problems early and seek treatment before small problems grow to become serious health conditions,” said 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: 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.

Advertisement

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).” These numbers stand to grow as the test results are increasingly used to predict and enhance pet health, according to the firm.

Since launching in 2017, PETS+ has won 16 major international journalism awards for its publication and website. Contact PETS+'s editors at editor@petsplusmag.com.

Most Popular