PetCarerx Founder Blake Brossman Reviews Drivers of Pet Medication Market Growth

Despite the social and economic hardships caused by the global pandemic, this public health crisis has reinforced the conviction that animal companionship is essential for humans. Not only did pet adoptions surge after the introduction of lockdowns, but a recent Rover.com study also found that people who welcomed new pets into their homes derived enormous benefits. According to this report, “93% of people said their “pandemic pet” improved their mental and/or physical wellbeing in the last year, and over 80% said it made working from home and being at home during the pandemic more enjoyable.” Blake Brossman, founder of PetCareRx comments, “There is ample research indicating that pet ownership is a strong contributor to better overall health in people, as well as a facilitating factor for social interactions and community engagement. Since the number of pets keeps growing, and they are increasingly viewed as members of the family, the market for pet medications looks set to remain on a growth trajectory.”

Pet owners are determined to ensure optimal health and wellness for their animals, which makes them willing to spend on products that increase their pets’ length and quality of life, Blake Brossman notes. Advances in medicine have led to the development of cutting-edge treatments for serious diseases affecting animals, among those being cancer and arthritis. The availability of innovative and specialized pet medications supports the growth of this market segment, which is further driven by the rise in disposable incomes and the continued increase in pet adoption, Blake Brossman adds.

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According to the American Pet Products Association (APPA), 84.9 million U.S. homes had a pet in 2020, or 67% of households in the country. In comparison, this proportion stood at 56% in 1988, the year when the APPA began its survey. The organization estimates that U.S. pet owners spent a total of $103.6 billion in 2020, up from $97.1 billion in 2019. The breakdown by category reveals that veterinary care and pharmaceutical products accounted for $31.4 billion of the overall expenditure. The APPA includes OTC medicines in a separate category along with pet supplies and sales of live animals (fish, birds, small animals, and reptiles), estimating that a total of $22.1 billion was spent on these in 2020. The association projects $109.6 billion in sales for the overall U.S. pet market in 2021, of which $32.3 billion is expected to come from vet care and product sales and $23.4 billion from supplies, live animals, and OTC medicines.

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After losing his beloved Rottweiler Lou to cancer, Blake Brossman chose to abandon a promising career in public relations, advertising, and applied communication to dedicate himself to the pet care business. A seasoned retail industry professional, he channeled his experience and energy into PetCareRx, launching the company in 1998 and building it into a top U.S. provider of nutritional and pharmaceutical products for pets. Focused on quality at affordable prices, PetCareRx offers prescription and non-prescription medicines, pet accessories and apparel, cleaning and grooming products, toys, furniture, travel and outdoor gear, and training aids. It also provides pet nutrition, health, and wellness advice to customers through its in-house team of specialists and helps pet owners connect with local service providers.

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