The global market for over-the-counter (OTC) medication for pets is positioned for significant expansion, with an estimated value of USD 9,170 million in 2023. This market demonstrates a strong and steady trend, with an expected Compound Annual Growth Rate (CAGR) of 4.5% projected to continue until 2033.
With steadfast growth projections, it is anticipated that the global market share for pet OTC medication will reach a remarkable valuation of USD 14,210.2 million by the year 2033.
The world’s pet medicine market will keep growing because some important things are pushing it forward. One of the main reasons this market is growing fast is because more and more people around the world are adopting pets. People who have pets are very careful about their pet’s health, looking for easy and simple solutions to keep them well.
Key Market Trends and Highlights
- The global pet OTC medication market is expected to witness steady growth over the assessment period.
- A key driving factor behind this growth is the rising trend of pet adoption worldwide.
- Pet owners are increasingly recognizing the importance of maintaining their pets’ health and well-being.
- This heightened awareness among pet owners is playing a significant role in fueling the growth of the pet OTC medication market.
- As a result, pet owners are seeking convenient and effective healthcare solutions for their furry companions.
- The market also presents promising opportunities for expansion, especially in emerging economies.
- In low and middle-income countries, where the trend of pet ownership is gaining momentum, the demand for pet OTC medications is expected to soar.
- This surge in demand is anticipated to create new avenues for market growth in these regions.
Key Players Are:
- Ceva Santé Animale Co.
- Elanco Animal Health Inc.
- Boehringer Ingelheim International GmbH
- Zoetis Inc.
- Merck & Co., Inc.
- Virbac SA Co.
- Bayer AG
- IDEXX Laboratories Co.
- Covetrus Inc.
- Dechra Pharmaceuticals PLC
- Vetoquinol SA
- Phibro Animal Health Co.
- Kyoritsuseiyaku Co.
- Krka, d. d., Novo Mesto
- Sequent Scientific Ltd.
- Heska Co.
- Eco Animal Health Group
Key Takeaways from the Market Study
- Based on application, fleas & ticks are expected to dominate the market obtaining a market share of 43.1% by 2033.
- Based on form, the chewables & tablets are likely to attain a market share of 30% by 2033.
- The pet OTC medication market size rose at 3.46% CAGR between 2018 and 2022.
- France is estimated to reach US$ 7,120 million by 2033 and dominate at a market share of 3.7% by 2033.
- India is projected to experience significant growth, with a current valuation of US$ 4,821.2 million and an expected market share of 1.6%.
Competitive Landscape
There are several key market players operating in the pet OTC medication market industry. These market players aim to follow expansion strategies, inclusive of collaborations, mergers and acquisitions, and exploration of regulatory approvals.
Some of the new developments are-
- In February 2023, Merck explored and utilized technologies including 3D printing, AI & machine learning (ML), big data, connected care, blockchain, cloud, IoT, virtual & augmented reality, wearable tech, and genomics. These technologies help to accelerate drug discovery and development, improve supply chain efficiency, and ensure consistent product quality.
- In June 2023, Mars, announced the successful completion of Mars’ acquisition of Heska. Heska is now part of Mars Petcare’s Science & Diagnostics division, enabling broad coverage across diagnostics and technology while accelerating research and development and expanding access globally to pet healthcare solutions.
- In January 2023, Heska Corporation, a leading global provider of advanced veterinary diagnostic and specialty products and solutions, announced the completion of the acquisition of 100% of the shares of MBio Diagnostics, Inc. d/b/a LightDeck Diagnostics.
Complete Market Review: A Full Report Analysis
Pet OTC Medication Market by Category
Pet Type:
- Dogs
- Cats
- Birds
- Fish and Reptiles
- Small Pets
- Others
By Application:
- Fleas & Ticks
- Allergies
- Pain Relief & Arthritis
- De-wormers
- Others
By Form:
- Chewables & Tablets
- Capsules & Ointment
- Sprays
- Others
By Sales Channel:
- Pet Specialty Stores
- Veterinary Clinics
- Drug & Pharmacy Stores
- Online Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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