The global over-the-counter (OTC) veterinary drugs market is on the cusp of remarkable expansion, with a projected Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2033. According to the latest market analysis, the industry is anticipated to achieve a substantial market share of USD 19.01 billion by 2033, marking a significant increase from its estimated value of USD 8.8 billion in 2023.
This robust growth trajectory is largely driven by the surge in pet ownership, particularly dogs and cats, which has accelerated in the post-pandemic era. As pets increasingly become integral members of households, there is a heightened focus on their health, nutrition, and overall well-being. This shift in pet ownership dynamics is propelling the demand for OTC veterinary drugs, which are prized for their convenience and ease of access.
A pivotal factor behind the market’s growth is the rising preference among pet owners for easily accessible health solutions for their pets. The ability to obtain OTC veterinary drugs without the need for a veterinarian’s prescription has led to a notable uptick in their use. This trend is further supported by recent regulatory changes that have expanded the availability of OTC veterinary drugs. Evolving legal frameworks are promoting greater consumer access to a wide range of veterinary products, simplifying the procurement process and enhancing the quality of pet care.
The OTC veterinary drugs market is well-positioned to flourish as these trends continue to evolve, providing pet owners with accessible and convenient options for maintaining their pets’ health and well-being.
Key Takeaways:
- The United States market leads the over-the-counter (OTC) veterinary drugs market in terms of market share in North America. The United States region held a market share of 25.6% by 2022. The growth in this region is attributed to higher pet adoption and government efforts. North America dominates the market as it held a 35% global share in 2022.
- Germany’s over-the-counter (OTC) veterinary drugs market is another significant market in the European region. The market held a market share of 7.9% in 2022. The growth is attributed to the presence of the major OTC veterinary drug producers. Europe held a global share of 32% in 2022.
- The Indian over-the-counter (OTC) veterinary drugs market thrives at a CAGR of 8.3% during the forecast period. The booming growth rate is attributed to the increasing pet adoption and humanization along with the increasing number of OTC veterinary drug producers in the region.
- The oral form segment leads the dosage form type segment as it held a market share of 76.40% in 2022. The growth is attributed to lower pain unlike injections, higher effectiveness, and affordability.
- Based on the sales channel type, the online pharmacies segment leads as it held a market share of 40% in 2022. The growth is attributed to easy shipping and higher availability.
Access the Full Report: Find Detailed Analysis on the Over-The-Counter (OTC) Veterinary Drugs Market
Competitive Landscape:
The key vendors work on a smaller number of side effects, enhanced supply chain, and higher affordability. Companies also collaborate to expand their supply chain. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Recent Market Development:
- Boehringer Ingelheim has introduced new products such as aftopor/aftovaxpur/aftovax, Arti-Cell FORTE, Aservo EquiHaler, and Bovela. and dairy cattle.
- Phibro Animal Health Corporation has revisited their OTC veterinary drugs for swine, beef cattle.
Key Players:
- Zoetis
- Boehringer Ingelheim
- Virbac S.A.
- Hester Biosciences Ltd.
- Merck Animal Health
- Elanco Animal Health
- Ceva Santé Animale
- Vetoquinol S.A.
- Phibro Animal Health Corporation
- Dechra Pharmaceuticals PLC
- Kyoritsu Seiyaku Corporation
- AlphaVet Animal Health Ltd.
- AdvaCare Pharma
- Alphafacts Health Solution
- Bimeda Animal Health Inc.
Key Segments Covered:
By Drug Class:
- NSAIDs
- Antihistamines
- Decongestants & Bronchodilators
- Antibacterial
- H2 Receptor Antagonists
- Nutrients & Supplements
- Glucocorticoids
- Lubricant eye drops & artificial tears
- Anti-parasitic
- Antidiarrheal agents
- Others
By Product Form:
- Oral
- Injectable
- Topical
- Others
By Sales Channel:
- Veterinary Hospitals
- Veterinary Clinics
- Retail Pharmacies
- Hypermarkets & Supermarkets
- Online Pharmacies
- Veterinary Shops
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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