The global over-the-counter (OTC) veterinary drugs market is on the brink of substantial expansion, forecasting a Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2033. According to the latest market analysis, the industry is set to achieve a significant market share of USD 19.01 billion by 2033, a notable increase from its estimated value of USD 8.8 billion in 2023.
This impressive growth trajectory is primarily driven by the surge in pet ownership, particularly of dogs and cats, which has intensified in the post-pandemic era. As pets increasingly become integral members of households, there is a growing emphasis on their health, nutrition, and overall well-being. This shift in pet ownership dynamics is significantly propelling the demand for OTC veterinary drugs, celebrated for their convenience and accessibility.
A key contributor to this market growth is the rising preference among pet owners for easily accessible health solutions for their pets. The ability to procure OTC veterinary drugs without the need for a veterinarian’s prescription has resulted in a notable increase in their use. This trend is further bolstered by recent regulatory changes that have expanded the availability of OTC veterinary drugs, promoting greater consumer access to a diverse array of veterinary products. These evolving legal frameworks simplify the procurement process, enhancing the quality of pet care and providing peace of mind to pet owners.
As the OTC veterinary drugs market continues to evolve, it is well-positioned to flourish, offering pet owners convenient options for maintaining their pets’ health and well-being. With an increasing number of households embracing the benefits of OTC solutions, the future of this market looks promising.
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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