The global pet OTC medication market is poised to attain a significant valuation of US$ 9,170 million in 2023, propelled by the burgeoning interest and insights into the veterinary dermatology drugs market. The trend is anticipated to pave the way for pet medication market opportunities, charting a projected CAGR of 4.5% from 2023 to 2033. By 2033, the market is registered to soar to an estimated total valuation of around US$ 14,210.2 million.
The global pet OTC medication market is poised for steady growth as it continues to be influenced by several key factors. One of the primary drivers of this market’s expansion is the increasing rate of pet adoption worldwide. Pet owners are becoming increasingly conscientious about their furry companions’ health, seeking convenient and accessible solutions for their pets’ well-being.
Another significant contributor to the market’s growth is the heightened awareness surrounding pet healthcare. Pet owners are now better informed about the various health issues that can affect their beloved animals. This knowledge has encouraged a proactive approach to pet healthcare, with pet owners actively seeking preventive and therapeutic solutions to address common pet ailments.
Emerging markets in low and middle-income countries present opportunities for further market expansion. As these regions experience economic growth and an increase in urbanization, pet ownership is on the rise. This trend is expected to drive the demand for pet OTC medications, particularly as more pet owners become aware of the benefits of such products.
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A growing preference for herbal and natural ingredient-based pet care products, including OTC medications where pet owners are increasingly seeking alternatives to conventional medications that may have side effects. The demand for herbal topical medications to address issues like fleas and allergies in pets is expected to rise, further propelling market growth.
The availability of pet insurance in countries like the United States and China is expected to play a significant role in fueling market growth. Pet insurance provides pet owners with financial support for their pets’ healthcare expenses, making it more affordable to invest in OTC medications and other pet care products.
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%.
“The growing number of pet adoptions and increasing awareness regarding pet health are the determinants of revenue growth of the global pet OTC medication market”, comments a Future Market Insights analyst.
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.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global pet OTC medication market providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global pet OTC medication market, it is segmented based on major Pet Type: (Dogs, Cats, Birds, Fish and Reptiles, Small Pets, and Others), Application: (Fleas & Ticks, Allergies, Pain Relief & Arthritis, De-wormers, Others), Form: (Chewables & Tablets, Capsules & Ointment, Sprays, Others), Sales Channel: (Pet Specialty Stores, Veterinary Clinics, Drug & Pharmacy Stores, Online Retail, Others) and by region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
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