The global over-the-counter (OTC) veterinary drugs market is set for significant expansion, with a forecasted Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2033. This surge is expected to propel the market to a projected value of USD 19.01 billion by 2033, up from USD 8.8 billion in 2023, according to the latest industry analysis.
The growth of the OTC veterinary drugs market can largely be attributed to the post-pandemic surge in pet ownership, particularly among dog and cat owners. As pets increasingly become integral members of households, the focus on their health, nutrition, and overall well-being has intensified, fueling the demand for accessible and convenient pet care solutions.
One of the primary drivers of this growth is the increasing preference among pet owners for OTC solutions. With the ability to purchase veterinary drugs without a prescription, pet owners are turning to OTC options to manage their pets’ health. This trend has been further amplified by regulatory changes, which have broadened the scope and availability of OTC veterinary drugs, making them more accessible to consumers. These evolving legal frameworks are simplifying the procurement process, ensuring that pet owners can access a wide range of products to enhance their pets’ health.
As the market continues to evolve, OTC veterinary drugs are becoming a critical part of the pet care landscape. Offering convenience and accessibility, these products empower pet owners to take an active role in their pets’ health, providing peace of mind and improving the overall quality of care. With households worldwide increasingly embracing the benefits of OTC solutions, the future of the OTC veterinary drugs market looks exceptionally 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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