Over-The-Counter (OTC) Veterinary Drugs Market size is estimated to cross US$ 18.14 Billion by 2032 | FMI
[Report of 350 Pages] Overall sales of over-the-counter (OTC) veterinary drugs are expected to grow at an 8.1% CAGR from 2022 to 2032, reaching US$ 18.14 billion by the end of 2032. In 2021, online pharmacies held more than 38% of the total market share.
Global Over-The-Counter (OTC) Veterinary Drugs market is expected to grow at a decent rate owing it to the increase in number of manufacturers for Over-The-Counter (OTC) veterinary drugs, worldwide. There are variety of drugs available in the market as Over-The-Counter (OTC) veterinary drugs for the safe use in animals. These drugs are available in various forms, topical drugs are available as gels, oils, creams, and sprays for various applications. Antibiotics and non-steroidal anti-inflammatory drugs are very common Over-The-Counter (OTC) veterinary drugs in the market. The drugs are available for various medical conditions related with the skin, eyes, and allergic reactions to the animals.
The Over-The-Counter (OTC) veterinary drugs market is well equipped with the retail pharmacies by the end user segment. Injectable drug involve vaccines, which are majorly used by the companion animals for their safety and improving their well-being. The Over-The-Counter (OTC) veterinary drugs market is expected to propel during the forecast period with the growing awareness on the safety and prevention of diseases among companion animals.
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Over-The-Counter (OTC) Veterinary Drugs, also termed as non-prescription drugs are drugs that are available without any prescription. These drugs are effective and safe when all the directions on the label or directed by the healthcare professional are followed. The FDA in the U.S. considers when a specific drug is effective and safe enough to be sold over-the-counter. Over-the-counter (OTC) veterinary drugs usage is attributable to the savings on cost incurred on clinical visit and on the drug cost. There are limited veterinary drugs that are approved and available to veterinarians.
The veterinarians often depend on the use of different sources and types of drugs to treat their patients. Over-The-Counter (OTC) veterinary drugs are checked on the assurance of the product effectiveness, safety, and manufacturing to stringent standards for purity, quality, and potency. The FDA Centre for Veterinary Medicine (CVM) is responsible for the manufacturing and distribution of veterinary food additives and drugs. Over-The-Counter (OTC) veterinary drugs are regulated under The Federal Food, Cosmetic, and Drug ACT, which regulated statutory provisions that govern all the key regulations of Over-The-Counter (OTC) veterinary drugs. The Act formulate drugs as, “articles for use in the cure, diagnosis, treatment, mitigation, or prevention of diseases in animals or man”.
Over-The-Counter (OTC) Veterinary Drugs Market: Drivers and Restraints-
Over-The-Counter (OTC) Veterinary Drugs are poised to witness a significant growth owing it to the paradigm shift from Rx to OTC by major pharmaceutical manufacturers. Increasing tendency of people towards the health of their companion animals in developed regions, majorly, and immense cost savings with Over-The-Counter (OTC) veterinary drugs pose various advantages, further boosting demand for Over-The-Counter (OTC) veterinary drugs.
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However, several serious issues with OTC drugs pertaining to inappropriate substance abuse vehemently and diagnosis of the animal might obstruct market growth for Over-The-Counter (OTC) veterinary drugs during the forecast timeframe. This has also resulted in withdrawal of various Over-The-Counter (OTC) veterinary drugs used for therapy from the market over the years. Stringent regulations regarding Over-The-Counter (OTC) veterinary drugs and substance abuse related issues might also hinder market growth for Over-The-Counter (OTC) veterinary drugs during the forecast period.
Over-The-Counter (OTC) Veterinary Drugs Market: Region-wise Outlook
Over-The-Counter (OTC) veterinary drugs market is immensely concentrated in major developed economies like the U.S., Japan, and China. The United States is expected to witness a moderate growth due to market saturation in a few product categories. Technological advancements is however, expected to boost market growth for Over-The-Counter (OTC) veterinary drugs worldwide.
Increase in consumer appetite for Over-The-Counter (OTC) veterinary drugs for their companion animals, and growing need of curbing the veterinary-related healthcare costs is expected to fuel the market growth for Over-The-Counter (OTC) veterinary drugs in the Europe region. Increase in efforts for Over-The-Counter (OTC) veterinary drugs licensing for treatment of various diseases in animals is also expected to boost the market growth for Over-The-Counter (OTC) veterinary drugs during the forecast period. However, traditional medications for veterinary disease treatment might slow down the market growth for Over-The-Counter (OTC) veterinary drugs in the Asia-Pacific and MEA region.
Over-The-Counter (OTC) Veterinary Drugs Market: Key Market Participants
Some of the market participants in the Global Over-The-Counter (OTC) Veterinary Drugs market identified across the value chain include: Merck & Co., Inc., Zoetis, Inc., Eli Lilly and Company, Virbac, Bayer AG, Sanofi, Vetoquinol S.A., Boehringer Ingelheim International GmbH, and Dechra Pharmaceuticals PLC.
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Over-The-Counter (OTC) Veterinary Drugs Market: Segmentation
On the basis of Drug Class, Over-The-Counter (OTC) Veterinary Drugs Market can be segmented as:
- H2 Receptor Antagonists
- Non-steroidal Anti-inflammatory Drug
- Artificial Tears and Ocular Lubricants
- Antihistamine
- Antibacterial
- Glucocorticosteroid
- Antidiarrheal Agents
- Nutraceuticals
- Others
On the basis of Form, Over-The-Counter (OTC) Veterinary Drugs Market can be segmented as:
- Topical
- Oral
- Injectable
On the basis of Distribution Channel, Over-The-Counter (OTC) Veterinary Drugs Market can be segmented as:
- Retail Pharmacies
- Mail-order Pharmacies
- Hypermarkets & Supermarkets
On the basis of geography, Over-The-Counter (OTC) Veterinary Drugs Market can be segmented as:
- North- America
- Eastern Europe
- Western Europe
- Asia-Pacific excluding China & Japan
- China
- Japan
- Middle East and Africa
- Latin America
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