Global Over-the-Counter Veterinary Drugs Market is expected to surge at a 7.9% CAGR, aiming for a value of US$ 19.01 billion by 2033 | FMI
Over-the-Counter Veterinary Drugs Market
The global over-the-counter (OTC) veterinary drugs market is poised for robust growth, with an expected steady Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2033. According to market projections, the industry is anticipated to reach a market share of US$ 19.01 billion by 2033, compared to its estimated value of US$ 8.8 billion in 2023.
The surge in the adoption of dogs and cats as beloved companions, particularly in the post-pandemic era, is a significant driver fueling the expansion of the OTC veterinary drugs market. A growing number of individuals now consider their pets as integral members of their families, prioritizing their nutrition, health, and overall well-being.
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One notable contributing factor to the industry’s growth is the increasing trend of pet owners seeking convenient and readily accessible solutions for their pets’ healthcare needs. This has led to a surge in the demand for over-the-counter veterinary drugs, as more individuals prefer products that can be obtained without the need for a veterinarian’s prescription.
The recent wave of legalization surrounding OTC veterinary drugs has played a pivotal role in propelling market growth. With regulatory frameworks becoming more permissive, consumers now have greater access to a wider range of veterinary drugs, promoting self-care for pets and streamlining the procurement process.
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.
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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.
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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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