NEWARK, DE / ACCESSWIRE / May 15, 2023 / The Over-The-Counter (OTC) Veterinary DrugsMarket is anticipated to expand its roots at a steady CAGR of 7.9% between 2023 and 2033. The market is projected to have a market share of US$ 19.01 Billion by 2033 while it is likely to be valued at US$ 8.8 Billion in 2023.
Higher amount of people adopting dogs and cats as their pets, especially post-pandemic is increasing the component markets. More people treat their pets as their family members. Hence, the care for their nutrition, health, and diseases comes first for the. The legalization of OTC veterinary drugs that can be bought without the vet's prescription is flourishing the market growth.
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Increased veterinary businesses, animal welfare authorities, and government pet shelter homes are also garnering market growth. Furthermore, the different forms of dosage and increased awareness among people about animal health are projected to flourish the market success.
New products introducing medicine with lower side effects and clean-label packaging are expected to liquidity the market dynamics, making it more available to the retail distributors. Though, online pharmacies are also thriving the market growth due to the easy availability of OTC drugs.
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 chains, 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 its 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
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- APEJ
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- MEA
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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Table of Content (ToC):
1. Executive Summary | Over-The-Counter (OTC) Veterinary Drugs Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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