The over-the-counter (otc) pet medication global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Over-The-Counter (OTC) Pet Medication Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The over-the-counter (OTC) pet medication market size has grown strongly in recent years. It will grow from $8.24 billion in 2023 to $8.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increasing pet humanization trends, growing demand for convenience in pet care, expansion of retail channels, rising pet ownership rates, and evolving regulatory landscape.
The over-the-counter (OTC) pet medication market size is expected to see strong growth in the next few years. It will grow to $11.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to changing consumer attitudes toward pet health, increased awareness of preventive care, rising pet ownership, expanding product offerings, and demand for over-the-counter (OTC) pet medications. Major trends in the forecast period include integration of telemedicine in veterinary care, expansion of natural and organic product offerings, personalized pet health solutions, growth of e-commerce platforms, and increased focus on preventive care.
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Scope Of Over-The-Counter (OTC) Pet Medication Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Over-The-Counter (OTC) Pet Medication Market Overview
Market Drivers –
The rising pet ownership is expected to propel the growth of the over-the-counter (OTC) pet medication market going forward. Pet ownership refers to the legal and ethical responsibility of caring for and controlling a domesticated animal as a companion. The rising pet ownership is due to companionship and emotional support, improved living standards, urbanization, changing family structures, and increased awareness of the benefits of pet ownership for health and well-being. Over-the-counter (OTC) pet medications provide several benefits for pet owners, making caring for their pets more accessible and convenient. Over-the-counter (OTC) pet medications are easily accessible and reasonably priced, encouraging proper pet care by offering quick fixes for common health. For instance, in June 2021, according to the American Pet Products Association (APPA), a US-based non-profit association, an estimated 67% of American families have a pet in 2021, which to rise to 70% in 2022. Further, during 2023–2024, 66% of U.S. households own a pet, which equates to 86.9 million households. Therefore, rising pet ownership across the globe is driving the growth of the over-the-counter (OTC) pet medication market.
Market Trends –
Major companies operating in the over-the-counter (OTC) pet medication market are concentrating on developing innovative products, such as the first monoclonal antibody, to sustain their position in the market. A monoclonal antibody is a type of antibody that is produced by identical immune cells that are all clones of a unique parent cell. For instance, in October 2023, Zoetis Inc., a US-based pharmaceutical company, launched Bedinvetmab injection and Oclacitinib chewable tablets approved by the Food and Drug Administration (FDA), a US-based federal agency. Oclacitinib chewable tablets gained FDA approval for controlling pruritus associated with allergic dermatitis and atopic dermatitis in dogs aged one year or older, presenting the first chewable treatment for allergic itch and inflammation in United States (US) canines. These veterinary medications are now accessible for prescription by veterinarians in the United States (US).
The over-the-counter (OTC) pet medication market covered in this report is segmented –
1) By Medication: Flea And Tick Control, Wormers And Dewormers, Dental Care, Nutritional Supplements, Skin And Coat Care, Pain And Allergy Relief, Other Medications
2) By Pet: Dogs, Cats, Birds, Fishes And Reptiles, Other Pets
3) By Form: Chews And Treats, Capsule And Ointment, Sprays, Other Forms
4) By Distribution Channel: Drug And Pharmacy Stores, Pet Specialty Stores, Veterinary Clinics And Hospitals, Online Retailers, Other Distribution Channels
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Regional Insights –
North America was the largest region in the over-the-counter (OTC) pet medication market in 2023. The regions covered in the over-the-counter (OTC) pet medication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the over-the-counter (OTC) pet medication market are <b>Pfizer Inc., Merck & Co. Inc., Bayer AG, Novartis AG, Zoetis Inc., Boehringer Ingelheim IN, Elanco Animal Health Incorporated, VCA Animal Hospital Inc., Ceva Sante Animale S.A, Virbac S.A., PetIQ Holdings LLC, Vetoquinol S.A, Norbrook Laboratories Limited, Bimeda Inc., Med-Vet International Inc., Sergeant’s Pet Care Products Inc., Advecta, Zesty Paws, Durvet Inc., Pet King Brands, Animax Ltd., PetArmor</b>
Table of Contents
1. Executive Summary
2. Over-The-Counter (OTC) Pet Medication Market Report Structure
3. Over-The-Counter (OTC) Pet Medication Market Trends And Strategies
4. Over-The-Counter (OTC) Pet Medication Market – Macro Economic Scenario
5. Over-The-Counter (OTC) Pet Medication Market Size And Growth
…..
27. Over-The-Counter (OTC) Pet Medication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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