Global Over-the-Counter Veterinary Drugs Industry Set to Grow at 7.9% CAGR, Reaching US$ 19.01 Billion by 2033 | FMI

Over-the-Counter Veterinary Drugs Industry
Over-the-Counter Veterinary Drugs Industry

The global over-the-counter (OTC) veterinary drugs industry 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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