Over-The-Counter (OTC) Pet Medication Market Analysis, Trends, Strategies And Overview By 2033

The new report published by The Business Research Company, titled Over-The-Counter (OTC) Pet Medication Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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Rising Pet Ownership And Its Impact On The Growth Of The Over-The-Counter (OTC) Pet Medication Market
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.

Zoetis Launches Innovative Food And Drug Administration (FDA) Approved Medications For Dogs
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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Major companies operating in the over-the-counter (OTC) pet medication market are 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

Contents of the report:
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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