Over-The-Counter (OTC) Pet Medication Global Market Worth $11.14 Billion By 2028 Rapid Growth Predicted CAGR of 6.3%

"The Business Research Company recently released a comprehensive report on the Global Over-The-Counter (OTC) Pet Medication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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).

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Major Key Players of the Market:

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

Over-The-Counter (OTC) Pet Medication Market 2024 Key Insights:

• 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%.
• Rising Pet Ownership And Its Impact On The Growth Of The Over-The-Counter (OTC) Pet Medication Market
• Zoetis Launches Innovative Food And Drug Administration (FDA) Approved Medications For Dogs
• North America was the largest region in the over-the-counter (OTC) pet medication market in 2023

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