Press release
What Are the Key Opportunities and Trends Shaping the Future of the Global Over-The-Counter (OTC) Pet Medication Market (2024-2033)?
Tailoring And Alteration Services Market Size
The global over-the-counter (OTC) pet medication market reached a value of nearly $8,240.00 million in 2023, having grown at a compound annual growth rate (CAGR) of 2.94% since 2018. The market is expected to grow from $8,240.00 million in 2023 to $10,873.30 million in 2028 at a rate of 5.70%. The market is then expected to grow at a CAGR of 6.20% from 2028 and reach $14,689.37 million in 2033.
What are the upcoming opportunities in the global over-the-counter (OTC) pet medication market?
The key players in the market are adopting extensive strategies in the over-the-counter (OTC) pet medication market such as:
• Strengthen business capabilities through the launch of new drugs in the OTC pet medication market.
• Enhance business capabilities by pursuing strategic acquisitions to expand resources and expertise.
• Expand business operations through new product launches aimed at addressing evolving customer needs in the pet care market.
• Strengthen business operations by pursuing new business expansion initiatives to enter new markets or broaden product offerings.
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To take advantage of the opportunities, The Business Research Company recommends the over-the-counter (OTC) pet medication companies to focus on:
• Expand pet pharmacies to improve access to pet medications and veterinary services, ensuring greater availability for pet owners.
• Focus on strategic partnerships and acquisitions among major players to enhance product offerings and strengthen market position.
What is over-the-counter (OTC) pet medication: market definition?
Over-the-counter (OTC) pet medication (OTC pet medication) refers to pharmaceutical and healthcare products that are sold directly to pet owners without requiring a prescription. These medications address a wide variety of health concerns in pets, ranging from flea and tick control to nutritional supplements and pain relief.
The main medication types of over-the-counter (OTC) pet medication are flea and tick control, wormers and dewormers, dental care, nutritional supplements, skin and coat care, pain and allergy relief, and other medications. Flea and tick control products help to prevent and eliminate infestations of fleas and ticks on pets. These products can include topical treatments, collars, sprays, and oral medications that protect pets from these common parasites. The various pets include dogs, cats, birds, fishes and reptiles, and other pets and various forms include chews and treats, capsules and ointment, sprays, and other forms and supplied through various distribution channels such as drug and pharmacy stores, pet specialty stores, veterinary clinics and hospitals, online retailers, and other distribution channels.
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Who are the major companies operating in the global over-the-counter (OTC) pet medication market?
The global over-the-counter (OTC) pet medication market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 50.39% of the total market in 2023. Zoetis Inc was the largest competitor with a 12.84% share of the market, followed by:
• Arab Pesticides and Veterinary Drugs Manufacturing Company (Mobedco-Vet)
• Ceva Santé Animale
• Boehringer Ingelheim International GmbH
• PetIQ, LLC
• Virbac
• Vetoquinol
• Bayer AG
• Merck & Co., Inc. (Merck Animal Health)
• Animalcare Group with 0.79%.
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