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OTC Pet Medication Market
Pet ownership has been increasing across the world, primarily driven by changes in lifestyle, increase in disposable income, and more people wanting pets as companions. These factors, in turn, increase in subsequent or parallel industries such OTC pet medication. Increasing pet ownership and awareness related to pet diseases or pet health have fuelled the demand for OTC pet medication.
In the OTC pet medication market, companies are offering pet medicines at competitive prices through various sales channels such as drug & pharmacy stores, pet specialty stores, etc. OTC pet medications are also available through online platforms, which has become a lucrative sales channel for the OTC pet medication market.
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Flea allergy dermatitis and lyme disease are common types of diseases carried and transmitted by fleas & ticks. The second-most common health issue found among pets is arthritis. The OTC pet medication market is primarily driven by flea & tick and pain relief & arthritis products.
These products, combined, hold 70% of the total OTC pet medication market share. Increasing usage of flea & tick and pain relief & arthritis products is majorly driven by the potential risk of transmission to humans.
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This has resulted in lower OTC pet medication sales volume in the first quarter of 2020. The market is expected to recover in 2021, with East & South Asia are projected to witness higher growth rates as compared to other markets.
The global OTC pet medication market is fairly consolidated in nature, where, a majority of players focus on product formulation & development, regular product launches, and mergers & acquisitions.
The OTC pet medication market is estimated to be valued at US$ 8.3 Bn in 2020. According to PMR’s report, the market is estimated to register a CAGR of over 4% during the forecast period of 2020-2030.
North America remains the largest shareholder in the global OTC pet medication market, followed by Europe. The U.S. has emerged as a dominant country in OTC pet medication in terms of consumption. East Asia, South Asia, and Latin America will offer substantial growth opportunities for the OTC pet medication market.
A brief overview of the changing landscape of the OTC pet medication market has led our analysts to conclude that, the market is gaining momentum. Key manufacturers in the OTC pet medication market, such as Boehringer Ingelheim Animal Health, Bayer Companion Animal, and Merck & Co., Inc., are prioritizing innovation and new product development to gain a competitive edge in the market. Most companies are currently focusing on new innovation through new formulation development and new product launches such as natural OTC medication for pets. Apart from developed countries, companies can focus on emerging markets such as China, India, Brazil, etc.
PMR’s research study on the global OTC pet medication market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The OTC pet medication market is segmented on the basis of application, pet, form, sales channel, and region. Every segment is analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
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The OTC pet medication market research report includes a competitive landscape that provides a dashboard view of the key competitors operating in the market. Some of the market players included in this section are Boehringer Ingelheim Animal Health, Ceva Sante Animale, Bayer Companion Animal, Merck Inc., Zoetis Inc., Elanco, Virbac SA, Vetoquinol SA, Frontline, Elanco, and others.
The research study on the OTC pet medication market offers inclusive insights about the growth of the market in the most comprehensive manner. Key insights offered in the OTC pet medication market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.
