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OTC Pet Medication Market

Global Market Study on OTC Pet Medication: Increasing Pet Humanization Trend Giving Impetus to Market Growth - Forecast to 2023-2033

Global OTC Pet Medication Market Segmentation by Product Type - ( Fleas & Ticks, Pain Relief & Arthritis, Dewormers), the flea & tick segment is anticipated to rise at the highest CAGR of nearly 5.5%.

OTC Pet Medication Market Outlook (2023-2033)

The global OTC Pet Medication market is projected to expand at ~4.5% CAGR and reach ~US$ 14.24 billion by the end of 2033, up from its current market size of ~US$ 8.85 billion in 2022.

Global OTC Pet Medication Market Size (2022A)

~US$ 8.85 billion

Global OTC Pet Medication Market Size (2023E)

~US$ 9.17 billion

Projected Sales of OTC Pet Medication Market (2033F)

~US$ 14.24 billion

Value CAGR (2023 to 2033)

~4.5%

Collective Value Share: Top 3 Countries (2022)

~56%

The desire for companion animals among people and changes in lifestyle are the main drivers of the rise in pet ownership around the world. These factors, in turn, contribute to the growth of related or following sectors, such as OTC pet medications. The demand for over-the-counter pet medications has increased along with the number of pets owned and knowledge of pet health issues.

Companies are selling OTC pet medications at competitive costs through a variety of sales channels, including drug and pharmacy stores, pet specialty shops, etc. Additionally, OTC pet medications can be purchased online, which has grown to be a successful sales channel for the OTC pet medication market.

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OTC Pet Medication Market Analysis from 2018 to 2022 Vs Market Outlook for 2023 to 2033

The introduction of multiple cutting-edge pet medication over the past few years has provided customers and doctors a variety of options to select the finest prescription for their pets. Another element driving demand in the market is the accessibility of customizable drugs from compounding pharmacies.

Both pet owners and farmers who own cattle are becoming more interested in medications designed specifically for treating various animal illnesses. As a result, the development of flavoured soft chews as a dose form for several over-the-counter medicines has rapidly grown. The sales of OTC pet medications are expected to increase internationally as a result.

Additionally, because the pet medication sector is growing, governments all over the world are stepping up their support for pet care. For instance, the Animal Welfare Board of India has put in place a number of programmes to help the nation's pet owners. Some of their programmes include funding for birth control, vaccination of stray dogs, and grant-in-aid for the upkeep of sheltered animals. Therefore, increasing government funding and support for pets and farm animals is driving up market demand. The market for OTC pet medications increased at a CAGR of 2.9% between 2018 and 2022.

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How is Increasing Pet Adoption Boosting the OTC Pet Medication Market?

Having a pet as a friend offers a great deal of love and affection in addition to having positive health effects. An individual's loneliness is frequently reduced by pets. Having a pet encourages one to go outside and interact with others. Walking a dog together can assist with health problems like high blood pressure and cholesterol. A companion animal is viewed as a person's best friend. The close bond that develops between a human and a pet frequently aids in the treatment of conditions like depression and other forms of mental stress. It also talks about how lonely a person can be. The adoption of pets has become more popular all around the world as a result of these advantages.

The number of pet owners has risen by 11% since 1988, according to National Pet Owners figures from 2019. In 2019, almost 67% of American households had a pet, with the majority of those families having dogs. In addition, the UK's Pet Food Manufacturers Association reports that in 2019, 40% of homes (about 12 million) had a pet, with 25% of those households having dogs. It is anticipated that rising pet adoption would help the industry develop.

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How is Pet Humanization driving the Sales of OTC Pet Medication?

The concept of treating pets as part of the family is known as pet humanization. The market's rising demand for pet medications is mostly due to the humanization of pets. Pet medications and other medicated goods and services are in high demand due to a number of additional causes, including the rising rate of pet adoption and rising per-person pet spending. People who own dogs care for them in a similar way to parents caring for their children in a family, since pets are treated as essential members of the family.

Many people even view raising pets as a form of child upbringing approach. Pet owners take their commitments to their animals extremely seriously. Owners of pets desire the same things for themselves as they do for their own comfort. This is a key factor in why they don't think twice about spending money on their pets' welfare. Spending by pet owners goes into essentials like veterinary care, pet grooming, and other veterinary services. The majority of pet owners today, the millennial generation, agree that animals should be treated just like children. This is a motivating factor that is anticipated to increase pet medicine sales.

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Country-wise Analysis

Why the U.S. is considered the largest market for global OTC veterinary drugs?

In 2022, the U.S. accounted for 88.8% of the market share for OTC pet medication in North America. Over the projection period, the U.S. market is expected to grow at a CAGR of 2.6%.

The demand for over-the-counter (OTC) pet medications in the United States is being fuelled by the growth of the pet care business and a rise in online pharmacies. More than 3.5 million pets were covered under insurance in the United States in 2021, as reported by the North American Pet Health Insurance Association (NAPHIA).

Pet adoption is increasing in the United States as a result of the rising number of pet insurance companies and their active marketing campaigns to promote product understanding among pet owners.

How is the OTC Pet Medication Market Striving in Germany?

Germany contributed a share of 22.4% of the total European OTC pet medication market in 2022 and is anticipated to grow at a CAGR of 5.1% during the projected period.

Furthermore, a significant element driving the market for OTC pet medications in Germany is the rising prevalence of pet adoption in the country. For instance, the German dog association Deutsche Hundewesen (VDH) reported a 20% increase in pet dog sales in Germany for the entire year 2020.

Due to the presence of several major producers in Europe, including Boehringer Ingelheim, Merck Animal Health, and Virbac S.A., the availablity of pet medication in Germany is comparatively high, which illustrates why Germany has such a significant portion of the European market.

What is the Scope of OTC Pet Medication Market in China?

The primary drivers of the market expansion in the nation are the rising number of companion animals, pet humanization, prevalence of animal ailments, and initiatives by important companies. For instance, the Chinese Ministry of Agriculture and Rural Affairs granted licence to Boehringer Ingelheim in 2021 for the GastroGard medication formulated for horses. Boehringer Ingelheim established itself as the first multinational animal health company to conduct horse business in China.

The market was affected in many ways by the COVID-19 pandemic. For certain market players, the negative consequences of movement limitations and logistical challenges led to poor demand and sales. However, pet ownership increased across the nation which helped the market to get back on track. In the upcoming years, it is predicted that this would increase demand for OTC pet medications and diagnostic tools. This element, together with the expanding initiatives by industry participants, is anticipated to fuel market expansion. The Chinese OTC medication market is estimated to rise at a CAGR of 10.1% during the forecast period.

Category-wise Insights

Which Product Type has the Highest Demand in the OTC Pet Medication Market?

Common illnesses carried and spread by fleas and ticks include flea allergy dermatitis and Lyme disease. Arthritis is the second most frequent medical condition seen in pets. Flea & tick, pain treatment, and arthritis drugs account for the majority of sales of OTC pet medications.

Together, these items account for 70% of all OTC pet drug sales. The possible risk of transmission to people is a major factor driving the rising use of painkillers and arthritis medications as well as flea and tick repellents. However, the flea & tick segment is anticipated to rise at the highest CAGR of nearly 5.5%.

Which Type of OTC Pet Medication is Majorly Used?

Dogs held the largest percentage of all pet types in 2022, with a share of ~35%. The indications for non-infectious disorders among dogs accounted for almost 25% of the market. According to predictions, the dog segment will continue to hold its dominant position in the market as dogs are adopted as pets on a larger scale than other animal species. While dogs are also considered as man’s best friend which works in the segments favour.

Which Sales Channel is estimated to Gain Traction during the Forecast Period?

By the end of 2023, it is anticipated that drug and pharmacy stores would hold a ~62.2% market share of the global market for sales channels. However, online pharmacies have emerged on the global market as a result of increasing demand from pet owners for home delivery of all OTC pet medications.

To boost the scalability of these products, numerous market players are concentrating on promoting them via e-commerce platforms. According to Persistence Market Research, the segment is anticipated to increase at a CAGR of ~4% during the course of the projection years. A sizeable portion of the OTC pet medicine industry is also controlled by retail pharmacies.

Competition Landscape

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. Collaborations and acquisition of niche players is a key strategy being followed by leading OTC pet medication manufacturers.

  • Dechra Pharmaceuticals signed an agreement with Akston Biosciences for the launch of new product, AKS-425c, which is an insulin therapy for cats.
  • In 2018, Zoetis Inc. expanded its animal vaccines research and manufacturing in Suzhou, China. The company is focusing on the development and manufacturing of vaccines and supplements for companion animals, fish, cattle, and pigs. It is also planning to expand its physical presence by establishing new manufacturing and distribution centres in east China.

OTC Pet Medication Industry Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

  • US$ Billion for Value
  • Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • South Africa
  • Northern Africa
  • GCC Countries
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand

Key Market Segments Covered

  • Product Type
  • Pet Type
  • Medicine Form
  • Sales Channel
  • Region

Key Companies Profiled

  • Bayer Companion Animal
  • Boehringer Ingelheim
  • Animal Health
  • Ceva Sante Animate
  • Merck Inc.
  • Zoetis Inc.
  • Elanco
  • Virbac SA
  • Vetoquinol SA
  • Frontline
  • Zymox
  • ChloraSeb
  • Sulfox
  • Adequan
  • Dechra Pharmaceuticals PLC
  • Nutramax Laboratories, Inc.
  • Others (As per Request)

Customization & Pricing

Available upon Request

Key Segments Covered in OTC Pet Medication Industry Research

OTC Pet Medication Market by Product Type:

  • Fleas & Ticks
  • Pain Relief & Arthritis
  • Dewormers
  • Others

OTC Pet Medication Market by Pet Type:

  • Dogs
  • Cats
  • Birds
  • Fish & Reptiles
  • Small Pets
  • Others

OTC Pet Medication Market by Medicine Form:

  • Chewable & Tablets
  • Capsules & Ointment
  • Sprays
  • Others

OTC Pet Medication Market by Sales Channel:

  • Pet Specialty Stores
  • Veterinary Clinics
  • Drug & Pharmacy Stores
  • Online Retail
  • Others

OTC Pet Medication Market by Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East Africa

- Companies Covered in This Report -

  • Bayer Companion Animal
  • oehringer Ingelheim
  • Animal Health
  • Ceva Sante Animate
  • Merck Inc.
  • Zoetis Inc.
  • Elanco
  • Virbac SA
  • Vetoquinol SA
  • Frontline
  • Zymox
  • ChloraSeb
  • Sulfox
  • Adequan
  • Dechra Pharmaceuticals PLC
  • Nutramax Laboratories, Inc.
  • Other Players (As Requested)

- Frequently Asked Questions -

The global OTC pet medication market reached a valuation of US$ 8.85 billion at the end of 2022.

Between 2018 and 2022, global sales of OTC pet medication increased at ~2.9% CAGR.

North America leads the global market and accounted for highest share in 2022.

Some of the leading manufacturers of OTC pet medication are Bayer Companion Animal, Boehringer Ingelheim Animal Health, Ceva Sante Animate, Merck Inc., Zoetis Inc., Elanco, Virbac SA, Vetoquinol SA, Frontline, Zymox, ChloraSeb, Su!fox, Adequan, Dechra Pharmaceuticals PLC, and Nutramax Laboratories, Inc. among others.

The global market for OTC pet medication is expected to expand at ~4.5% CAGR through 2033.

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