Over-The-Counter (OTC) Veterinary Drugs Market to Surpass US$ 18.14 Bn by 2032 - Future Market Insights
Leading Companies Profiled in the Over-The-Counter (OTC) Veterinary Drugs Market are Zoetis, Boehringer Ingelheim, Virbac S.A., Hester, Biosciences Ltd., Merck Animal Health, Elanco Animal Health, Ceva Santé Animale, Vetoquinol S.A.
NEWARK, Del., April 28, 2022 /PRNewswire/ -- According to Future Market Insights, the global over-the-counter (OTC) veterinary drugs market sales were worth US$ 8.32 Bn in 2022 and the market is poised to expand at a CAGR of 8.10% over the forecast period (2022-2032).
The high cost of pet healthcare and medications has led to the growth of the pet insurance sector. The North American Pet Insurance Association's report stated that around 3.45 million pets were covered under pet insurance by May 2021, with an average growth rate of 23.4%.
Online pharmacies have gained an impetus in the last two years mainly due to the worldwide lockdown leading to the need for doorstep delivery of medicines. For instance, in a report published by the Federation of Indian Chambers of Commerce & Industry, approximately 9 million households used e-Pharmacy services.
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They have also estimated an exponential increase in the ePharmacy service usage by 2025, wherein around 70 million households would be using ePharmacy. This paradigm shift in consumer buying behaviour will create lucrative opportunities for growth in the global market.
Further, key players are focusing on product launches, strategic partnerships and acquisitions to expand their consumer base and provide better services across the world.
- The anti-parasitic drugs, within the drug class segment, are expected to account for a 12.8% market share in the global over-the-counter (OTC) veterinary drugs market, exhibiting growth at a CAGR of 8.10% over the forecast period (2022-2032).
- By product form, the oral drugs are set to capture more than 75% market share of the global Over-The-Counter (OTC) veterinary drugs market at a CAGR of 7.9% between 2022 and 2032.
- The online pharmacies, among sales channels, are expected to account for 37.8% market share in the global Over-The-Counter (OTC) veterinary drugs market in 2022.
- North America will dominate the global over-the-counter (OTC) veterinary drugs market with a market share of 34.7% by the end of 2022.
Leading Companies Profiled in the Over-The-Counter (OTC) Veterinary Drugs Market are:
- Boehringer Ingelheim
- Virbac S.A.
- Hester Biosciences Ltd.
- Merck Animal Health
- Elanco Animal Health
- Ceva Santé Animale
- Vetoquinol S.A.
- Phibro Animal Health Corporation
- Dechra Pharmaceuticals PLC
- Kyoritsu Seiyaku Corporation
"Rising awareness of antibiotic resistance, increased pet adoption rate and growing pet-related diseases are driving the demand for global OTC veterinary drugs over the forecast period," says an analyst of Future Market Insights.
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Product launches, strategic collaborations, and acquisitions are some of the key strategies adopted by the OTC veterinary drug manufacturers to expand their product portfolio.
- In April 2021, on World Veterinary Day 2021, Hester Biosciences announced the launch of their new product line of herbal products for livestock and poultry.
- In September 2021, Virbac and Jectas Innovators announced the formation of their collaborative agreement to expand their animal health vaccine segment.
- In August 2020, Merck Animal Health announced the acquisition of IdentiGEN, a leader in DNA-based animal traceability solutions for Livestock and Aquaculture.
- In September 2020, Boehringer Ingelheim acquired an equity stake in New Ruipeng Group (NRP Group), which operates digital and clinical pet services across China.
Key Market Segments Covered in Over-The-Counter (OTC) Veterinary Drugs Industry Research
By Drug Class:
- Decongestants & Bronchodilators
- H2 Receptor Antagonists
- Nutrients & Supplements
- Lubricant eye drops & artificial tears
- Antidiarrheal agents
By Product Form:
By Sales Channel:
- Veterinary Hospitals
- Veterinary Clinics
- Retail Pharmacies
- Hypermarkets & Supermarkets
- Online Pharmacies
- Veterinary Shops
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The global extraction kits market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights on the Over-The-Counter (OTC) veterinary drugs market based on drug class (Non-steroidal Anti-inflammatory Drug (NSAID), antihistamines, decongestant and bronchodilator, antibacterial, H2 receptor antagonists, nutrients and supplements, glucocorticoids, lubricant eye drops and artificial tears, anti-parasitic, antidiarrheal agents and others), by product form (oral, injectable, topical and others), and sales channel (veterinary hospitals, veterinary clinics, retail pharmacies, hypermarkets and supermarkets, online pharmacies and veterinary shops) across seven major regions.
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