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OTC Pet Medication Market Size

Report ID: GMI6068
Published Date: Jun 2023
Report Format: PDF

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OTC Pet Medication Market Size

OTC Pet Medication Market size was valued at USD 8.1 billion in 2022 and is anticipated to grow at a CAGR of 6.5% from 2023 to 2032. The market is driven by increasing pet ownership, growing awareness among pet owners regarding the importance of preventive healthcare, rising adoption of pet insurance, and increasing spending on animal healthcare.

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The rising number of pet owners worldwide is a significant driver for the market. As more people bring pets into their homes, the demand for pet care products, including OTC medications, increases. According to the American Pet Products Association's (APPA) 2022-2023 National Pet Owners Survey, 66% of U.S. households, or around 86.9 million families, own a pet. The expenditure on supplies, live animals, and OTC medicine in the US was USD 31.5 billion in 2022 and is expected to reach USD 32.1 billion in 2023. Pet owners are increasingly investing in the health and well-being of their pets, leading to a higher demand for OTC medications to address common health issues.

OTC Pet Medication Market Report Attributes
Report Attribute	Details
Base Year:	2022
OTC Pet Medication Market Size in 2022:	USD 8.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.5%
2032 Value Projection:	USD 15.2 Billion
Historical Data for:	2018 to 2022
No. of Pages:	158
Tables, Charts & Figures:	278
Segments covered:	Medication Type, Pet Type, Form, Distribution Channel, and Region
Growth Drivers:	Rising pet ownership across the globe Growing emphasis on preventive healthcare for pets Increasing prevalence of zoonotic diseases Raising animal medicalization rate Increase in animal healthcare expenditure Increase in adoption of pet insurance in developed economies
Pitfalls & Challenges:	Lack of knowledge about OTC pet medications Lack of veterinary supervision

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global OTC pet medication industry was valued over USD 8 billion in 2022 and will cross USD 15 billion by 2032, driven by increasing pet ownership, growing awareness among pet owners regarding the importance of preventive healthcare, and rising adoption of pet insurance.

In 2022, the flea and tick control segment accounted for 45.3% market share. Pet owners prioritize the health and comfort of their pets, which along with increasing incidences of parasitic infections in pets is boosting the product demand.

North America OTC pet medication market is expected to reach USD 5.4 billion by 2032, on account of a high rate of pet ownership, and rising demand for over-the-counter drugs to address common health conditions in pets.

Zoetis Inc., Merck & Co., Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Ceva Sante Animale, Virbac, Vetoquinol, PetIQ, LLC., Norbrook, and Bimeda, Inc.