OTC drug market to grow by more than 8%
by Katie Pfaff
The market for over-the-counter veterinary drugs is expected to grow at a CAGR of 8.10% during the next decade, according to a report by research analysis company, Future Market Insights. The market was valued at $8.32 billion at the beginning of the forecast period of 2022 to 2032. By the end of the period in 2032, the market was forecast to exceed a value of $18.14 billion.
Market uptick is projected based on increased utilization of pet healthcare and treatment therapies and increased adoption of pet health insurance. Adding to the expected revenue is the increasing costs associated with such pet care and pet insurance.
A newcomer to the prescription and OTC space in pet medications is the online pharmacy which seamlessly provides access to pet treatment regimens and supplements. The sales channel is forecast to make up 37.8% of the 2022 overall worldwide market.
Additionally, market players in OTC pet medication are continuously launching new products and engaging in business ventures that increase the reach of their brands. As a trend across the market, OTC veterinary drug makers have also recently been involved in acquisitions and partnerships as a method to increase footprint.
By geography, the North American segment in the worldwide OTC veterinary drug market was expected to garner a leading share in 2022, estimated at 34.7%. The largest segment by product form is expected to be oral medications with more than 75% of global share, and CAGR increase of 7.9% across the forecast period.
By class of drug segment, the anti-parasitic medication segment was expected to grow at a CAGR of 8.10% and to make up 12.8% share the global market.
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