The study covers a detailed analysis segmented by key business segments i.e. , by application (Fleas & Ticks, Pain Relief & Arthritis, Dewormers and Others) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global OTC Pet Medication market throughout the predicted period.
What is OTC Pet Medication?
OTC (over-the-counter) medications are those that can be purchased without a doctor's prescription. Flea and tick dermatitis treatment is available over-the-counter for pets. Ache, pains, and itching are relieved by this over-the-counter treatment. The FDA/EPA has approved these drugs, which enhances demand for them. Dietary supplements, foods, beverages, and other drugs are examples of over-the-counter medications. Since pets require vitamins and minerals, over-the-counter medications can support them and improve their health. They're available via online outlets, where they're offered at low rates with free shipping. Customers can save money on checkups by using over-the-counter pet medicine. Since pets require vitamins and minerals, over-the-counter medications can support them and improve their health. They're available via online outlets, where they're offered at low rates with free shipping. Customers can save money on checkups by using over-the-counter pet medicine. To ensure the wellbeing of pets, consumers must have a thorough understanding of the advantages and side effects of OTC medications. Changes in lifestyle, increased disposable income, and more people having pets as companions have all contributed to an increase in pet ownership around the world. As a result of these factors, subsequent or related industries, such as OTC pet medication, are growing. The demand for OTC pet medication has been fueled by rising pet ownership and increased awareness of pet diseases and wellbeing.
The competition is expected to become even more intense in the years to come due to entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this OTC Pet Medication market analysis report suggests strategies Players can follow and recommends key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, including:
- Boehringer Ingelheim Animal Health (France)
- WELLMARK INTERNATIONAL (France)
- Merck Animal Health (Merck & Co., Inc.) (United States)
- Pfizer Inc. (United States)
- Bayer AG (Germany)
- Zoetis Inc (United States)
- CevaSanteAnimale S.A. (France)
- PetCareRx (United States)
- Eli Lilly and Company (United States)
- Elanco (United States)
Under the Federal Food, Drug, and Cosmetic Act (the “Act”), The Act defines a new animal drug (in part) as any drug intended for use for animals other than man, the composition of which is not generally recognized, among experts qualified by scientific training and experience, as safe and effective for use under the conditions prescribed, recommended, or suggested in its labeling., According to FDA –, Before a new animal drug may receive FDA approval, the sponsor must establish that the new animal drug is safe and effective. and Safe includes safety to the animal, safety of food products derived from the animal, and safety to persons administering the drug or otherwise associated with the animal. Effective means that the product will consistently and uniformly do what the labeling claims it will do.
The market is highly competitive with several global and local players present in the market, the major players are trying to gain competitive advantage using various mergers and tie-ups and also increasing awareness among people through advertisements.
Market Trend
Growing Adoption of Pets
Restraints
- Adverse Reaction of Some Drugs on Pets
Opportunities
Increased Investment in R&D Of Dog Health and Growing Number of Vets in Developing Countries
Key highlights of the Global OTC Pet Medication market Study:
CAGR of the market during the forecast period 2020-2026
In-depth information on growth factors that will accelerate the OTC Pet Medication market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global OTC Pet Medication market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of OTC Pet Medication Players
Transformation and Important Trigegrs:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global OTC Pet Medication market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in OTC Pet Medication market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Manufacturers of OTC Pet Medication, Suppliers of OTC Pet Medication, Wholesalers, Distributors and Retailers of OTC Pet Medication, Pharmaceutical Industry, Regulatory Bodies and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.