April 21, 2024

The Global Animal Depression Medication Market is in trends by rising pet ownership

Animal depression medication has grown in importance due to the rising instances of anxiety and depression in pets. Medication for animal depression helps provide relief from symptoms like lack of enthusiasm, changes in appetite, sleep disturbances and withdrawal behaviour in pets. Common medications prescribed are fluoxetine, paroxetine and clomipramine which selectively inhibit the reabsorption of serotonin in the brain.

The Global Animal Depression Medication Market is estimated to be valued at US$ 1,286.4 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Animal Depression Medication are Torrent Pharmaceuticals Limited, Elite Pharma Private Limited, Biomax Laboratories, Intas Pharmaceuticals Limited, Cipla Limited, and Eli Lilly and Company. These companies provide drugs that are used to treat depression in animals. The growing trend of nuclear families and rising pet ownership especially in developed countries has increased the instances of anxiety and depression in pets due to lack of attention and emotional support. This has driven the demand for effective medication to provide relief to depressed pets. Major players are expanding their product offerings and geographical presence globally to tap into the growth opportunities in developing markets like Asia Pacific and Latin America.

Growing demand in the market
The increasing awareness about animal health and emotions among pet owners has propelled the need for treating depression in pets. Long working hours have limited the time owners can spend with their pets driving demand. Advancements in veterinary healthcare have enabled easy diagnosis and prescription of appropriate medications. The availability of generic medications at lower costs has further stimulated the uptake of antidepressants for animals.

Global expansion of the market
Key players are focused on expanding their global footprint to leverage opportunities in emerging nations. Asia Pacific region is witnessing rapid economic growth and rise in disposable incomes enabling greater spend on pet healthcare. Favorable regulations and increasing pet adoption in countries like India and China are attracting foreign investments. Similar trends are visible in Latin America and Middle Eastern countries gradually building the global animal depression medication market.

Market key trends
One of the prominent trends spurring market revenues is the introduction of novel delivery systems for antidepressants focusing on enhanced absorption and bioavailability. Leading players are developing palatable chewable tablets and flavored liquid formulations for easier administration in animals. Furthermore, companies are engaged in extensive R&D activites to discover new molecules targeting the underlying biological causes of depression in pets. This will facilitate development of more effective and safer drugs expanding treatment options.

Porter’s Analysis

Threat of new entrants: High costs of R&D and brand reputation makes the entry difficult for new players.

Bargaining power of buyers: Low as the demand for animal depression medicines is inelastic.

Bargaining power of suppliers: Low as there are many raw material suppliers.

Threat of new substitutes: Low as there are limited alternatives available to treat animal depression.

Competitive rivalry: Moderate to high as major players compete intensely on the basis of pricing and brand promotion.

The geographical region where the market in terms of value is concentrated is North America. It accounts for over 40% of global animal depression medication market share. The high pet adoption rates and growing awareness about animal health have contributed to the high demand in this region.

Asia Pacific is poised to be the fastest growing region for the animal depression medication market during the forecast period. This is attributed to factors such as rising pet ownership, growing per capita expenditure on pet care, and increasing incidents of separation anxiety and stress disorders among companion animals. Australia and Japan are the major country-level markets in this region.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it