Animal depression medication helps animals suffering from various behavioral, emotional and physical problems. Medications such as antidepressants, anti-anxiety drugs and behavioral therapy drugs are effective in treating conditions like separation anxiety, aggression, fear of loud noises and storms in pets. Rising pet adoption has increased the awareness regarding animal health and wellbeing. The global Animal Depression Medication Market is estimated to be valued at US$ 1.2 Billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of dogs and cats as companion animals has been a major factor driving the growth of the animal depression medication market. According to recent studies, over 85 million homes in America own a pet, with 68% of those families owning a dog and 42% owning a cat. As pets are increasingly considered as part of the family, their emotional and mental well-being is also gaining more attention. This has increased the demand for effective depression and anxiety reducing medication for pets. Additionally, rising awareness through social media campaigns and initiatives by animal welfare organizations has encouraged owners to seek treatment for behavioral issues in pets. The market is expected to further grow over the forecast period due to introduction of new drugs and therapies tailored specifically for various pet conditions.
Segment Analysis
The global animal depression medication market is dominated by the companion animal segment. Dogs and cats commonly suffer from anxiety and depression due to factors such as separation from owners, stressful events, and old age. Dog owners specially seek medical advice and treatment options for anxious and depressive behaviors in dogs such as excessive barking, aggression, appetite changes, etc. This makes the companion animal segment the largest segment in the global animal depression medication market.
Key Takeaways
The global animal depression medication market is expected to witness high growth. The increasing adoption of pets globally and growing awareness about animal health are major driving factors.
Regional analysis shows that North America dominates the market currently due to high pet care expenditure and availability of advanced veterinary facilities in the region. Europe is the second largest market due to growing trend of pet humanization.
Key players operating in the animal depression medication market are Zoetis, Vetoquinol S.A., Virbac, Elanco, and Ceva Sante Animale. Dog owners in developed countries are increasingly getting antidepressants prescribed for anxious and depressive behaviors in dogs like loss of appetite, aggression, excessive barking, etc. This trend is expected to surge the demand for animal depression medication over the forecast period. Growing adoption of pets as companions worldwide especially in developed economies is anticipated to propel the animal depression medication market size in the coming years.
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