Animal depression medication helps in treating depression in pets such as dogs and cats. Depression in animals can be caused due to various factors like separation anxiety, declining health, environmental stress, lack of physical activity, and old age. Animal depression medication helps uplift the mood and make animals more active. They provide relief from psychological stress and help improve the mental well-being and behavior of depressed animals.
The global Animal Depression Medication Market is estimated to be valued at US$ 1,286.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in pet adoption across the globe is a key trend fueling the growth of the animal depression medication market. According to the American Pet Products Association, around 35% of U.S. households own dogs and around 25% own cats. Increasing trend of nuclear families and loneliness of individuals have further driven pet adoption. Pet owners give importance to mental health of their pets and opt for depression medication for them. Growing pet humanization is leading owners to invest more on healthcare and medications ensuring quality life of their pets. This has propelled the demand for animal depression medications over the years.
Segment Analysis
The global animal depression medication market is dominated by the small animal segment, which accounts for over 70% share. Dogs and cats are commonly kept as pets in many households. The rise in humanization of pets has increased awareness about animal mental health issues. Owners are more inclined towards treating depression in pets, especially dogs and cats that show behavioral changes and lack of interest in normal activities. This has driven the demand for antidepressants designed for small animals.
Key Takeaways
The global animal depression medication market is expected to witness high growth over the forecast period of 2023 to 2030. Favorable regulations regarding animal welfare in several regions and increasing pet adoption are some of the key factors expected to boost market revenues. The global Animal Depression Medication Market is estimated to be valued at US$ 1,286.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Regional analysis
North America currently dominates the global animal depression medication market and is expected to maintain its leading position during the forecast period. High pet adoption rates coupled with rising awareness about pet health and well-being in countries like the U.S. and Canada have supported market growth. Availability of advanced products and growing number of veterinary practitioners also contribute to the large share of the North America region.
Key players
Key players operating in the animal depression medication market 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. Torrent Pharmaceuticals and Eli Lilly are some of the largest players globally, with wide product portfolios and strong distribution networks across countries. The market is expected to witness high competition with these top players focusing on expansion in high growth regions through new product launches and strategic collaborations.
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