May 29, 2024

Animal Depression Medication Market Dynamics: Addressing Pet Healthcare Needs

Animal Depression Medication Market

Depression in animals is commonly observed in pets such as dogs and cats. Animal depression medication includes antidepressants that work to balance certain chemicals in the brain called neurotransmitters, like serotonin and norepinephrine. This helps alleviate symptoms in animals such as changes in appetite, lack of interest in exercise and play, low activity levels, behavioral issues and so on. As pets are increasingly becoming family members, pet owners are more aware and concerned about their mental health conditions. They are also willing to spend on quality medication and therapies to provide relief.

The global Animal Depression Medication Market is estimated to be valued at US$ 612.9 million in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Plant-based animal antidepressants is emerging as a key trend in the market. Many pet owners are shifting towards herbal and plant-based ingredients due to risks of side effects commonly associated with allopathic medications prolonged usage. Companies are innovating and introducing supplements made from natural ingredients such as chamomile, valerian root, passionflower, etc. known to have calming effects. Such products are gaining popularity for being side effect free and also addressing anxiety related issues in pets. These antidepressants offer a potentially safer alternative and complement to prescription medications. The plant-based trend is expected to drive significant growth in the animal depression medication market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the animal depression medication market is moderate as developing a new drug or treatment requires huge investment in R&D and getting regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of generic alternatives and treatment options. However, buyers tend to stick with brands they trust for their pets care.

Bargaining power of suppliers: The bargaining power of suppliers is low given the fragmented nature of suppliers and availability of substitute ingredients. However, few active ingredients suppliers exert some power.

Threat of new substitutes: The threat of new substitutes is high with continual development and launch of new generation drugs and alternatives therapies for treating pet anxiety and depression.

Competitive rivalry: The competitive rivalry is high among existing players given the presence of many global and regional players offering generic and branded medications.

Key Takeaways
The global animal depression medication market is expected to witness high growth over the forecast period.

North America currently dominates the market owing to higher pet care expenditure and increasing adoption of pets in the region. Factors such as growing humanization of pets and rising awareness about animal mental health drive the regional market growth.

Key players operating in the animal depression medication market are Zoetis Inc, Vetoquinol S.A., Virbac, Ceva, Eli Lilly Compan, and Dechra Pharmaceuticals Plc. Zoetis Inc offers Reconcile and Clomicalm medications to treat anxiety in dogs. Vetoquinol S.A. provides Drontal and Drontal Plus medications. Ceva offers Calmivet and Sedalin to manage stress and anxiety in pets.

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