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The animal depression medication market covers drugs prescribed specifically to pets such as dogs and cats suffering from depression. Common symptoms of depression in pets include lethargy, loss of appetite, excessive fear, and changes in behavior. Growing pet humanization coupled with rising cases of separation anxiety and stress-related disorders in pets due to changing lifestyle patterns has boosted the demand for effective anti-depressant drugs. Owners are increasingly willing to spend more on pet healthcare to ensure the emotional well-being and quality of life of their furry companions.
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 Dynamics
Rising Adoption of Pets
With growing urbanization and changing social structures, more people are living alone or as couples without children. This has augmented pet adoption rates globally as pets fulfill the emotional needs of companionship. According to the American Pet Products Association, around 85 million families in the U.S. owned at least one pet as of 2021. Increasing pet humanization rate will boost the need for psychoactive drugs to combat depression and provide emotional support to pets, especially those facing separation issues.
The easy availability of pet depression drugs and growing owner awareness about mental health disorders in animals are also expected to aid the market growth over the forecast period. However, high costs associated with psychoactive therapies and potential side effects of medications may limit the market expansion to some extent.
Segment Analysis
The global Animal Depression Medication market is dominated by the small animal segment, which holds around 65% share of the overall market. This segment includes pets like dogs and cats, which are more likely to be diagnosed and treated for depression as compared to other animals. Dogs and cats usually live very close to their owners in domestic environments and tend to pick up on anxiety, stress, and other psychological issues affecting the household. Being companion animals, their mental well-being is also prioritized through medication when required.
PEST Analysis
Political: Regulations around the use of prescription animal drugs are becoming more stringent. However, policies also support mental healthcare for companion animals.
Economic: Rising pet adoption and expenditures on pet care are fueling market growth. The average annual spend on a dog or cat exceeds $1,000 in many developed markets.
Social: Companion animals are treated more like family members now. Owners are increasingly aware and willing to try therapies and drugs to boost their pet’s quality of life.
Technological: Advancements enable more accurate diagnosis of animal depression through behavior analysis tools and biomarkers. New delivery forms and customized treatments are also being developed.
Key Takeaways
The global Animal Depression Medication market is expected to witness high growth over the forecast period of 2023 to 2030. The global animal depression medication market is estimated to be valued at US$ 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 indicates North America holds the largest share currently due to high pet ownership and animal healthcare spending in countries like the US and Canada. Europe follows in second place buoyed by growing pet humanization trends.
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. Key players are focusing on new product launches and expanding geographical presence into emerging markets.
The diagnostics and therapeutics landscape is evolving to address affective disorders in companion animals. Biomarker-based tools and multi-modal therapies hold promise to more effectively manage pet depression. Safety and efficacy data from ongoing clinical trials will also help optimize available pharmacological interventions. Looking ahead, the market is set to capture untapped demand as societal views around animal welfare continue broadening worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
