The Animal Depression Medication Market consists of antidepressant drugs that are prescribed to treat depression and anxiety in pets. Antidepressant medications help balance chemicals in the brain called neurotransmitters that are associated with controlling mood and emotional states. With an increasing number of owners attributing human-like emotions and traits to their pets, the cases of depression in cats and dogs are being recognized more frequently.
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 rising cases of depression in pets can be attributed to factors such as lack of attention from owners, lifestyle changes, and separation anxiety. As more pets are being left alone for long hours due to busy work schedules and nuclear family setups, loneliness and isolation have emerged as major causes for mood disorders in animals. Additionally, rehoming of older pets has also added to stress-related issues. With growing awareness, owners are increasingly consulting veterinarians to recognize signs of depression in their pets and seek medical help. This is expected to drive the demand for animal anti-depressants during the forecast period.
SWOT Analysis
Strength: Animal depression medication helps alleviate symptoms of depression in pets such as lack of appetite, lethargy, excessive sleeping and prevents self-harm behaviors. This improves the quality of life for depressed animals.
Weakness: Side effects of antidepressants used in animals include diarrhea, lack of appetite, vomiting and restlessness. Continuous monitoring is required when animals are on these medications.
Opportunity: Increasing pet adoption and growing humanization of pets is driving more owners to seek treatment for behavioral problems and mental illnesses in animals. This will boost the demand for animal depression drugs.
Threats: Strict regulatory environment for approval of new animal drugs delays the launch of innovative products. Alternative therapies such as herbal medication and supplements also pose competition to conventional animal antidepressants.
Key Takeaways
The global Animal Depression Medication market is expected to witness high growth. 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 comprises Asia Pacific region dominating the market currently due to rising pet care spending in India and China. Europe follows in terms of market share led by Germany, UK and France where treating pet mental health issues is gaining acceptance.
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 leaders with diverse portfolios and global presence while Indian players like Elite Pharma and Biomax Laboratories are expanding internationally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
