The 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.
Animal depression medication includes drugs that are used to treat clinical depression in animals. Some common signs of depression in animals include changes in appetite, activity levels, and sleep patterns. Products in this market include selective serotonin reuptake inhibitors (SSRIs), tricyclic antidepressants, and others that help to correct imbalances of certain neurotransmitters in the brain associated with depression. These drugs are usually prescribed by veterinarians after diagnosing depression in pets.
Humanization of pets and growing awareness about animal welfare are the major drivers of this market. There is a growing trend of treating companion animals like family members. People are more willing to spend on the health and well-being of their pets. Growing incidence of stress and anxiety among pets due to various factors like separation from owners and change in environment is also contributing to the demand for antidepressant drugs for animals. However, the potential side effects of these medications and misdiagnosis of depression in some cases can restrain the market growth.
The animal depression medication market is primarily segmented into companion animals and livestocks. The companion animals segment dominates the market owing to increasing adoption of pets across the world and rising awareness about animal mental health. Dogs and cats experience symptoms of depression just like humans and require treatment through medications.
Political: Regulations around animal welfare and testing of drugs have become stringent over the years, ensuring quality and safety of depression medications for animals.
Economic: Rising disposable incomes and growing expenditure on pet care is a major driver of growth in developed nations.
Social: Change in social trends towards nuclear families and people considering pets as family members has increased demand for mental wellness products for companion animals.
Technological: Advancements in veterinary research are leading to development of novel drugs with improved efficiency and fewer side effects to treat depression in animals.
The global animal depression medication market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing pet adoption worldwide. The market size for 2023 is US$ 1,286.4 Mn.
Regional analysis: North America dominates the global market currently owing to high pet care expenditure and presence of major market players in the region. Asia Pacific is expected to be the fastest growing regional market due to growing pet ownership in China and India.
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 such as Torrent Pharmaceuticals Limited offer a wide range of anti-depressants specifically developed for companion animals like dogs and cats experiencing symptoms of depression and anxiety disorders. Eli Lilly and Company’s animal health division offers Prozac and Reconcile medications for behavioral issues in dogs.