Global Veterinary Dermatology Drugs Market - 2022-2029

Global Veterinary Dermatology Drugs Market - 2022-2029

Market Overview

The global veterinary dermatology drugs market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Veterinary dermatologists are notably qualified in diagnosing and operating infectious skin diseases such as bacterial, fungal, and viral in animals. Many animals worldwide suffer from severe diseases, including parasitic skin diseases, dander-related skin disorders, alopecia, intrinsic skin infections, autoimmune skin diseases, mild and harmful skin cancer, hormonal-related skin diseases, and other internal causes for skin abnormalities.

Market Dynamics

The global veterinary dermatology drugs market growth is driven by the increasing prevalence of skin disease in animals and the use of antifungals is driving the market growth, also the rising number of pet owners with additional pet care decision is adding up to the growth of the veterinary dermatology drugs market.

The rising number of pet owners is expected to drive the growth in the forecast period

An increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting in rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 95.7 billion in 2019 from USD 90.5 billion in 2018, and it is estimated to reach USD 99.0 billion in 2020. Moreover, in 2019-2020, about 67.0% of households in the U.S. owned a pet, which is equal to approximately 84.9 million homes. This percentage had increased by about 11% since 1988, where 56% of the households in the U.S. owned a pet.

Key players are investing to launch new products, which is also boosting the market. For instance, in May 2021, Elanco launched its first oral flea and tick product for cats. The product is called Credelio CAT (lotilaner) and it increases Elanco’s product portfolio as well as helps it to gain a competitive edge in the market.

Low availability and low awareness of these drugs is likely to restrain the market growth

These drugs are not widely available in many underdeveloped and developing countries which could slow down the growth and demand for veterinary dermatology drugs in the market. Also, pet owners in many countries still prefer to treat their pets without any drugs because they getting aware of the harmful effects of such drugs. Moreover, less awareness about the existence of such drugs in many poorly developed countries is expected to pose a challenge for the growth of the veterinary dermatology drugs market. To curb the spread of the virus, many countries around the globe imposed stringent lockdown restrictions. These restrictions include a ban on the supply of non-essential items like pet drugs.

COVID-19 Impact Analysis

Overall veterinary dermatology drugs witnessed a little adverse effect of the outbreak of the COVID-19 pandemic because most people considered pet drugs as non-essential items during financial disruptions brought by the global pandemic. In contrast to this, most market players did well and did not report any major negative effect on their revenue. Due to the high demand for animal protein, animal health was taken seriously. In May 2020, Jeffrey N. Simmons, CEO of Elanco, stated that the industry is going into an economic slowdown, but he also stated that its manufacturing units in China are actively running and reported an increase of 5.1% in its therapeutics segment. Therefore, it is evident that the overall impact of COVID-19 on the studied market was neutral.

Segment Analysis

The oral segment is expected to hold the largest share in this market segment

The oral segment dominated the market and held the largest revenue share. The high availability of oral drugs in the form of tablets, pills, and feed additives, among others, is expected to boost the market growth. Initiatives by market players related to this segment are also expected to boost the market growth. For instance, in September 2020, Bioiberica launched an oral and topical range of dermatological products - Atopivet thus expanding its dermatological solutions portfolio.

Geographical Analysis

North America region holds the largest market share of global veterinary dermatology drugs market

North America is likely to witness a high growth rate of the veterinary dermatology drugs market during the forecast period, owing to the high prevalence of pruritus, sores, alopecia, masses, eruptions, scales, seborrhea, pustules, and draining tracts in animals.

According to a survey conducted by the American Pet Products Association (APPA) in June 2021, pet ownership has increased from an estimated 67% of United States households to an estimated 70%. 14% of total pet owners and non-pet owners obtained a new pet during the pandemic. In developed countries like the United States and Canada, the escalation of pet approval, improving awareness about animal health, and increase in animal health expenses are the drivers to boost the growth of the veterinary dermatology drugs market.

The key factors driving this growth in North America include initiatives by the government and private sector for animal care, increasing pet care expenditure, and most of the key players in the market. The growing incidence of zoonotic diseases is expected to boost the market growth in the region.

The major players actively make strategic planning and new developments to contribute to the market. For instance, injectable drugs are more convenient for administration in a lesser number of doses in comparison with oral drugs. In November 2021, FDA approved BARRIER Wound Care Spray with Pain Relief 2% available iodine with lidocaine by Aurora Pharmaceutical, Inc., United States. Owing to the increasing number of recent developments and new product launches by market players, the North American region for the studied market is growing faster. It will witness a prominent growth rate during the forecast period for the veterinary dermatology drugs market.

Competitive Landscape

The global veterinary dermatology drugs market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Bayer, Bimeda, Inc., Merk & Co. Inc, Virbac, Ceva Santé Animale, Mars Incorporated (Virginia, USA), Zoetis, Inc., Nestle S.A. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Medical Linear Accelerator globally. For instance, in June 2020, Bioiberica signed a distribution agreement with Bayer Animal Health, a subsidiary of Bayer. Under this agreement, Bayer Animal Health would distribute and market some specific products from Bioiberica’s portfolio in Germany, France, Austria, Belgium, the Netherlands, and Korea. Moreover, the agreement would further strengthen the global expansion plan of Bioiberica.

Global Veterinary Dermatology Drugs Market – Key Companies to Watch

Zoetis Inc

Overview: Zoetis Inc is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets the products in approximately 45 countries, and sells the products in more than 100 countries.

Product Portfolio: It includes products like APOQUEL, CONVENIA, CYTOPOINT.

Key developments: In August 04, 2021, Zoetis to acquire Jurox, a leading provider and manufacturer of livestock and companion animal products.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Veterinary Dermatology Drugs Market – By Product Type

Antifungal Drugs

Antibacterial Drugs

Antiparasitic Drugs

Others

Global Veterinary Dermatology Drugs Market – By Indication

Infectious Diseases

Skin Cancer

Autoimmune Skin Diseases

Parasitic Infections

Others

Global Veterinary Dermatology Drugs Market – By Route of Administration

Oral

Topical

Injectable

Global Veterinary Dermatology Drugs Market – By Distribution Channel

Hospital pharmacies

Retail

E-commerce

Global Veterinary Dermatology Drugs Market - By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America