Veterinary Dermatology Drugs Market: Current Analysis and Forecast (2022-2028)

Veterinary Dermatology Drugs Market: Current Analysis and Forecast (2022-2028)

Veterinary dermatology drugs refer to the medications which are indicated for the management of harmful, deadly skin infections, such as parasitic skin diseases, dander-related skin disorders, alopecia, intrinsic skin infections, autoimmune skin diseases, mild and harmful skin cancer, and other internal causes for skin abnormalities. The veterinary dermatology drugs market is anticipated to grow at a tremendous rate owing to the increase in the number of pet owners and the surge in demand for better treatment options for companion animals. For instance, as of 2021, 3.2 million families in the United Kingdom had added a pet since the pandemic's commencement, according to the Pet Food Manufacturers Association. With 12 million cats, 12 million dogs, 3.2 million small mammals like guinea pigs and hamsters, 3 million birds, and 1.5 million reptiles, there are currently 34 million pets in the United Kingdom.

The Veterinary Dermatology Drugs Market is expected to grow at a steady rate of around 9% owing to rise in technological advancements and an increase in investment by veterinary pharmaceutical firms. The key players are rapidly launching novel products, which are also having a positive impact on market growth. For instance, in 2022, Vetoquinol launched PHOVIA in Canada, which is an innovative system that aims to lessen the challenges of the current standard of care through the use of Fluorescent Light Energy (FLE). Although this technology is already used in human medicine, Vetoquinol is the pioneer of its use in the veterinary world.

• Based on animal type, the market is segmented into companion animal and livestock animal. The companion animal held the dominant share of the market in 2020 due to a surge in the number of pet owners. According to the annual report of the European Pet Food Industry Association (FEDIAF), published in July 2022, cats and dogs are the most common companion animals in Europe, with 26% of all pet-owning households owning a cat, or 110 million household cats, and 25% owned dogs or 90 million dogs. Thus, this trend is anticipated to drive segmental growth during the forthcoming years.
• On the basis of route of administration, the market is categorized into topical, injectable, and oral. The injectable category is expected to grow with high CAGR during the forecast period as it allows accessible administration in lesser number of doses in comparison to oral drugs. For instance, Convenia by Zoetis treats the animal in only one dose as compared to 28 doses of pills.
• On the basis of indication, the market is segmented into parasitic infections, allergic infections, and others. The parasitic infections held a significant share of the market in 2020 due to the surge in the incidences of parasitic infections among animals. According to WebMD, a study conducted by Colorado State University in May 2021, found Lyme disease-carrying ticks, abundantly near beaches of Northern California, the U.S.
• On the basis of distribution channel, the market is segmented into retail, e-commerce, and hospital pharmacies. The e-commerce segment is expected to grow with a high CAGR during the forecast period which is attributable to the rising penetration of veterinary products specific e-commerce websites and veterinary telehealth platforms. For example, in 2020, Vetster launched an innovative pet wellness platform through which pet owners can schedule appointments using voice, video, and chat that connects them to a market of qualified veterinary practitioners. Thus, these advancements is anticipated to drive segmental growth during the forecast period.
• For a better understanding of the market adoption of the veterinary dermatology drugs, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. Several factors, such as rising medical & diagnostic capabilities for companion animals and increasing ownership of companion animals is expected to support the growth and demand for veterinary dermatology drugs in the region. Apart from this, Asia Pacific is home to manufacturing facilities of keys players in the market, such as Elanco, which further boosts growth.
• Some of the major players operating in the market include Elanco; Vetoquinol; CEVA; Zoetis; Vivaldis; Bimeda, Inc.; Boehringer Ingelheim; Bayer; Merck KGaA; and Mars, Incorporated.