by The global Canine Atopic Dermatitis Treatment Drugs Market is estimated to be valued at US$ 1038.28 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Canine atopic dermatitis is a common chronic skin disease in dogs characterized by inflammation of the skin. It is caused by various environmental allergens such as house dust mites, pollen, mold, etc. Canine atopic dermatitis treatment drugs include antihistamines, corticosteroids, immunosuppressants which provide relief from symptoms such as itching, redness, skin irritation, etc. These drugs help manage flare-ups and control allergic reactions. Rising pet adoption globally is driving the need for advanced treatment options for various pet diseases including canine atopic dermatitis.
Market Key Trends:
One of the key trends in the global canine atopic dermatitis treatment drugs market is rising R&D investments by major players to develop novel drugs. For instance, in 2021, Elanco Animal Health Incorporated received approval from FDA for Apoquel Chewable Tablets, an oral anti-itch medication for treatment of canine atopic dermatitis. It works by blocking itch-transmitting cells in the skin. Another key trend is increasing number of pipeline drugs for treatment of atopic dermatitis in dogs. For example, in 2022, Kindred Biosciences reported positive results from a Phase 3 clinical trial of its pipeline drug miR-8204 for treatment of atopic dermatitis in dogs. Such pipeline drugs are expected to gain market approvals and launch over the forecast period.
Porter’s Analysis
Threat of new entrants: The risk of new players entering the canine atopic dermatitis treatment drugs market is moderate. Developing new drugs requires huge investments and going through lengthy approval processes.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative treatment options. However, demand for effective drugs is increasing.
Bargaining power of suppliers: A few major companies supply active pharmaceutical ingredients and manufacturing services. This gives them some control over prices.
Threat of new substitutes: Threat from new substitutes is low as currently no effective alternative exists for drug therapy in managing severe canine atopic dermatitis symptoms.
Competitive rivalry: The global market is consolidated with major players holding prominent market shares. Players compete based on drug innovation, pricing, and marketing strategies.
Key Takeaways
The Global Canine Atopic Dermatitis Treatment Drugs Market Size is expected to witness high growth, exhibiting 16% CAGR over the forecast period, due to increasing pet adoption and growing awareness about animal health.
Regional analysis: North America dominates the global market owing to rising healthcare expenditure on companion animals in the US. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by growing pet ownership in China and India.
Key players: Key players operating in the canine atopic dermatitis treatment drugs market are Zeotis Inc, Elanco Animal Health Incorporated, Virbac, Kindred Biosciences, Inc., Nippon Zenyaku Kogyo Co., Ltd., Bioiberica S.A.U., Dechra Pharmaceuticals Plc, and Toray Industries, Inc. Elanco leads the global market with its anti-itch medication Apoquel becoming the first drug approved by the FDA for long-term control and prevention of canine atopic dermatitis symptoms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
