by Veterinary dermatology refers to the branch of veterinary medicine that deals with treating skin diseases and disorders in animals. The veterinary dermatology drugs available in the market are used for the treatment of various dermatological diseases and conditions in companion animals and livestock. Some common skin diseases in pets include allergies, fungal infections, bacterial infections, parasites, and autoimmune skin disorders. Veterinary dermatology drugs aid in combating the symptoms, healing lesions, preventing infection, and relieving itching and discomfort in animals. Oral and topical medications are some of the frequently used veterinary dermatology drugs.
The global Veterinary Dermatology Drugs Market Demand is estimated to be valued at US$ 2.62 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing pet ownership is one of the major drivers fueling the growth of the veterinary dermatology drugs market. According to the American Pet Products Association (APPA), approximately 90.5 million dogs and 114 million cats were owned as pets in 2021 in the US. Rising disposable incomes and growing humanization of pets are encouraging owners to spend more on animal healthcare, thereby driving the demand for veterinary dermatology drugs. Furthermore, increasing product availability through different distribution channels is also boosting the market growth. Veterinary dermatology drugs are now more easily accessible through various veterinary clinics, online retailers, and animal supply stores, among others. This wide accessibility is supporting the adoption of these drugs among pet owners.
Segment Analysis
The global veterinary dermatology drugs market is segmented on the basis of animal type, product type, route of administration and distribution channel. On the basis of animal type, the market is segmented into companion animals and livestock animals. The companion animal segment dominates the market owing to increasing pet adoption and growing expenditure on animal health. By product type, the market is categorized into anti-infectives, antibiotics, antifungals and anti-parasitics. The antibiotics segment accounts for the largest share due to high prescription of antibiotics to treat bacterial infections in animals.
PEST Analysis
Political: Regulations regarding animal welfare and testing have positively impacted the veterinary dermatology drugs market. Stringent guidelines ensure quality products with minimal side effects.
Economic: Rising pet ownership and increasing per capita animal healthcare expenditure in developed nations are fueling market growth. Furthermore, livestock industry expansion in developing regions augurs well for the market.
Social: The growing humanization of pets and the perception of them as companions rather than property has increased the willingness to spend on pet wellness. Rising nuclear families propel pet adoption for emotional support.
Technological: Advancements in drug delivery systems and novel formulations effective against resistant microbial strains support market expansion. Increasing R&D in biologics and monoclonal antibodies for efficacious treatment options also boosts the market.
Key Takeaways
The global Veterinary Dermatology Drugs Market Demand is expected to witness high growth. The market size for 2023 is estimated to be US$ 2.62 Bn. Regional analysis indicates that North America dominates the global market and is expected to maintain its lead position over the forecast period. This can be attributed to increasing pet ownership in countries like the US and rising animal healthcare spending per capita in the region.
Regional Analysis:
Asia Pacific is projected to be the fastest-growing market for veterinary dermatology drugs driven by rising awareness about animal health and disposable incomes in developing countries like India and China. Furthermore, increasing meat consumption in the region is propelling the growth of the livestock industry and subsequently the demand for veterinary dermatology drugs.
Key Players:
Key players operating in the veterinary dermatology drugs market are Zoetis Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Bayer AG, Ceva Sante Animale, Kindred Biosciences, Inc., IDEXX Laboratories, Inc. Zoetis Inc. and Elanco Animal Health Incorporated are the leading players owing to their diverse product portfolio and strong global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
