Rising adoption of pets is augmenting Veterinary Dermatology Drugs Market Growth

 

Veterinary Dermatology Drugs Market

Veterinary Dermatology Drugs Market (By Animal Type: Companion Animal, Livestock Animal; By Route of Administration: Oral, Topical, Injectable; By Indication: Parasitic Infections, Allergic Infections, Others; By Distribution Channel: Retail, E-Commerce, Hospital Pharmacies) - and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Veterinary Dermatology Drugs Market is estimated to be valued at US$ 9.25 billion in 2022 and is expected to exhibit a CAGR of 10.76 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Veterinary dermatology drugs means the drugs utilized to cure dermatological diseases in animals that are suffering from skin disorders such as bacterial and fungal inflammations. The main items of veterinary dermatology drugs are antifungal medicines, antibacterial medicines, and antiparasitic medicines. Antifungals refer to the drugs that stop the development of fungi that leads to inflammation that usually affect skin, hair, and nails. The animals, which involve companions and livestock, utilize drugs for signs such as parasitic infections, allergic inflammation.

Competitive Landscape:

Key players involved in the growth of the global Veterinary Dermatology Drugs Market are Elanco, Mars Incorporated (Virginia, USA), Bimeda, Inc., Zoetis, Inc., Merck & Co., Inc., Virbac, Ceva, and Nestle S.A.

Market Key Drivers:

Rising adoption of pets, increasing prevalence of companion animal disorders, and increasing awareness regarding companion animal health is projected to propel the growth of global Veterinary Dermatology Drugs Market. For instance, as per FEDIAF in July 2022, cats and dogs were the most popular companion animals in Europe, with 26% of all pet-owning households.

Rising availability of research sources and R&D activities to develop new products are anticipated to boost the growth of global Veterinary Dermatology Drugs Market. For instance, in February 2021, IVC Evidensia, introduced VetSoothe, dermatological products to all of its UK and Netherlands clinics. 

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global Veterinary Dermatology Drugs Market as the healthcare services were significantly decreased due to social distancing measures taken by regulatory worldwide. Anyhow, the adoption of pets was high amidst the global population in the pandemic phase.

Key Takeaways:

The global Veterinary Dermatology Drugs Market is expected to exhibit a CAGR of 10.76 % during the forecast period owing to the rising launches and approvals. For instance, in May 2021, Elanco introduced an oral flea and tick product, Credelio CAT for cats in U.S.

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Veterinary Dermatology Drugs Market due to rising adoption of pets, increasing approvals and launches, rising mergers and acquisitions. For instance, as per Pet Keen Research, Canada expenditure on pets was high, with 17% of owners prepared to expend above US$ 500 per year on pet well-being.