PUBLISHER: Grand View Research | PRODUCT CODE: 1362986
PUBLISHER: Grand View Research | PRODUCT CODE: 1362986
The global veterinary dermatology drugs market is expected to reach USD 28.69 billion by 2030, registering a CAGR of 8.89% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The market is driven by increasing pet expenditure, humanization of pets, robust R&D pipeline, launch of new products, the prevalence of dermatologic conditions, and initiatives by key companies. For example, in June 2023, Zoetis received FDA clearance for Apoquel Chewable- the country's first and only chewable pharmaceutical for controlling allergic itch and inflammation in dogs. This expanded the company's portfolio and supported its growth objectives.
The COVID-19 pandemic and macroeconomic headwinds from 2020 to 2022 had both positive and negative impacts on the market. This included operational challenges, supply chain disruption, limited access to veterinary care, spike in pet adoption, adoption of telemedicine, and increased penetration of pet insurance. Vimian for instance, reported dampened growth during Q1 2022 in its dermatology & specialty care segments due to volatility in shipments between quarters. By Q3 2022, the company reported robust growth in Dermatology & Specialty Care segments. Zoetis on the other hand witnessed volume growth of 14%, 3%, and 9% from in-line portfolio, including its dermatology products during Q2, Q3, and Q4 2021 respectively. In 2022, however, Zoetis reported 1-2% volume growth in its dermatology portfolio every quarter.
Ongoing research and development efforts in the field of veterinary dermatology have led to the creation of more effective and user-friendly drug formulations. These formulations are often easier to administer and can provide quicker relief for pets, ensuring medication compliance. Growing initiatives by key market players is expected to propel the R&D pipeline and promote the launch of new products in the market. In May 2023, Dechra Pharmaceuticals PLC for example, partnered with ILC Therapeutics in Scotland to research and develop the latter's Caniferon product for the treatment of atopic dermatitis in dogs. This added to the company's product pipeline.