PUBLISHER: The Business Research Company | PRODUCT CODE: 1425906
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425906
Veterinary Dermatology Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary dermatology drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary dermatology drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary dermatology drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Veterinary dermatology drugs encompass medications designed for the treatment of dermatological disorders in animals afflicted with skin conditions, including bacterial and fungal infections.
The primary categories of veterinary dermatology drugs include antifungal drugs, antibacterial drugs, and antiparasitic drugs. Antifungals are pharmaceuticals that inhibit the growth of fungi responsible for infections commonly affecting the skin, hair, and nails of animals. These drugs are administered through various routes, including topical, injectable, and oral methods. The target recipients of these medications are diverse, ranging from companion animals to livestock. The drugs are utilized for indications such as parasitic infections and allergic reactions. Distribution channels for veterinary dermatology drugs encompass retail outlets, hospital pharmacies, and online platforms.
The veterinary dermatology drugs market research report is one of a series of new reports from The Business Research Company that provides veterinary dermatology drugs market statistics, including veterinary dermatology drugs industry global market size, regional shares, competitors with a veterinary dermatology drugs market share, detailed veterinary dermatology drugs market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary dermatology drugs industry. This veterinary dermatology drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary dermatology drugs market size has grown rapidly in recent years. It will grow from $7.75 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The expansion observed in the historical period can be attributed to several factors, including the prevalence of dermatological conditions in animals, a rise in veterinary spending, changing environmental factors, increased awareness of companion animal healthcare, regulatory approvals, and heightened awareness of zoonotic diseases.
The veterinary dermatology drugs market size is expected to see rapid growth in the next few years. It will grow to $13.42 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of pet insurance, a rise in the incidence of allergies among animals, the globalization of pet products, a holistic approach to pet care, the growth of the companion animal population, and increased consumer education. Noteworthy trends expected in the forecast period encompass advancements in veterinary dermatology research, a heightened focus on allergy management, a growing demand for topical treatments, the intersection of nutraceuticals and dermatological health, the integration of telemedicine in veterinary dermatology, the emergence of customized and personalized therapies, and an increase in pet insurance adoption coupled with a rise in healthcare spending for pets.
The growth of the veterinary dermatology drugs market is anticipated to be propelled by the increasing number of pet owners. Pet owners, individuals who own or adopt pet animals, play a crucial role in ensuring the health and well-being of their pets. This heightened sense of responsibility results in an increased demand for veterinary drugs. In 2021, a national poll conducted by the American Society for the Prevention of Cruelty to Animals (ASPCA) revealed that one in five households had a cat or dog from the beginning of the COVID-19 crisis, constituting 23 million households. Notably, 90% of dogs and 85% of cats remained in their adopted homes, with households showing a commitment to retaining their pets. The growing number of pet owners is a key driver behind the veterinary dermatology drugs market.
The rise in the burden of dermatological diseases is expected to contribute significantly to the growth of the veterinary dermatology drugs market. Dermatological diseases encompass a broad spectrum of medical conditions affecting the skin, influenced by factors such as genetics, environmental elements, allergies, infections, and lifestyle changes in animals. Owners, recognizing the importance of their animals' well-being, are increasingly seeking veterinary care for dermatological issues. Additionally, the awareness of zoonotic diseases, which can be transmitted between animals and humans, emphasizes the importance of managing and treating skin conditions in animals. As an example, in October 2022, a report from the British Broadcasting Corporation highlighted the impact of lumpy skin disease on over 2.4 million animals in India, leading to the death of more than 110,000 cattle. The rising burden of dermatological diseases is a significant factor driving the growth of the veterinary dermatology drugs market.
In the pursuit of sustaining their market position, major companies in the veterinary dermatology drugs market are innovating by introducing new enzyme-based healthcare solutions. For instance, in October 2022, Pet King Brands Inc., a US-based pet care company, expanded its ZYMOX Enzymatic Dermatology product line with three new offerings specifically designed for cats and kittens. These products, featuring feline-centric packaging and the Seal of Endorsement from The International Cat Association (TICA), aim to address ear and skin conditions in felines without the use of antibiotics or harsh ingredients. The ZYMOX for Cats and Kittens range includes Enzymatic Ear Solution with 0.5% Hydrocortisone, Enzymatic Ear Cleanser, and Enzymatic Topical Cream with 0.5% Hydrocortisone. Leveraging the patented LP3 Enzyme System, these products offer effective solutions for common feline conditions such as ear infections, irritated skin, hot spots, ringworm, and acne.
Major players in the veterinary dermatology drugs market are strategically forming partnerships to broaden their offerings. Strategic partnerships involve companies combining their strengths and resources to achieve mutual benefits and success. For example, in January 2022, Dechra, a UK-based specialist in veterinary pharmaceuticals and related products, entered into a partnership with Bioiberica, a life science company specializing in veterinary pharmaceuticals. The collaboration involves the licensing and distribution of the Atopivet line of dermatological products for cats and dogs in the US, aiming to enhance the health and wellbeing of humans, animals, and plants.
In August 2021, Elanco Animal Health Incorporated, a US-based pharmaceutical company, completed the acquisition of Kindred Biosciences for a deal value of $444 million. This strategic move is expected to bolster and expedite Elanco's innovation, portfolio, and product strategy, enabling the company to provide veterinary solutions that address the unmet needs of pet owners. Kindred Biosciences, a US-based commercial-stage biopharmaceutical company focused on developing drugs for pets, operates in the veterinary dermatology drugs market.
Major companies operating in the veterinary dermatology drugs market report are Elanco Animal Health Inc., Merk & Co. Inc., Zoetis Inc., Vetoquinol SA, Ceva Sante Animale, Virbac S.A., Bioiberica S.A.U., Bimeda Inc., Indian Immunologicals Ltd., Vivaldis Health and Fodds Pvt Ltd., IDEXX Laboratories Inc., Eli Lilly and Company, SavaVet, Toray Industries Inc., AB Science, Merial, Vetmedica, Mars Incorporated, Leti Pharma, Bioiberica S.A.U, Kindred Biosciences, Bayer Animal Health, Boehringer Ingelheim Vetmedica, Dechra Pharmaceuticals PLC, Norbrook Laboratories Limited, Kyoritsu Seiyaku Corporation, Veterinary Centers of America Inc., Heska Corporation, Biogenesis Bago, Nexvet, Aratana Therapeutics
North America was the largest region in the veterinary dermatology drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the veterinary dermatology drugs market report forecast period. The regions covered in the veterinary dermatology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary dermatology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The veterinary dermatology drugs market consists of sales of dicloxacillin, erythromycin, tetracycline, and retinoids, which are naturally occurring and synthetic compounds with vitamin A activity. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.