SAN FRANCISCO – The global veterinary dermatology drugs market size is anticipated to reach USD 14.6 billion by 2028, according to a new report by Grand View Research, Inc.The market is expected to expand at a CAGR of 9.3% from 2021 to 2028. Increasing incidences of dermatology diseases such as fleas and ticks and allergic dermatitis are expected to boost the market growth. Furthermore, a growing number of clinical trials related to veterinary dermatology drugs is also anticipated to fuel market growth.
Key Insights & Findings:
- The companion animal segment held the dominant share of more than 70.0% in the animal type segment as of 2020 owing to the high pet ownership rate
- The oral segment held the largest market share of the route of administration segment as of 2020, accounting for more than 37.0% of the revenue share, owing to its easy availability
- The parasitic infections segment held the largest market share of the indication segment as of 2020, owing to a high prevalence of parasitic infections
- The hospital pharmacies segment held the largest market share of 42.4% in 2020 in the distribution channel segment
- In 2020, North America held the dominant share of the market owing to the increasing pet care expenditure
- In Asia Pacific, the market is expected to show lucrative growth over the forecast period owing to the growing demand for veterinary dermatology drugs in the region
Read 150 page market research report, “Veterinary Dermatology Drugs Market Size, Share & Trends Analysis Report By Animal Type (Companion, Livestock), By Route Of Administration, By Indication, By Distribution Channel, By Region, And Segment Forecasts, 2021 – 2028,” by Grand View Research
Due to the COVID-19 pandemic, some market players such as experience no negative impact. For instance, Elanco experienced a growth of 6.6% in its annual revenue. Also, Vetoquinol and Zoetis reported a growth of 8% and 6.6% in their annual revenue, respectively. On the other hand, Virbac reported a decline of 0.4% in its total revenue and a 6.9% decline in its companion animal parasiticides and dermatology segment as well as bovine parasiticides segment. This neutralized the impact of COVID-19 on the market.
Growth in the companion animal population is expected to increase the demand for veterinary healthcare products, such as dermatology drugs, and boost the overall expenditure on pets. According to the American Pet Products Association report, overall spending in the U.S. pet industry was USD 95.7 Billion in 2019 and forecast to reach approximately USD 99 Billion in 2020. Veterinary care spending increased by 560% between 1994 and 2019.
The market for veterinary dermatology drugs is fairly competitive. The most notable participants in the market are Zoetis, Virbac, and Elanco, along with other manufacturers. These players are involved in new product launches, acquisitions, and partnerships to gain a competitive edge over each other. For instance, in March 2021, Virbac obtained the rights to certain early-stage parasiticides products from Elanco, hence expanding its product portfolio. Also, in February 2021, Vetoquinol acquired the rights from Elanco for the Profender product family comprising of topical dewormer products, for the market in Canada. This expanded its geographical presence.
Grand View Research has segmented the global veterinary dermatology drugs market on the basis of the animal type, route of administration, indication, distribution channel, and region:
- Veterinary Dermatology Drugs Animal Type Outlook (Revenue, USD Million, 2016 – 2028)
- Companion Animal
- Livestock Animal
- Veterinary Dermatology Drugs Route Of Administration Outlook (Revenue, USD Million, 2016 – 2028)
- Veterinary Dermatology Drugs Indication Outlook (Revenue, USD Million, 2016 – 2028)
- Parasitic Infections
- Allergic Infections
- Veterinary Dermatology Drugs Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)
- Hospital Pharmacies
- Veterinary Dermatology Drugs Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
List of Key Players of Veterinary Dermatology Drugs Market
- Vetoquinol S.A.
- Merck & Co., Inc.
- Bimeda, Inc.
- Bioiberica S.A.U
- Indian Immunologicals Ltd.
Check out more studies related to veterinary drugs, diagnostics & treatment, conducted by Grand View Research:
- Veterinary Medicine Market – The global veterinary medicine market size was estimated at USD 29.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine.
- Veterinary Antimicrobial Susceptibility Testing Market – The global veterinary antimicrobial susceptibility testing market size was valued at USD 35.73 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028. The growing government initiatives and stringent regulatory guidelines are expected to propel the market growth over the forecast period.
- Companion Animal Ear Infection Treatment Market – The global companion animal ear infection treatment market size was valued at USD 531.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028. Increased prevalence of otitis externa in pets is propelling the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.