CAGR: 9.44% Current Market Size: USD 7.63 billion Fastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
Global veterinary dermatology drugs market is expected to grow from USD 7.63 billion in 2021 to USD 15.71 billion by 2029, at a CAGR of 9.44% during the Projection period 2022-2029. The increasing prevalence of diseases among animals and high investments by some key players is one of the primary drivers responsible for market growth. Further, the increasing adoption of pets in many regions has led to rising demand for veterinary dermatology drugs. The increasing number of veterinary clinics and rising awareness related to animal diseases are also significant advances driving the veterinary dermatology market.
Veterinary dermatology drugs treat infectious skin diseases and other such animal diseases. Many animals across the globe are suffering from various diseases such as autoimmune skin diseases, skin cancer, infectious diseases, etc. Veterinary dermatologists diagnose and operate infectious diseases such as fungal, bacterial, and viral diseases in animals. The advancements in research sources and medical facilities have provided the scope for expansion in veterinary dermatology drugs. The drugs used for several fungal, bacterial, and viral diseases in animals are veterinary dermatology drugs. The cost of veterinary dermatology drugs may depend upon the type of disease. These drugs are also available depending upon the region.
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Market Dynamics:-
Drivers
The increasing ownership of pets, especially among the millennial population, will drive the market's overall growth. The increasing per capita income is one of the crucial factors determining the ownership of pets among the young population. Pet owners are concerned about the well-being of their pets, and thus they spend on their food and drugs from time to time to ensure good health. The increase in pet ownership has resulted in a rising demand for veterinary dermatology drugs.
The increasing research and development in veterinary dermatology drugs also promote the growth of such therapeutics. Many research studies focus on the development of innovation in veterinary dermatology drugs. Implementing innovative and latest technologies is attractive to various development in veterinary dermatology drugs. Veterinary dermatology drugs are required for the effective and fast treatment of skin cancer and other skin-related disorders.
Restraints
There are potential side effects of veterinary dermatology drugs which restrain the market growth. These adverse effects can cause mild to great difficulties to the patient. Witnessing such adverse effects, many patients hesitate to the veterinary dermatology drugs. Also, these drugs may reduce pets' appetite, which may lead to dehydration and other such disorders.
Opportunities
The increasing incidence of skin cancer and other chronic diseases has increased veterinary dermatology drugs for pets in developing and developed regions. The healthcare industry is receiving tremendous investment from the government and private players. Advanced technology development is necessary to receive accurate results from dermatology drugs. The previous therapies and drugs had certain technological limitations. Advance veterinary dermatology drugs help in treating cancer cells effectively.
Challenges
The veterinary dermatology drugs require the passing of stringent regulations to be launched in the market. The drug process helps limit skin cancer cells, which grow abnormally in the skin. Thus, the approval of veterinary dermatology drugs requires passing several stages to be proved safe for the required applications.
Segmentation Analysis:-
The global veterinary dermatology drugs market has been segmented based on type, animal type, route of administration, indication, distribution channel, and regions.
By Type
The type segment includes antibacterial drugs, antiparasitic drugs, antifungal drugs and others. The antibacterial drugs segment led the veterinary dermatology drugs market with a market share of around 46.62% in 2021. The antibacterial drugs consist of a majority of shares as it is prescribed by most vets. Bacteria are one of the key reasons for developing skin infections among various animals, including dogs, cats, livestock, etc. Antibacterial drugs are effective in such bacterial infections and are proven to reduce the infection early.
By Animal Type
The animal type segment includes companion animals and livestock animals. The companion animals segment includes dogs, cats, horses, and others. The livestock animals include cattle, poultry, and others. The companion animals segment led the veterinary dermatology drugs market with a market share of around 65.99% in 2021. Companion animals are mostly pet animals, and also, they are the ones who suffer most from chronic skin diseases. There is a high probability of skin cancer among dogs and cats. Also, there is high availability of veterinary dermatology drugs for companion animals.
By Route of Administration
The route of administration segment includes oral, injectable, and topical. The oral segment led the veterinary dermatology drugs market with a market share of around 46.92% in 2021. Oral dermatology drugs include tablets, pills, feed additives, etc. Oral drugs are easy to provide to the animals by mixing them with food. Oral medicines are also easily available and are widely prescribed by vets.
By Indication
The indication segment includes skin cancer, infectious diseases, parasitic infections, autoimmune skin diseases, and others. The parasitic infections segment led the veterinary dermatology drugs market with a market share of around 34.02% in 2021. Parasitic infections are common among both companion and livestock animals. The incidence of parasitic infections is frequent in dogs and cats, and it leads to various skin diseases. Parasitic infections require the use of veterinary dermatology drugs to be contained early.
By Distribution Channel
The distribution channel segment includes hospital pharmacies, online pharmacies and retail pharmacies. The hospital pharmacies segment led the veterinary dermatology drugs market with a market share of around 45.11% in 2021. Hospital pharmacies have the highest market shares as most pet owners are willing to purchase these drugs directly outside the veterinary clinics. Veterinary dermatology drugs are widely available in hospital pharmacies.
By Regional Analysis:-
The regions analyzed for the veterinary dermatology drugs market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the automated and closed-cell therapy processing market and held a 36.27% share of the market revenue in 2021.
By Country Analysis:-
Why USA is largest market of Veterinary Dermatology Drugs?
In the North American region, USA is the largest market shareholder in the veterinary dermatology drugs market, with an estimated market share of around 54.94% by the end of 2022. The extensive applications of veterinary dermatology drugs in the chronic animal skincare industry are anticipated to drive the market growth of veterinary dermatology drugs in the USA. Also, the numbers of pet owners in the USA are high compared to other countries.
Why China is growing in Veterinary Dermatology Drugs Market?
China is the largest veterinary dermatology drugs market globally, with an estimated market share of 43% across the Asia region by 2022. There are many manufacturers in the country, and also, there are high numbers of pharmaceutical raw material suppliers. The high sales of drugs indicate a significant market growth opportunity for veterinary dermatology drugs for several animals.
Key Industry Players Analysis:-
To increase their market position in the global veterinary dermatology drugs business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
Latest Development: -
In June 2021, a leading player, Elanco, announced the agreement to acquire another company named, Kindred Biosciences, with the objective to expand their presence in the veterinary dermatology market.
Report Attribute: -
Report Metric |
Information |
Study Period |
2018-2029 |
Base Year |
2021 |
Projection Period |
2022-2029 |
Market Share Unit |
USD Billion |
Segments Covered |
Type, Animal Type, Route of Administration, Indication and Distribution Channel |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
Major Players |
Elanco, Indian Immunologicals Ltd., Vetoquinol S.A, Bioiberica S.A.U, Ceva, Virbac, Merck & Co., Inc., Zoetis, Virbac, Vivaldis, Bimeda Inc., IDEXX Laboratories, SAVAVET, AB Science, Toray Industries, Bayer Animal Health and others |
Scope of the Report:-
Global Veterinary Dermatology Drugs Market by Type
Global Veterinary Dermatology Drugs Market by Animal Type
Global Veterinary Dermatology Drugs Market by Route of Administration
Global Veterinary Dermatology Drugs Market by Indication
Global Veterinary Dermatology Drugs Market by Distribution Channel
Global Veterinary Dermatology Drugs Market by Region
Global veterinary dermatology drugs market is expected to reach USD 15.71 billion by 2029, at a CAGR of 9.44% from 2022 to 2029.
The global veterinary dermatology drugs market has been segmented based on type, animal type, route of administration, indication, distribution channel, and regions.
The regions analyzed for the veterinary dermatology drugs market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa.
Leading market players active in the global veterinary dermatology drugs market are Elanco, Indian Immunologicals Ltd., Vetoquinol S.A, Bioiberica S.A.U, Ceva, Virbac, Merck & Co., Inc., Zoetis, Virbac, Vivaldis, Bimeda Inc., IDEXX Laboratories, SAVAVET, AB Science, Toray Industries, Bayer Animal Health among others.
Rising incidence of chronic skin diseases among animals and the increasing number of pet owners is primarily driving the growth of the veterinary dermatology drugs market.
Manufacturers in the veterinary dermatology drugs market use advanced production technologies to incorporate better results and performance of the whole process. In addition, the rising number of investments will contribute to the demand for veterinary dermatology drugs.
The pandemic has significantly affected several industries and has caused a worldwide economic slowdown. Many regions imposed various lockdowns during the fiscal year 2020. These lockdowns led to the closure of the regional industries and all types of manufacturing facilities, which has led to a shortage of supply in the market. Additionally, all the end-users industries were temporarily closed during this period, which has decreased the sales of veterinary dermatology drugs.
Based on the sales revenue, product offering, and regional presence, the companies are selected.
POLITICAL- Stringent rules and regulations implemented for launching the medicines in the market are helping in producing better and improved medicines. Veterinary dermatology drugs require the passing of stringent regulations to be launched in the market. The drug process helps limit skin cancer cells, which grow abnormally in the skin. Thus, the approval of veterinary dermatology drugs requires passing several stages to be proved safe for the required applications.
ECONOMICAL- There has been tremendous investment in the healthcare industry from the government and private players, leading to improved infrastructure. The investment is also helping in developing new technologies in drug discovery for the treatment of skin cancer and other related skin diseases. Advanced technology development is necessary to receive accurate results from dermatology drugs. The previous therapies and drugs had certain technological limitations. Advance veterinary dermatology drugs help in treating cancer cells effectively.
SOCIAL- The presence of an established veterinary healthcare system and increasing investments by public and private players is one of the primary reasons for developing veterinary dermatology drugs. The manufacturers present in the North American region are investing hugely in veterinary dermatology drugs and developing advanced technology systems and instruments. There is a larger number of patient populations who suffer from skin infections. The region is investing in advanced high imaging instruments propelling new growth opportunities for the market.
TECHNOLOGICAL- The increase in research and development activities in drug development promotes the growth of therapeutics, which help treat diseases like Cancer. Many research studies are focusing on developing drugs for vets. Implementing innovative and latest technologies in drug discovery and development of veterinary dermatology drugs are helpful in finding medicines. The drugs discovered must effectively treat skin disorders and skin cancer.
ENVIRONMENTAL- The development of the drugs for veterinary dermatology is harmful to the environment. The process of drug discovery pollutes the environment and adds to waste materials. Several regulations are implemented to stop the pollution and for the use of non-polluting raw materials and technology for the development of Veterinary dermatology drugs.
LEGAL- Elanco, which is one of the leading manufacturers of Veterinary dermatology drugs, announced an agreement with Kindred Biosciences. The main objective of the agreement is to expand its presence in the veterinary dermatology market. The company also aimed to improve the technologies used for manufacturing drugs to treat skin diseases.
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