Veterinary Dermatology Drugs Market expected to witness the fastest CAGR of over 9.3% during the forecast period

 

Veterinary Dermatology Drugs Industry Overview

The global veterinary dermatology drugs market size was valued at USD 7.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028.  The rising prevalence of skin diseases in animals, as well as high investments by market players in the segment, are the factors expected to drive the market growth. The sector has witnessed a trend of pet owners making more pet care decisions, which is expected to boost the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Veterinary Dermatology Drugs Market

 

During the COVID-19 pandemic, most of the market players did not report any negative effect on their revenue. This was because animal health was considered an essential business, due to the high demand for animal protein. In May 2020, Jeffrey N. Simmons, CEO of Elanco stated that the industry is going into an economic slowdown. However, he also stated that its manufacturing facilities in China are actively running in full swing. The company also reported an increase of 5.1% in its therapeutics segment. On the other hand, Merck & Co., Inc. reported a loss of USD 50.0 million in its animal health segment. Through this, it is evident that the overall impact of COVID-19 on Veterinary Dermatology Drugs was neutral.

 

An increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting in rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 95.7 billion in 2019 from USD 90.5 billion in 2018, and it is estimated to reach USD 99.0 billion in 2020. Moreover, in 2019-2020, about 67.0% of households in the U.S. owned a pet, which is equal to approximately 84.9 million homes. This percentage had increased by about 11% since 1988, where 56% of the households in the U.S. owned a pet.

 

Key players are investing to launch new products, which is also boosting the market. For instance, in May 2021, Elanco launched its first oral flea and tick product for cats. The product is called Credelio CAT (lotilaner) and it increases Elanco’s product portfolio as well as helps it to gain a competitive edge in the market.

 

Browse through Grand View Research’s Animal Health Industry Research Reports

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Veterinary Dermatology Drugs Market Segmentation

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)

• Oral
• Topical
• Injectable

Veterinary Dermatology Drugs Indication Outlook (Revenue, USD Million, 2016 – 2028)

• Parasitic Infections
• Allergic Infections
• Others

Veterinary Dermatology Drugs Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)

• Retail
• E-Commerce
• Hospital Pharmacies

Veterinary Dermatology Drugs Regional Outlook (Revenue, USD Million, 2016 – 2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Market Share Insights

• June 2021: Elanco announced an agreement to acquire Kindred Biosciences for approximately USD 440 million. With this, Elanco accelerated its expansion of the pet health market, especially advancing its presence in the fast-growing dermatology industry.
• May 2021: Elanco launched its first oral flea and tick product for cats. The product is called Credelio CAT (lotilaner) and it increases Elanco’s product portfolio as well as helps it to gain a competitive edge in the market.
• September 2020: Bioiberica launched an oral and topical range of dermatological products – Atopivet thus expanding its dermatological solutions portfolio.

 

Key Companies profiled:

Some of the prominent players in the global veterinary dermatology drugs market include:

• Elanco
• Vetoquinol S.A.
• Ceva
• Merck & Co., Inc.
• Zoetis
• Virbac
• Bimeda, Inc.
• Vivaldis
• Bioiberica S.A.U
• Indian Immunologicals Ltd.

 

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