(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "veterinary dermatology drugs market - growth, trends, covid-19 impact, and forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering. The global veterinary dermatology drugs market was estimated at USD 5.96 billion in the current year and is projected to reach USD 8.4 billion by the forecast year, witnessing a Compound Annual Growth Rate (CAGR) of 7.11% during the analysis period.
Increasing burden of dermatological diseases in pet animals and rising pet adoption and animal care are major factors driving the demand for veterinary dermatology drugs. Skin diseases like parasitic skin diseases, alopecia, dander-related skin disorders, infections, skin cancer, and other internal skin abnormalities affect most animals globally. For example, atopic dermatitis (AD) is one of the most common pet allergies, and the prevalence in dogs has increased due to factors like indoor environments and processed pet foods. This rising burden of AD in canines fuels the demand for dermatology drugs.
Additionally, research sources' availability and companies' research and development activities to innovate new products contribute to market competitiveness. For instance, IVC Evidensia launched VetSoothe, an exclusive range of dermatologist-recommended products, to its United Kingdom and Netherlands clinics. The increasing number of products is expected to contribute to market growth.
However, the market growth might be restrained by the low availability and lack of awareness of veterinary dermatology drugs.
Trends in the Veterinary Dermatology Drugs Market
The companion animal segment is expected to witness significant growth due to increasing pet adoption and prevalence of companion animal diseases. Cats and dogs are the most popular companion animals in Europe, leading to higher demand for dermatological care for pets.
North America is anticipated to experience high growth in the veterinary dermatology drugs market due to increased pet adoption, awareness about animal health, and rising animal health expenses. Strategic plans, new developments, and new product approvals and launches by major players contribute to the market's growth in this region.
Impact of COVID-19 on the Veterinary Dermatology Drugs Market
The outbreak of COVID-19 significantly impacted the veterinary dermatology drugs market due to reduced healthcare services caused by social distancing measures. However, the adoption of pets saw a surge during the pandemic, positively impacting the services and medicines available for companion animal care. As COVID-19 restrictions eased during later phases of the pandemic, the demand for dog services in certain regions like Prince Edward Island, Canada, almost doubled in 2022 for certain pet care facilities, creating opportunities for veterinary dermatology drugs market growth.
Industry Overview
The veterinary dermatology drugs market is moderately competitive, with key players engaging in mergers and acquisitions, product development, and strategic alliances to cater to growing global demand and gain a strong foothold in the market. Major companies include Elanco, Bimeda, Inc., Merck & Co., Inc., Virbac, Ceva, Mars Incorporated, Zoetis, Inc., and Nestle S.A.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Dermatological Diseases in Pets
4.2.2 Increasing Pet Adoption and Animal Care
4.3 Market Restraints
4.3.1 Low Availability and Lack of Awareness of the Drugs
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Animal
5.1.1 Companion Animal
5.1.2 Livestock Animal
5.2 By Route of Administration
5.2.1 Topical
5.2.2 Injectable
5.2.3 Oral
5.3 By Indication
5.3.1 Parasitic Infections
5.3.2 Allergic Infections
5.3.3 Other Indications
5.4 By Distribution Channel
5.4.1 Retail
5.4.2 Hospital Pharmacies
5.4.3 E-commerce
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Middle East and Africa
5.5.5 South America
6 COMPANY PROFILES AND COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Elanco
6.1.2 Bimeda, Inc.
6.1.3 Merk & Co. Inc.
6.1.4 Virbac
6.1.5 Ceva
6.1.6 Mars, Incorporated
6.1.7 Zoetis, Inc.
6.1.8 Leti Pharma
6.1.9 Vivaldis
6.1.10 Bioiberica S.A.U
6.1.11 Indian Immunologicals Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Attachments
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Veterinary Dermatology Drugs Market Number Of Households That Owns Pet In Million By Type United Sta... Veterinary Dermatology Drugs Market Number Of Households That Owns Pet In Million By Type United Sta... Veterinary Dermatology Drugs Market Veterinary Dermatology Drugs Market Growth Rate By Region Veterinary Dermatology Drugs Market Veterinary Dermatology Drugs Market Growth Rate By Region Tags animal healthcare/veterinary animal pharmaceuticals companion animal health flea and tick product veterinary dermatology