The Veterinary Dermatology Drugs Market is estimated to be valued at US$ 2.62 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary dermatology drugs are used for treating various skin disorders in companion animals and livestock. Some key indications treated using these drugs include infections, allergies, and inflammation. The market offers a variety of drugs such as anti-infectives, corticosteroids & anti-inflammatory drugs, moisturizers & conditioners. While anti-inflammatory and anti-infective drugs dominate current sales, conditioners are gaining popularity for chronic skin conditions.
Market Dynamics:
Growing pet ownership and humanization of pets are driving demand for advanced veterinary care including dermatology drugs. According to the American Pet Products Association, around 90 million dogs and 110 million cats are owned in the United States. Better diagnosis and treatment of skin diseases in companion animals is boosting the market growth. Furthermore, increasing meat consumption worldwide is augmenting demand for efficient animal health management practices. Skin diseases negatively impact livestock health and productivity. Therefore, farms are using dermatology drugs on a larger scale. Another factor fueling the market is rising awareness about animal welfare, which is encouraging pet owners to seek treatment for skin issues. However, high costs associated with veterinary care and lack of insurance schemes can restrain the market to a certain level.
Segment Analysis
The global veterinary dermatology drugs market is dominated by the ectoparasiticides segment, which accounts for around 35% of the total market share. Ectoparasiticides help prevent and treat conditions like flea infestations, ticks, mange, and other parasites. They are widely used as most companion animals are prone to external parasitic infections. Within this segment, spot-on/topical solutions are the most commonly used formulations owing to their ease of application and effectiveness.
PEST Analysis
Political: Regulations regarding animal welfare and pesticide usage influence the development and approval process of new veterinary drugs. Harmonization of regulatory guidelines across geographies can accelerate product availability.
Economic: Growth in pet ownership and rising per capita animal healthcare expenditure are driving demand. However, high costs of developing advanced therapeutics can restrict entry of new players.
Social: Increasing awareness about animal health and human-animal bonding is prompting owners to seek timely diagnosis and treatment of dermatological issues. This fuels market revenue.
Technological: Adoption of advanced drug delivery mechanisms like transdermal patches, gels, sprays enables targeted and sustained delivery of actives to problem areas. This enhances efficacy and convenience.
Key Takeaways
The Global Veterinary Dermatology Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing pet adoption leading to higher demand for therapeutic and preventive dermatological products.
Regionally, North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to growing pet population, rising per capita animal healthcare expenditure, and supportive regulatory policies in the region promoting new product development.
Key players operating in the veterinary dermatology drugs market include Zoetis Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Bayer AG, Ceva Sante Animale, Kindred Biosciences, Inc., IDEXX Laboratories, Inc. These players are focused on expanding their product portfolios through acquisitions and licensing agreements to strengthen their market position. For instance, in 2021, Kindred Biosciences was acquired by Elanco Animal Health to enhance its dermatology product offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it