SAN FRANCISCO, October 11, 2021 / PRNewswire / – Global Veterinary Dermatologic Drugs Market Size Forecast to reach $ 14.6 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 9.3% from 2021 to 2028. The increasing incidence of dermatological diseases such as fleas and ticks and allergic dermatitis is expected to drive the market growth. In addition, an increasing number of clinical trials related to veterinary dermatological drugs is also expected to fuel the market growth.
Main lessons and findings:
- The companion animal segment held the dominant share of over 70.0% in the animal types segment as of 2020 due to the high rate of pet ownership
- The oral segment held the largest market share of the route of administration segment as of 2020, accounting for over 37.0% of the revenue share, due to its easy availability.
- Parasitic infections segment held the largest market share of indications segment from 2020, due to high prevalence of parasitic infections
- The hospital pharmacy segment held the largest market share of 42.4% in 2020 in the distribution channel segment
- In 2020, North America held the dominant market share due to increased spending on pet care
- In Asia Pacific, the market is expected to show lucrative growth during the forecast period owing to the increasing demand for veterinary dermatological drugs in the region
Read the 150-page market research report, “Dermatology Veterinary Drugs Market Size, Share and Trend Analysis Report by Animal Type (Companion, Livestock), by Administration, by Indication, by Distribution Channel, by Region and Forecast segment, 2021-2028,“by Grand View Research
Due to the COVID-19 pandemic, some market players such as experience have no negative impact. For example, Elanco experienced 6.6% annual revenue growth. In addition, Vetoquinol and Zoetis recorded annual sales growth of 8% and 6.6%, respectively. On the other hand, Virbac recorded a 0.4% drop in total sales and a 6.9% drop in its antiparasitics and dermatology for companion animals segment as well as in its bovine antiparasitics segment. This neutralized the impact of COVID-19 on the market.
The growing companion animal population is expected to increase demand for veterinary health products, such as dermatological drugs, and increase overall spending on companion animals. According to the American Pet Products Association report, the overall spending of the US pet industry has been $ 95.7 billion in 2019 and is expected to reach approximately $ 99 billion in 2020. Expenditure on veterinary care increased by 560% between 1994 and 2019.
The veterinary dermatological drug market is quite competitive. The most notable players in the market are Zoetis, Virbac and Elanco, as well as other manufacturers. These players are involved in new product launches, acquisitions and partnerships to gain a competitive advantage over each other. For example, in March 2021, Virbac has obtained the rights to certain early stage pest control products from Elanco, thus expanding its product portfolio. Also in February 2021, Vetoquinol has acquired from Elanco the rights to the Profender family of products comprising topical deworming products intended for the Canada. This has broadened its geographic presence.
Grand View Research has segmented the global veterinary dermatological drug market on the basis of animal type, route of administration, indication, distribution channel, and region:
- Animal Type Outlook for Veterinary Drugs in Dermatology (Revenue, USD Million, 2016 – 2028)
- Veterinary Drug Administration Route Outlook in Dermatology (Revenue, USD Million, 2016 – 2028)
- Dermatology Veterinary Drug Indication Outlook (Revenue, USD Million, 2016 – 2028)
- Parasitic infections
- Allergic infections
- Dermatology Veterinary Drugs Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)
- Hospital pharmacies
- Regional Veterinary Dermatology Drugs Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of the main players in the veterinary dermatology drugs market
- Vétoquinol SA
- This will
- Merck & Co., Inc.
- Bimeda, Inc.
- Bioibérica SAU
- Indian Immunologicals Ltd.
Check out other studies related to veterinary drugs, diagnostics and treatments, conducted by Grand View Research:
- Veterinary Medicine Market – The global veterinary medicine market size has been estimated to be $ 29.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The increase in zoonotic and chronic disease cases is the key driver in the veterinary medicine market.
- Veterinary Antimicrobial Susceptibility Testing Market – The Global Veterinary Antimicrobial Susceptibility Testing Market size has been estimated to be $ 35.73 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028. Increasing government initiatives and strict regulatory guidelines are expected to propel the market growth during the forecast period.
- Pet Ear Infections Treatment Market – The Global Pet Ear Infections Treatment Market Size has been estimated to be $ 531.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028. The increased prevalence of otitis externa in companion animals is propelling the market growth.
Browse Grand View Research’s coverage on Global Animal Health Industry
Go to Grand View Compass, our intuitive BI market research database of over 10,000 reports
About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
Corporate Sales Specialist, United States
Grand View Research, Inc.
Toll free: 1-888-202-9519
E-mail: [email protected]
Follow us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.