Veterinary Dermatology Drugs Market was valued at more than USD xx billion in 2020 and is expected to grow at a CAGR of around 9% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Veterinary Dermatology Drugs Market was valued at more than USD xx billion in 2020 and is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Animal Type (Companion Animal and Livestock Animal); Route of Administration; (Topical, Injectable, And Oral); Indication (Parasitic Infections, Allergic Infections, and Others); Distribution Channel (Retail, E-Commerce, and Hospital Pharmacies); and Region.
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The veterinary dermatology drugs market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the veterinary dermatology drugs market. The veterinary dermatology drugs market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the veterinary dermatology drugs market at the global and regional levels.
Market Overview
Veterinary dermatology drugs are indicated for the treatment of animals, particularly pets and livestock, with skin disorders or infections. The four most frequently occurring chronic dermatological illnesses are allergies, otitis externa, seborrheic dermatitis, and surface pyoderma.
Factors such as the subsequent rise in the number of pet owners and the increase in the prevalence of skin diseases such as parasitic skin diseases, alopecia, dander-related skin disorders, intrinsic skin infections, mild to harmful skin cancer, autoimmune skin diseases, other internal skin abnormalities. Moreover, companies are also launching new products which will further propel the market’s growth. For instance, in January 2021, Ceva Animal Health introduced Douxo S3 Pyo skincare pads for cats and dogs. These pads are expected to improve this range by providing an easy-to-administer antibacterial activity while hydrating and protecting the skin's environment. Apart from this, in September 2020, Bioiberica released the two newest products in its dermatological line, Atopivet Mousse and Atopivet oral suspension. The company's goal with this introduction was to treat atopic dermatitis in dogs and cats at all layers of the epidermis and dermis.
Some of the major players operating in the market include Elanco; Vetoquinol; CEVA; Zoetis; Vivaldis; Bimeda, Inc.; Boehringer Ingelheim; Bayer; Merck KGaA; and Mars, Incorporated.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The majority of market participants reported no negative effects on their revenue during the COVID-19 epidemic. Due to the enormous demand for animal protein, animal health was regarded as an essential industry at the time. For instance, Elanco experienced a growth of 6.6% in its annual revenue. Also, Vetoquinol and Zoetis reported a growth of 8% and 6.6% in their annual revenue, respectively.
The global veterinary dermatology drugs market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on route of administration, the market is categorized into topical, injectable, and oral. The oral category dominated the market in 2020 due to the wide availability of drugs in the form of pills, tablets, feed additives, and others. Moreover, product launch by the companies is also driving the segmental growth. For instance, in September 2020, Bioiberica expanded its offering of dermatological solutions and introduced the oral and topical dermatology product line Atopivet.
· On the basis of animal type, the market is segmented into companion animal and livestock animal. The livestock animal category is expected to grow with a higher CAGR during the forecast period. The growth of the market can be attributed to the upsurge in cattle population, coupled with the growing adoption of livestock monitoring technology. According to the United States Department of Agriculture (USDA), in July 2020, there were about 103.0 million cattle and 32.1 million beef cows in the United States as of July 2020, and are expected to grow substantially in coming years.
· On the basis of indication, the market is segmented into parasitic infections, allergic infections, and others. The allergic segment is to witness higher CAGR during the forecast period. The rising incidence of ailments such atopic dermatitis and other itch disorders, particularly in companion animals, is anticipated to support market expansion. It is also anticipated that more decisions about pet care would be made by pet owners, which will accelerate market expansion. The market is also likely to be boosted by the increasing number of research and development partnerships among market players. For instance, in January 2020, Boragen teamed up with one of the world's top animal health companies to work on research and development (R&D) for a new treatment for canine atopic dermatitis.
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Veterinary Dermatology Drugs Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America held a significant share of the global veterinary dermatology drugs market in 2020, which is due to several factors, including fast regulatory approvals of novel products, rising awareness about animal health, and surge in animal health expenses. Furthermore, the rapid increase in the number of pet owners is also a key driver propelling the market growth. According to "Pet Keen" research published in May 2022, a projected 38% of Canadian homes own a cat, and 35% own a dog. Furthermore, the source above indicated that pet owners in Canada are spending more money on their pets than ever before, with 17% of owners prepared to spend more than USD 500 per year on pet healthcare. Thus, the above-mentioned factors are driving the regional market during the forecast period.
The major players targeting the market include
· Elanco
· Vetoquinol
· CEVA
· Zoetis
· Vivaldis
· Bimeda, Inc.
· Boehringer Ingelheim
· Bayer
· Merck KGaA
· Mars, Incorporated
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Veterinary Dermatology Drugs market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the veterinary dermatology drugs market?
• Which factors are influencing the veterinary dermatology drugs market over the forecast period?
• What are the global challenges, threats, and risks in the veterinary dermatology drugs market?
• Which factors are propelling and restraining the veterinary dermatology drugs market?
• What are the demanding global regions of the veterinary dermatology drugs market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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