Dublin, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The "Global Veterinary Dermatology Drugs Market By Route of Administration, By Distribution Channel, By Drug Indication, By Animal Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global veterinary dermatology drugs market size is expected to reach $13.6 billion by 2027, rising at a market growth of 8.2% CAGR during the forecast period.
Veterinary dermatologists are well qualified in diagnosing and providing solutions for different infectious skin diseases like fungal, bacterial, and viral in animals. The majority of animals globally are affected by major diseases such as parasitic skin diseases, alopecia, dander-related skin disorders, intrinsic skin infections, mild and harmful skin cancer, autoimmune skin diseases hormonal-related skin diseases, and other internal causes for skin abnormalities.
Moreover, constant development in medical equipment and surge in research sources for veterinary dermatologists to diagnose and treat these major diseases is crucial for pets, pet owners, and other animals. Therefore, the growth of the veterinary dermatology drugs market is expected to witness bright growth prospects due to the increasing number of veterinary visits.
The growth catalysts for the market are the increasing occurrences of skin diseases and massive investments by market players. In addition, the pet owners are now taking more pet-care decisions, which is expected to propel the growth of the market. In addition, a rise in cases of dermatology diseases like fleas and ticks and allergic dermatitis is expected to open new growth prospects for the overall veterinary dermatology drugs market during the forecasting period. Further, the market growth is further driven by the increasing number of clinical trials associated with veterinary dermatology drugs.
COVID-19 Impact Analysis
The overall veterinary dermatology drugs witnessed an adverse impact of the outbreak of the COVID-19 pandemic. This is because a majority of people considered pet drugs as non-essential items especially during financial disruptions brought by the global pandemic. The formulations of numerous stringent lockdown and stay-at-home orders and the temporary shutdown of the manufacturing unit have impacted almost every industry vertical and the veterinary dermatology drugs market is not an exception to this. Moreover, the manufacturing of these products was halted due to the closure of manufacturing units and other restrictions during the peak of the pandemic.
Market Growth Factors:The rise in demand for antifungals for animals
Mycotic diseases in animals have achieved less amount of attention in comparison to some common diseases in animals as well as humans. This is not normal, as dermatophytes are acting as agents of infectious diseases in animals which is one of the earliest identified disorders in animals. In addition, the dermatophytes cause many zoonotic infections and is expected to be responsible for a considerable portion of human skin diseases through animals.
Increase in pet adoption and increasing care for animals
The increase in awareness regarding veterinary care has boosted the growth & demand for veterinary dermatology drugs in the market. In addition, the growth of the veterinary dermatology drugs market is expected to further be driven by the rise in urbanization and the growing number of pet animals. The increase in the prevalence of atopic dermatitis among animals is substantially demanding innovative veterinary drugs.
Market Restraining Factor:Low availability and low awareness of these drugs
These drugs are not widely available in many underdeveloped and developing countries which could slow down the growth and demand for veterinary dermatology drugs in the market. Also, pet owners in many countries still prefer to treat their pets without any drugs because they getting aware of the harmful effects of such drugs. Moreover, less awareness about the existence of such drugs in many poorly developed countries is expected to pose a challenge for the growth of the veterinary dermatology drugs market. To curb the spread of the virus, many countries around the globe imposed stringent lockdown restrictions. These restrictions include a ban on the supply of non-essential items like pet drugs.
Route of Administration Outlook
Based on Route of Administration, the market is segmented into Topical, Injectable and Oral. The injectable segment is expected to showcase the fastest growth rate during the forecasting period. This is attributed to the fact that injectable drugs enable convenient administration in a lesser number of doses in comparison with oral drugs. For example, Convenia by Zoetis treats the animal in only one dose in comparison to 28 doses of pills. The topical segment is expected to showcase a prominent growth rate during the forecast period. This is attributed to its high adoption rate.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Retail, Hospital Pharmacies and Online. In 2020, the hospital pharmacies segment procured the maximum revenue share of the overall market. Moreover, the growth of the segment is expected to be driven by the surge in the number of hospital pharmacies. In addition, animal owners are likely to visit veterinary hospitals first for the treatment of their pets or farm animals.
Drug Indication Outlook
Based on Drug Indication, the market is segmented into Parasitic Infections, Allergic Infections and Other Indications. The allergic infections segment is expected to display the fastest growth rate during the forecasting period. The growth catalysts for the segment are the increasing prevalence of diseases like atopic dermatitis and other itching diseases, particularly in companion animals. Moreover, pet owners are increasing their pet care decisions and spending, which is expected to boost the growth of the veterinary dermatology drugs market during the forecasting period.
Animal Type Outlook
Based on Animal Type, the market is segmented into Companion Animal and Livestock Animal. The companion animal segment procured the maximum revenue share of the overall market in 2020. The growth of the segment is attributed to the increase in the number of pet ownership. The segment is further classified into cats, dogs, horses, and others. The dogs' segment is likely to obtain the maximum revenue share of the market. This is owing to the high availability of the products related to dogs' treatment.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, the North American region emerged as the leading region by obtaining the maximum revenue share in veterinary dermatology drugs. Some of the main growth catalysts of the region are supportive initiatives from the government as well as the private sector, a surge in pet care spending, and the existence of main market players. Moreover, the growth of the regional market is also driven by the increase in cases of zoonotic diseases.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Merck Group, Elanco Animal Health, Inc., Zoetis, Inc., Eli Lilly and Company, Boehringer Ingelheim International GmbH, Vetoquinol SA (Soparfin SCA), Virbac, Bioiberica, S.A.U., Bimeda, Inc., and Ceva Sante Animale.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Veterinary Dermatology Drugs Market by Route of Administration
3.1 Global Topical Market by Region
3.2 Global Injectable Market by Region
3.3 Global Oral Market by Region
Chapter 4. Global Veterinary Dermatology Drugs Market by Distribution Channel
4.1 Global Retail Market by Region
4.2 Global Hospital Pharmacies Market by Region
4.3 Global Online Market by Region
Chapter 5. Global Veterinary Dermatology Drugs Market by Drug Indication
5.1 Global Parasitic Infections Market by Region
5.2 Global Allergic Infections Market by Region
5.3 Global Other Indications Market by Region
Chapter 6. Global Veterinary Dermatology Drugs Market by Animal Type
6.1 Global Companion Animal Market by Region
6.2 Global Livestock Animal Market by Region
Chapter 7. Global Veterinary Dermatology Drugs Market by Region
Chapter 8. Company Profiles
8.1 Merck Group
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Approvals and Trials:
8.2 Elanco Animal Health, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Acquisition and Mergers:
8.2.5.2 Product Launches and product Expansions:
8.3 Zoetis, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Approvals and Trials:
8.4 Eli Lilly and Company
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Acquisitions and Mergers:
8.5 Boehringer Ingelheim International Gmbh
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional & Segmental Analysis
8.5.4 Research & Development Expenses
8.6 Vetoquinol SA (Soparfin SCA)
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Recent strategies and developments:
8.6.3.1 Partnerships, Collaborations, and Agreements:
8.6.3.2 Acquisitions and Mergers:
8.7 Virbac
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.5.2 Product Launches and Product Expansions:
8.8 Bioiberica, S.A.U.
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Partnerships, Collaborations, and Agreements:
8.8.2.2 Product Launches and Product Expansions:
8.9 Bimeda, Inc.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Acquisitions and Mergers:
8.9.2.2 Product Launches and Product Expansions:
8.10. Ceva Sante Animale
8.10.1 Company Overview
8.10.2 Recent strategies and developments:
8.10.2.1 Product Launches and Product Expansions
For more information about this report visit https://www.researchandmarkets.com/r/ur219y
