New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global pet allergy treatment market reached a size of US$ 2.1 billion in 2022 and is forecasted to expand at a CAGR of 6.3% from 2023 to 2033, according to the latest study by Persistence Market Research.
Pet allergies are becoming increasingly common, and are uncomfortable and unhealthy. Itching, sneezing, skin irritations, and stomach issues are among the symptoms that can be brought on by environmental factors like pollen, dust mites, and certain foods. Medication, allergen-specific immunotherapy, and hypoallergenic diets are all available as pet allergy treatments.
The market for pet allergy therapies is driven by increasing awareness of allergic conditions in animals and advancements in veterinary allergology. Progress in identifying relevant allergens for animals like dogs and horses, along with a better understanding of allergy disorders, has been achieved through the development of reagents specific to animals.
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Identification of new allergens such as Culicoides-mediated allergic skin conditions in horses has enabled the development of component-specific diagnostic techniques and immunotherapies. New technologies, such as in silico-based or wet laboratory methods, offer insights into pets' immune systems and innovative diagnostic tools. These advancements have resulted in significant growth and progress in the field.
Need for pet allergy therapies has also increased due to the rising knowledge of allergic illnesses in veterinary medicine and among pet owners. Prevalence of pet allergies across the globe emphasizes the need for efficient immunotherapy to treat allergic illnesses.
Collaboration between veterinary and human allergology is beneficial as domestic animals can serve as effective models for human diseases. Atopic dermatitis is a key area of focus, with allergic disorders being common in veterinary medicine. The increasing prevalence of allergies among pets has sparked interest in veterinary allergology due to cost advantages in treatment.
Increased funding for research, diagnosis, and therapy to improve the general health and well-being of pets has resulted from the acknowledgment of veterinary allergology as a separate field of study, which has contributed to the expanding market for pet allergy therapies.
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Key Takeaways from Market Study
- The global market for pet allergy treatment is projected to reach US$ 4.1 billion by 2033-end.
- By drug class, antibiotics led the global market and their sales reached US$ 737.8 million in 2022.
- By indication, allergic dermatitis led the market with a valuation of US$ 1.6 billion in 2022.
- By pet type, dogs accounted for more than 51% of the global market share in 2022.
- By route of administration, the oral segment was valued at US$ 1.3 billion in 2022.
- Under distribution channel, veterinary hospitals held 43.2% value share in 2022 globally.
- North America led the global market, with the United States accounting for US$ 656.1 million in 2022.
“Growing pet adoption and increasing companion animal susceptibility towards allergens is driving the adoption of pet allergy therapies,” says an analyst at Persistence Market Research.
Market Competition
Manufacturers are adopting a variety of steps to respond to the growing demand for pet allergy treatments and to remain competitive. They are increasing their research and development efforts to generate effective and cost-effective treatment solutions.
Major key Players are Zoetis Animal Healthcare, Merck and Co.Inc. (US), Boehringer Ingelheim GmbH, Elanco Animal Health Incorporated, Bayer AG, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Virbac SA, IDEXX Laboratories, Inc., Ceva Santé Animale, Kindred Biosciences, Inc., Phirbo Animal Health, Norbrook Laboratories Limited, Vetiquinol SA, Neogen Corporation, PetIQ, Inc., Huvepharma AD, Chanelle Pharma Group Limited, Kepro, Biogénesis Bagó
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Recent Developments
- In May 2023, Elanco Animal Health was granted a conditional license for the first authorized treatment against canine parvovirus, featuring the inaugural monoclonal antibody for this purpose.
- In July 2022, Vetoquinol received approval for Felpreva®, a three-monthly veterinary parasiticide designed for spot-on prevention and treatment of mixed parasitic infestations in cats. This product combines emodepside, praziquantel, and tigolaner to remove tapeworms, endoparasites, and ectoparasites.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the pet allergy treatment market in its latest study, presenting a historical demand assessment for 2017 to 2022 and projections for 2023 to 2033.
The research study is based on drug class (antihistamines, corticosteroids, immunotherapy, antibiotics), indication (allergic dermatitis, food allergy, fleabite allergy, contact allergy), pet type (dogs, cats, rodents & rabbits), route of administration (oral, injectable, topical), and distribution channel (veterinary hospitals, retail pharmacies, online pharmacies, others), across seven key regions of the world.
For additional insights on how the growth of the pet allergy treatment market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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