Veterinary Dermatology Drugs Market Expectations Acme Prominent Development in Developed Regions, Details Gvr Study

 Veterinary Dermatology Drugs Market Growth & Trends

The global veterinary dermatology drugs market size is anticipated to reach USD 14.6 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 9.3% from 2021 to 2028. Increasing incidences of dermatology diseases such as fleas and ticks and allergic dermatitis are expected to boost the market growth. Furthermore, a growing number of clinical trials related to veterinary dermatology drugs is also anticipated to fuel market growth.

Due to the COVID-19 pandemic, some market players such as experience no negative impact. 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. On the other hand, Virbac reported a decline of 0.4% in its total revenue and a 6.9% decline in its companion animal parasiticides and dermatology segment as well as bovine parasiticides segment. This neutralized the impact of COVID-19 on the market.

Growth in the companion animal population is expected to increase the demand for veterinary healthcare products, such as dermatology drugs, and boost the overall expenditure on pets. According to the American Pet Products Association report, overall spending in the U.S. pet industry was USD 95.7 Billion in 2019 and forecast to reach approximately USD 99 Billion in 2020. Veterinary care spending increased by 560% between 1994 and 2019.

The market for veterinary dermatology drugs is fairly competitive. The most notable participants in the market are Zoetis, Virbac, and Elanco, along with other manufacturers. These players are involved in new product launches, acquisitions, and partnerships to gain a competitive edge over each other. For instance, in March 2021, Virbac obtained the rights to certain early-stage parasiticides products from Elanco, hence expanding its product portfolio. Also, in February 2021, Vetoquinol acquired the rights from Elanco for the Profender product family comprising of topical dewormer products, for the market in Canada. This expanded its geographical presence.

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Veterinary Dermatology Drugs Market Report Highlights

• The companion animal segment held the dominant share of more than 70.0% in the animal type segment as of 2020 owing to the high pet ownership rate
• The oral segment held the largest market share of the route of administration segment as of 2020, accounting for more than 37.0% of the revenue share, owing to its easy availability
• The parasitic infections segment held the largest market share of the indication segment as of 2020, owing to a high prevalence of parasitic infections
• The hospital pharmacies segment held the largest market share of 42.4% in 2020 in the distribution channel segment
• In 2020, North America held the dominant share of the market owing to the increasing pet care expenditure
• In Asia Pacific, the market is expected to show lucrative growth over the forecast period owing to the growing demand for veterinary dermatology drugs in the region

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Veterinary Dermatology Drugs Market Segmentation

Grand View Research has segmented the global veterinary dermatology drugs market on the basis of the animal type, route of administration, indication, distribution channel, and region:

Veterinary Dermatology Drugs Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

• Companion Animal
• Livestock Animal

Veterinary Dermatology Drugs Route Of Administration Outlook (Revenue, USD Million, 2016 - 2028)

• Oral
• Topical
• Injectable

Veterinary Dermatology Drugs Indication Outlook (Revenue, USD Million, 2016 - 2028)

• Parasitic Infections
• Allergic Infections
• Others                                    

Veterinary Dermatology Drugs Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

• Retail
• E-Commerce
• Hospital Pharmacies

Veterinary Dermatology Drugs Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia

List of Key Players of Veterinary Dermatology Drugs Market

• Elanco
• Vetoquinol S.A.
• Ceva
• Merck & Co., Inc.
• Zoetis
• Virbac
• Bimeda, Inc.
• Vivaldis
• Bioiberica S.A.U
• Indian Immunologicals Ltd.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.