The global veterinary dermatology drugs market accounted US$7.8 Bn in 2020 with a significant CAGR of 9.6% during the forecast period of 2021 to 2028.
Veterinary dermatology deals with the expertise in diagnosing and treating various skin disorders in animals such as skin, ear, hair, nail, hoof, and mouth.
Rising prevalence of diseases among animals results in the growth of global veterinary dermatology drugs market
According to the Food and Agriculture Organization (FAO), lumpy skin disease (LSD) is an economically significant cattle disease that can cause persistent weakness in infected livestock as compared to that caused by foot-and-mouth disease (FMD). Mortality rates of up to 40% or more have been reported, with severe and permanent damage to hides resulting in skin lesions. Lesions in the mouth, pharynx and respiratory tract are common, resulting in rapid deterioration and, in some cases, severe emaciation that can last for months. There is currently no specific antiviral treatment available for LSD infection in cattle. However, two vaccines for Neethling and Kenya sheep and goat pox virus have been widely used in Africa and have achieved great success in the global market. The aforementioned factors have become critical for the expansion of the global veterinary dermatology drugs market.
|Market||Veterinary Dermatology Drugs Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Animal Type, By Route of Administration, By Indication, By Distribution Channel, and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
Elanco Animal Health, Vetoquinol SA, Ceva, Intervet Inc., a subsidiary of Merck & Co. Inc., Zoetis, Virbac, Bimeda, Inc., Vivaldis, and among others.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Rising pet owners resulting in fuelling pet care decisions propel the growth of global market
According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association, 67% of US households, or approximately 85 million families, own a pet, according to the Insurance Information Institute, Inc. report (APPA). This compares to a 56% increase among US households in the first survey, which was conducted in 1988. Furthermore, according to the Insurance Research Council's 2020 Report, nearly one-third (30%) of Americans adopted a pet at the time of COVID-19. The National Association of Insurance Commissioners (NAIC) established the Pet Insurance Working Group in 2020, with the goal of developing a model law that would create a stronger regulatory framework for pet insurance across the United States. Such factors have a positive impact on the global veterinary dermatology drugs market.
The quintessential factors of pet insurance driving all time high veterinary dermatology drugs market
According to the North American Pet Health Insurance Association (NAPHIA), the pet health insurance sector in the United States increased its gross written premiums by 27.5 percent to US$1.9 billion in 2020 from US$1.5 billion in 2019. In 2020, dogs accounted for 83 percent of in-force gross written premiums. According to NAPHIA, the average annual premium for dog insurance in 2020 was US$218 for accident-only coverage, which included care for foreign body ingestion, laceration, motor vehicle accidents, poisoning, and other injuries. The average annual premium for accident and illness insurance was $594, which covered accident-only benefits as well as illnesses such as cancer, infections, digestive problems, and other illnesses.
The global veterinary dermatology drugs market is segmented based on animal type, route of administration, indication, and distribution channel. By animal type, the market is split into companion animal and livestock animal. By route of administration, the market is segregated as oral, topical, and injectable. By indication, the market is segmented as parasitic infection, allergic infection, and others. Furthermore, distribution channel is segmented as retail, e-commerce, and hospital pharmacies.
Based on route of administration, oral segment dominated the market accounting maximum share during the analysis period of 2021 to 2028
According to the Hopkins report, combining two drugs already approved by the US Food and Drug Administration (USFDA) for different applications reduces wound healing and significantly reduces scar tissue in mice and rats. Furthermore, dual treatment is a promising technique for accelerating wound healing in animals with skin ulcers, extensive burns, surgical wounds, and battlefield injuries. This is one of the key drivers of segmental growth, which ultimately contributes to the overall veterinary dermatology drugs market.
In terms of indication, the parasitic infection segment contributes to the overall growth of the veterinary dermatology drug market. As parasites are responsible for some of the most serious and well-known zoonotic infectious diseases transmitted from companion animals to humans around the world. Zoonotic parasitic infections, for example, are a major global public and veterinary health issue spread by stray dogs. For the record, dogs were found to be infected with a single genus of intestinal parasites at a rate of 18.7%. These factors have a positive impact on segmental growth, which ultimately contributes to the overall growth of the veterinary dermatology drugs market.
North America dominates the veterinary dermatology drugs market; Asia Pacific registers fastest growing CAGR during the projected period of 2021 to 2028
Because of the presence of top companies involved in providing valuable treatment, North America holds the dominant share of the veterinary dermatology drugs market. Animal Dermatology Group, Inc. (ADG), for example, is a privately held US veterinary dermatology specialty company with the world's largest group of veterinary dermatology specialists specializing in the diagnosis and treatment of acute and chronic skin conditions in pets. ADG currently has over 38 veterinarians active in clinical care, research, and academic training to advance the field of veterinary dermatology.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR for the veterinary dermatology drugs market from 2021 to 2028. During the forecast period of 2021 to 2028, the Asia Pacific region's market for veterinary dermatology drugs is expected to grow at a faster rate. This is due to increased awareness of available veterinary treatment options, as well as the hub for manufacturing facilities of veterinary dermatology drug companies like Elanco. This is one of the most important factors influencing the APAC regional market for veterinary dermatology drugs.
The prominent players of the global veterinary dermatology drugs market involve Elanco Animal Health, Vetoquinol SA, Ceva, Intervet Inc., a subsidiary of Merck & Co. Inc., Zoetis, Virbac, Bimeda, Inc., Vivaldis, and among others.
Market By Animal Type
Market By Route of Administration
Market By Indication
Market By Distribution Channel
Market By Geography
The estimated value of global veterinary dermatology drugs market accounted to be US$7.8 Bn in 2020
The projected CAGR of global veterinary dermatology drugs market accounted to be 9.6% during the forecast period of 2021 to 2028
Asia Pacific held the fastest growing CAGR for veterinary dermatology drugs market during the analysis period of 2021 to 2028
Rising prevalence of diseases among animals is the key factors that contributes for the growth of global veterinary dermatology drugs market