The global Veterinary Dermatology Drugs Market is estimated to be valued at US$ 2.62 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary dermatology drugs are used to treat various skin disorders in animals such as infections, inflammatory diseases, and allergic reactions. Dermatological conditions in pets are quite common and require proper medication to heal wounds, reduce itching and relieve skin diseases.
Market key trends:
One of the key trends fueling the growth of the veterinary dermatology drugs market is increasing pet humanization. Pet owners increasingly view their pets as family members and are willing to spend more on pet health and wellness. This has resulted in higher spending on veterinary care including medications and therapeutics for skin conditions. Additionally, rising R&D investments by key players for developing innovative products and growing adoption of dermatology drugs over conventional treatments are some other important factors propelling the market growth over the forecast period. With increasing pet care expenditures, major industry players are introducing highly efficient and less toxic veterinary dermatology drugs targeting skin conditions to gain greater market share.
Segment Analysis
The Global Veterinary Dermatology Drugs Market Size is segmented on the basis of drug class, animal type, route of administration and distribution channel. By drug class, anti-inflammatory drugs dominate the market owing to high prevalence of allergies, infections and inflammations in animals. Anti-inflammatory drugs like corticosteroids, NSAIDs are widely prescribed for treating various dermatological conditions in pets and livestock.
Key Takeaways
The global veterinary dermatology drugs market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing pet ownership and growing prevalence of animal skin diseases. North America dominates the global market owing to developed healthcare infrastructure for animals, and increasing adoption of pets in countries like US and Canada. Europe is the second largest regional market.
Key players operating in the veterinary dermatology drugs market are Zoetis Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Bayer AG, Ceva Sante Animale, Kindred Biosciences, Inc., IDEXX Laboratories, Inc.
The global veterinary dermatology drugs market size is expected to reach US$ 2.62 Bn in 2023. The market is expected to grow owing to increasing pet ownership and growing prevalence of animal skin diseases. North America dominates the global veterinary dermatology drugs market owing to developed healthcare infrastructure for animals in countries like US and Canada. Europe is also a major regional market for veterinary dermatology drugs.
Key players operating in the veterinary dermatology drugs market are Zoetis Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Bayer AG, Ceva Sante Animale, Kindred Biosciences, Inc., IDEXX Laboratories, Inc. Zoetis Inc. and Elanco Animal Health Incorporated are the leading players dominating the global market.
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