July 13, 2024
Veterinary Dermatology Drugs Market

Veterinary Dermatology Drugs Market Driven By Rising Pet Healthcare Expenditure

Veterinary dermatology drugs are medications prescribed to treat various skin diseases in pets such as dogs, cats, and others. These drugs help relieve itching, redness, scaling, hair loss, and other symptoms associated with dermatological conditions. With growing pet ownership and increasing per capita expenditure on pet healthcare, various pharmaceutical companies are focusing on developing innovative dermatology therapeutics. Common skin diseases in pets include hormonal skin diseases, autoimmune skin diseases, parasitic skin diseases, fungal skin infections, bacterial infections, and allergic skin diseases. Veterinary dermatology drugs effectively treat such conditions with anti-inflammatory, anti-pruritic, and antimicrobial properties.

The global Veterinary Dermatology Drugs Market Demand 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 key trends

The veterinary dermatology drugs market is witnessing increasing demand for monoclonal antibodies due to their high specificity and efficacy in the treatment of allergic and atopic dermatitis in pets. Monoclonal antibodies have revolutionized the treatment of canine atopic dermatitis by selectively targeting immunoglobulin E or cytokines involved in hypersensitivity reactions. Companies are pouring investments in research and development of innovative therapeutic antibodies for veterinary use. In parallel, there is a rising focus on advanced drug delivery systems such as transdermal gels, liquids, and spot-on solutions for ease of administration and improved compliance. This has prompted manufacturers to invest in nanotechnology to enhance the permeability and targeted release of dermatology drugs.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as high investments are required for R&D and clinical trials which makes it difficult for new players to enter the market. However, the increasing demand of veterinary dermatology drugs provides scope for new products.

Bargaining power of buyers: The bargaining power of buyers is moderate as the market has the presence of many established as well as new players. Buyers can opt for alternative treatment options or substitute products offered by different companies.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used in veterinary dermatology drugs are commodity products and are available from numerous suppliers. However, suppliers of active pharmaceutical ingredients have some bargaining power.

Threat of new substitutes: Threat of new substitutes is low as there are limited treatment options available and veterinary dermatology drugs have efficacy and safety. However, alternative treatment options in veterinary medicine provide some competitive pressure.Competitive rivalry: The competitive rivalry is high due to presence of global and regional players offering similar veterinary dermatology drugs. Companies focus on new product launches and mergers & acquisitions for gaining competitive edge.

Key Takeaways

The global Veterinary Dermatology Drugs Market Demand is expected to witness high growth. The market in North America is estimated to dominate during the forecast period attributed to increasing pet expenditure, rising veterinary healthcare infrastructure, and growing pet population in the region.

Regional analysis
North America is expected to hold the largest share in the global veterinary dermatology drugs market owing to increasing pet healthcare expenditure, rising pet adoption, and a growing trend of pet humanization. Europe is also anticipated to hold a significant market share owing to growing demand and rising awareness among pet owners regarding animal health. Asia Pacific is projected to witness the fastest growth over the forecast period owing to the increasing pet population, improving veterinary infrastructure, and growing adoption of companion animals in the region.

Key players
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. offers a wide range of dermatology drugs indicated for treatment of various skin conditions in companion animals. Elanco Animal Health also provides solutions for skin diseases in companion pets and livestock species.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it