Veterinary Dermatology Drugs Market
Veterinary Dermatology Drugs Market (Product Type: Antifungal Drugs, Antibacterial Drugs, Antiparasitic Drugs, and Others; Mode of Administration: Topical, Oral, and Injectable; Animal Type: Large Animals and Small Animals; and Indication: Infectious Diseases, Skin Cancer, Autoimmune Skin Diseases, Parasitic Infections, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Harmful, Deadly Skin Infections Common Cause of Death in Animals
Veterinary dermatologists are notably qualified in diagnosing and operating infectious skin diseases such as bacterial, fungal, and viral in animals. Many animals across the world suffer from severe diseases including parasitic skin diseases, dander-related skin disorders, alopecia, intrinsic skin infections, autoimmune skin diseases, mild and harmful skin cancer, hormonal-related skin diseases, and other internal causes for skin abnormalities. Advancements in medical devices and increasing research sources for veterinary dermatologists to diagnose and treat such severe diseases are proving beneficial for pets, pet owners, and other animals. Thus, the rise in veterinary visits is contributing to the growth of the global veterinary dermatology drugs market during the forecast period.
Presently, more than 20% of all animal veterinary meetings are associated with dermatological problems. The most commonly diagnosed dermatological conditions are allergies, otitis externa, seborrhoeic dermatitis, and surface pyoderma. The market still demands tremendous improvement in the animal dermatology sector and hence, there is a progress in discovering new drugs for the veterinary service. With safety and efficacy studies being developed, there is notable advancements made for equine lameness and the manufacturers are focusing on increasing the production and distribution of the drugs, helping horses globally. Recently, innovations in equine dermatological drugs are helping with common diseases such as skin inflammation. fungal infection, or an infectious bacterium in horses. As disorders are very common in horses across the world, there is a heavy demand for the veterinary dermatology drugs market and is expected to grow in the upcoming future.
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COVID-19 Pandemic Impacting Animal Care in Most Regions
The effects of the COVID-19 pandemic on the veterinary profession has been unexpected, far-reaching, and diverse. Across many countries, veterinary dermatology practices have made enormous changes to assure patients continue to receive crucial veterinary care, and new safety standards are achieved to protect staff and clients. Veterinary experts have implemented a variety of operational strategies and prudent measures to continue giving veterinary care, while restricting the spread of the coronavirus and prioritizing safety.
The COVID-19 pandemic continues its attack on the world and the veterinary profession, and it is expected to affect the global veterinary dermatology drugs market until the end of 2021. However, as precautionary measures, clients are being asked to wait in vehicles during animal exams and treatment. Other operational developments include contactless payment processing, transferring patient data online, and drive-thru pick-up and drop-off. However, due to constraints in the supply chain and manufacturing units due to limited workforce and stringent regulations, the market is experiencing slow growth amidst the pandemic. Nevertheless, rapid distribution of vaccines and improved medical care are expected to drive the global veterinary dermatology drugs market growth rate shortly.
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Antifungals for Animals to Witness Heavy Demand
As compared to some common diseases in humans and animals such as mycoses, mycotic diseases in animals have gained much less consideration. This is unusual, as dermatophytes acting as agents of infectious diseases in animals is one of the oldest recognized disorders in animals. The dermatophytes are responsible for several zoonotic infections, and it is estimated to account for 80% of human skin diseases through animals. However, recent innovations in animal medications and treatments are efficient in the cure of such diseases. Moreover, manufacturers are focusing on research and development to avoid dermatophytes and infections related to it. These innovations are likely to attract various pet owners to the veterinary dermatology drugs market during the forecast period.
Presently, numerous antifungal drugs are used to treat skin diseases in animals. Based on the fungus and animals, the veterinarian prescribes the drug for the treatment. Although griseofulvin is the single antifungal recommended for systemic treatment by the Food and Drug Administration (FDA) for veterinary use, a variety of systemic antifungals are available for use in veterinary medicine. With rise of generic formulations, various cost-efficient drugs can be found in the current market. The appearance of immunity in fungal organisms has influenced various producers for the development of newer antifungals such as itraconazole, fluconazole, voriconazole, and posaconazole. The effective and improved treatment options are driving the global veterinary dermatology drugs market in the near future.
Rising Pet Adoption, Growing Care for Animals Encourage Advancements in Dermatology Drugs
The veterinary dermatology drugs market has witnessed a meaningful surge over the years, due to the rising awareness concerning veterinary care. Growing urbanization and increasing number of pet animals are anticipated to influence the growth of the veterinary dermatology drugs market. The rising ubiquity of atopic dermatitis among animals is significantly demanding better veterinary drugs. The world, especially guardians and owners of pets, is learning about veterinary skin disorders, treatment options, and various government initiatives to increase farm animal productivity. In addition, increasing population of companion animals and compliance to spend for their healthcare are assisting in the global market growth during the forecast period. The global veterinary dermatology drugs market is projected to expand at a moderate CAGR from 2021 to 2031.
North America holds the major share of the veterinary dermatology drugs market, owing to the high prevalence of pruritus, sores, alopecia, masses, eruptions, scales, seborrhea, pustules, and draining tracts in animals, and is expected to continue its dominance during the forecast period. Followed by North America, Europe is expected to hold a significant position in the veterinary dermatology drugs market, due to the various new dermatological association in the European region, which is increasing awareness about skin diseases in animals. Furthermore, this market in Asia Pacific is likely to be driven by the increased adoption of veterinary dermatology drugs, vaccines, and medicated feed additives for the well-being of the rapidly increasing livestock animal population in the region.
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The expanding awareness about available skin treatment choices and the growing incidences of skin problems such as atopic dermatitis are driving the global veterinary dermatology drugs market. Governments of various nations are taking initiatives to improve productivity of farm animals by investing in veterinary drugs. As ointments and creams are easily accessible and simple to use, they are expected to dominate the skincare segment of the veterinary dermatology drugs market. The market is currently witnessing a slowdown due to strict government regulations due to the ongoing pandemic. However, with veterinarians taking proper measures and providing contactless services, the global veterinary dermatology drugs market is projected to overcome the current restraints in the upcoming future.
Veterinary Dermatology Drugs Market: Overview
- The global veterinary dermatology drugs market was valued over US$ 3.6 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Increase in medical and diagnostic capabilities for companion animals and rise in ownership of companion animals are anticipated to propel the global veterinary dermatology drugs market during the forecast period. Key industry developments, including partnerships, mergers & acquisitions, and collaborations are expected to fuel the growth of the global veterinary dermatology drugs market.
- Increase in longevity of pet animals due to improvements in diagnostics, greater emphasis on wellness and prevention by veterinarians, and enhanced nutrition have expanded the use of veterinary dermatology drugs
- Pet ownership is rising in developed and emerging markets, which, in turn, increases expenditure on companion animals globally
- In 2013, around 62% of the U.S. households owned a companion animal (excluding horses) i.e., around 72.9 million homes. Brazil, China, India, Mexico, and Russia are among the top countries with high growth rate in terms of companion animal ownership.
- Changes in the ecology of parasite habitats, climate change, increase in vector-host interactions, introduction of foreign species in endemic areas, and rise in travel by companion animal owners could potentially be responsible for growth of the geographical spreading of parasites and high risk of vector-borne infection outside traditional endemic areas. These factors drive the global veterinary dermatology drugs market.
- Incidence of emerging diseases such as helminth parasites and protozoal parasitic diseases is increasing. Development of better methods such as molecular diagnostics to detect and combat these diseases on time is projected to propel the global veterinary dermatology drugs market.
Veterinary Dermatology Drugs Market: Segmentation
- The global veterinary dermatology drugs market has been segmented based on product type, mode of administration, animal type, indication, and region
- In terms of product type, the global veterinary dermatology drugs market has been classified into antifungal drugs, antibacterial drugs, antiparasitic drugs, and others. The antibacterial drugs segment dominated the global veterinary dermatology drugs market in 2020, owing to high prevalence of bacterial infection among animals and rise in usage of antibacterial drugs.
- Based on mode of administration, the global veterinary dermatology drugs market has been categorized into oral, topical, and injectable. The topical segment captured the largest market share in 2020, as it is among the oldest and most efficient mode of administration of drugs to control inflammatory and immune-mediated skin disorders.
- In terms of animal type, the global veterinary dermatology drugs market has been bifurcated into large animals and small animals. The large animals segment has been split into equine, bovine, and others. The small animals segment has been segregated into cats, dogs, and others.
- Based on indication, the global veterinary dermatology drugs market has been divided into infectious diseases, skin cancer, autoimmune skin diseases, parasitic infections, and others. The infectious diseases segment accounted for significant share of the market in 2020, as infectious diseases are the most common type of veterinary dermatology conditions in companion as well as livestock animals.
Veterinary Dermatology Drugs Market: Regional Segmentation
- In terms of region, the global veterinary dermatology drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to be a highly attractive market for veterinary dermatology drugs from 2021 to 2031. High revenue from the region can be attributed to increase in government and private funding and large volume of tests performed. North America is also home to several key players such as Idexx, VCA, and Thermo Fisher, which further propels the market.
- The veterinary dermatology drugs market in Asia Pacific is expected to be driven by high adoption of veterinary dermatology drugs, vaccines, and medicated feed additives for the well-being of the rapidly increasing livestock animal population in the region
Veterinary Dermatology Drugs Market: Major Players
- Key players operating in the global veterinary dermatology drugs market are
- Merial, Zoetis, Inc.
- Ceva Sante Animale
- IDEXX Laboratories
- Vetoquinol S.A.
- Virbac S.A.
- Bayer Animal Health
- Boehringer Ingelheim
- Novartis Animal Health
- Toray Industries
- AB Science
- These players focus on adopting various strategies to expand product offerings and strengthening geographic presence across the globe. Technological advancements, mergers & acquisition, expansion of product portfolio, and rise in research & development are strategies adopted by companies to expand market presence.
Veterinary Dermatology Drugs Market – Scope of the Report
TMR’s report on the global veterinary dermatology drugs market studies the past as well as current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2031. The report provides the overall revenue of the global veterinary dermatology drugs market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global veterinary dermatology drugs market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ literature, annual reports, press releases, and relevant documents to understand the global veterinary dermatology drugs market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of top-down and bottom-up approaches to study various phenomena in the global veterinary dermatology drugs market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global veterinary dermatology drugs market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global veterinary dermatology drugs market. The next section of the global veterinary dermatology drugs market report highlights the USPs, which include technological advancements, key industry events (mergers, acquisitions, strategic partnerships, etc.), top 3 players operating in the market, and COVID-19 pandemic impact on the global veterinary dermatology drugs market.
The report delves into the competitive landscape of the global veterinary dermatology drugs market. Key players operating in the global veterinary dermatology drugs market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global veterinary dermatology drugs market report.
Key Questions Answered in Veterinary Dermatology Drugs Market Report
- What are the sales/revenue generated by end users of veterinary dermatology drugs across all regions during the forecast period?
- What are the key trends in the global veterinary dermatology drugs market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2031 and which segment will expand at the highest CAGR during the forecast period?
- Market rankings of different companies operating in the global market in 2020.
Veterinary Dermatology Drugs Market – Research Objectives and Research Approach
The comprehensive report on the global veterinary dermatology drugs market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global veterinary dermatology drugs market. It is followed by market introduction, market dynamics, and an overview of the global veterinary dermatology drugs market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global veterinary dermatology drugs market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key players has been mapped to ascertain the size of the global veterinary dermatology drugs market in terms of value. The forecast presented here assesses the total revenue generated in the global veterinary dermatology drugs market. In order to provide an accurate forecast, we initiated by sizing up the current veterinary dermatology drugs market with the help of the parent market.
The report analyzes the global veterinary dermatology drugs market in terms of product type, mode of administration, animal type, indication, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2031 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global veterinary dermatology drugs market.
Veterinary Dermatology Drugs Market – Segmentation
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