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.
Related Press Release@ Veterinary Dermatology Drugs Market Report
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
About Us:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment