by The global Veterinary Dermatology Drugs Market is estimated to be valued at US$ 2.62 Bn or 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 diseases in animals such as dermatitis, pruritus, bacterial or fungal infections, allergies etc. These include topical and systemic corticosteroids, anti-fungal drugs, anti-histamines, antimicrobials and others. Dermatological disorders are quite common in pets as well as livestock. The increasing pet adoption worldwide has raised concerns for animal health and well-being which is driving the demand for effective veterinary dermatology products.
Market key trends:
The key trend in the veterinary dermatology drugs market include growing popularity of advanced topical medications. Various topical drugs such as shampoos, lotions, creams are available for treating superficial dermatitis and bacterial or fungal infections in animals. These drugs offer targeted treatment and cause less systemic side effects compared to oral medications. Further, demand for anti-allergic drugs is also increasing due to rising prevalence of allergic skin disorders in pets. Companies are focusing on developing combination therapies to improve treatment efficacy. Growing awareness about animal health and increasing pet healthcare expenditure especially in developed regions is expected to drive the veterinary dermatology drugs market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the veterinary dermatology drugs market is moderate. The development and commercialization of new veterinary drugs require substantial R&D investments and successful clinical trials.
Bargaining power of buyers: The bargaining power of buyers in the veterinary dermatology drugs market is high. Buyers include veterinary clinics, animal hospitals, research organizations and animal owners. They can negotiate on price and demand discounts from suppliers due to the presence of various drugs options available.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Since the market is quite consolidated with major companies controlling the supply, suppliers have some control over the prices. However, new product launches by competitors decrease their bargaining power.
Threat of new substitutes: The threat of substitutes is moderate as other skin condition treatments like medicated shampoos and creams can be used to treat certain skin conditions in pets. However, drugs are considered more effective in treating chronic conditions.
Competitive rivalry: The competitive rivalry in the veterinary dermatology drugs market is high as the market is dominated by global key players. Companies compete based on product portfolio, pricing, R&D investments and strategic collaborations.
Key Takeaways
The Global Veterinary Dermatology Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing pet healthcare expenditure and growing incidence of skin diseases in companion animals.
Regional analysis: North America is expected to dominate the global veterinary dermatology drugs market owing to rising pet adoption, growing awareness about pet health, and availability of advanced veterinary treatment options in the region. Europe is also projected to showcase significant growth due to increasing pet population and rising per capita animal health expenditure.
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. Major companies are focusing on new product launches and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
