The canine atopic dermatitis market was valued at approximately USD 683. 63 million in 2020. It is expected to witness a revenue of USD 1,107. 86 million in 2026, with a CAGR of 8. 46% over the forecast period (2021-2026).
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Canine Atopic Dermatitis Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06134964/?utm_source=GNW
The impact of COVID-19 on the canine atopic dermatitis market is expected to be significant. As per the data of the Centers for Disease Control and Prevention, cats, dogs, and a few other types of animals are at potential risk of acquiring this virus. Several studies are still ongoing concerning the connection between animals and human transmission of this virus. However, governments have been taking measures to mitigate the supply of medicines. For instance, the European Medicines Agency issued guidance for companies responsible for veterinary medicines, regarding the adaptations to the regulatory framework, primarily to address the challenges faced during the pandemic. IN July 2020, the Centers for Disease Control and Prevention recommended certain guidelines to the veterinary professionals for the treatment of companion animals during the COVID-19 pandemic. Additionally, as per the research article published in Humanities and Social Sciences Communications, 2020, the total number of online searches on the Yad4 website was 221,959 in April 2020 compared to 72,703 in April 2019. The study revealed the growing rate of dog adoption during the pandemic. Therefore, owing to such factors, the canine atopic dermatitis market is expected to be impacted during the pandemic.
Environmental factors are responsible for many allergies and diseases, which is expected to drive market growth. Increasing R&D activities are also expected to drive the market. For instance, in January 2020, Boragen partnered with one of the global leading animal health companies, exclusively for the R&D activity related to the development of new treatment of canine atopic dermatitis. Also, as per the research article published in Veterinary Medicine and Science, 2020, Luteolin was evaluated to study the antioxidant effect in the treatment of canine atopic dermatitis. The results revealed that Luteolin was able to drastically minimize the levels of IL?33, IL 1?, IL?6, and IL?8 and suggested that Luteolin is a promising agent in pharmacological treatment for canine atopic dermatitis. Hence, such factors are expected to boost the canine atopic dermatitis market during the forecast period.
Key Market Trends
The Monoclonal Antibody Segment is Expected to Exhibit Significant Market Growth Over the Forecast Period
The monoclonal antibodies segment is expected to exhibit a thriving market growth over the forecast period. The major attributable factors are the rising awareness of biotherapeutics and the increasing product approvals.
Lokivetmab is a caninized anti–interleukin-31 (IL-31) mAb developed and licensed by Zoetis. It works by neutralizing soluble IL-31 released primarily by lymphocytes. Lokivetmab is effective against atopic dermatitis and allergic dermatitis in dogs. Furthermore, in 2019, Kindred Biosciences developed a monoclonal antibody, Interleukin-31, for the treatment of canine atopic dermatitis. It completed its pilot study and showed a significant outcome. Hence, advancements in products are expected to positively influence the market.
As per the research article published in the Asian Journal of Epidemiology, 2020, the development of monoclonal antibodies is expected to show similar growth in veterinary medicine that aids in providing promising alternative strategies to overcome the obstacles of drug resistance, adverse effects of drugs, drug residue, and other complications associated with the traditional veterinary drugs. Thus, owing to the aforementioned factors, therapeutic monoclonal antibodies are gaining importance in the treatment of allergic conditions in dogs, which may boost market growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
North America is expected to be a dominant region for the canine atopic dermatitis market, owing to increased spending in R&D activities and the high concentration of key players in the market, along with the high rate of households with dog ownership in the region. According to the Animal Health Institute, the US animal health industry serves around 640 million food animals and 383 million companion animals.
As per the Canadian Animal Health Institute (CAHI), in 2018, there were nearly 8.2 million dogs in Canada. Over a decade, dog ownership has increased significantly in the country. As per the American Pet Products Association, nearly 63.4 million households in the United States owned a dog in 2020. Additionally, dogs occupy 63.4% of the pet share in the United States and owners spend an average of around USD 1,380 on pet dogs’ basic expenses. Thus, high dog ownership in the region is expected to drive market growth.
Also, the new product approvals and strategic alliances by key players are expected to boost the studied market. For instance, in October 2020, Elanco signed an agreement to acquire Bayer’s Animal Health business in a transaction valued at USD 7.6 billion. Thus, owing to the aforementioned factors, the North American canine atopic dermatitis market is expected to register significant growth over the forecast period.
The canine atopic dermatitis market is moderately competitive in nature, with few players dominating the market. Some of the key players that are expected to dominate the canine atopic dermatitis market are Zoetis, Elanco, Virbac, Toray Industries Inc., Dechra Veterinary Products, Kindred Biosciences Inc., and Ceva. The companies adopt various strategies, such as mergers and acquisitions, partnerships, and collaborations, along with the new product launches and research activities, to explore their positions in the market.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06134964/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001