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Veterinary Dermatology Drugs Global Market Report 2023
Major players in the veterinary dermatology drugs market are Elanco Animal Health Inc., Merk & Co. Inc., Zoetis Inc., Vetoquinol SA, Ceva Santé Animale, Virbac S.A., Bioibérica S.A.U., Bimeda Inc., Indian Immunologicals Ltd.
New York, April 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Dermatology Drugs Global Market Report 2023" - https://www.reportlinker.com/p06451017/?utm_source=GNW
, Vivaldis Health and Fodds Pvt Ltd., IDEXX Laboratories Inc., Eli Lilly and Company, SavaVet, Toray Industries Inc., and AB Science.
The global veterinary dermatology drugs market is expected to grow from $6.92 billion in 2022 to $7.72 billion in 2023 at a compound annual growth rate (CAGR) of 13.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The veterinary dermatology drugs market is expected to grow to $11.46 billion in 2027 at a CAGR of 10.4%.
The veterinary dermatology drugs market consists of sales of dicloxacillin, erythromycin, and tetracycline, retinoids, which are naturally occurring and synthetic compounds with vitamin A activity.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Veterinary dermatology drugs refer to the drugs used to treat dermatological disorders indicated for animals who are suffering from skin diseases such as bacterial and fungal skin infections.
North America was the largest region in the veterinary dermatology drugs market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the veterinary dermatology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of veterinary dermatology drugs are antifungal drugs, antibacterial drugs, and antiparasitic drugs.Antifungals refer to the medicines that stop the growth of fungi that cause infections commonly affect skin, hair, and nails.
The animals include companions, and livestock use medication for the indications such as parasitic infections, allergic infections, and others by different routes of administration such as topical, injectable, and oral distributed by various channels such as retail, hospital pharmacies, and online.
The increasing number of pet owners is expected to propel the growth of the veterinary dermatology drugs market going forward.Pet owners are individuals who own or adopt a pet animal.
Pet owners take care of their pets and their health, thus providing necessary health facilities to the pets which increases the demand for veterinary drugs. For instance, in 2021, according to a national poll by the American Society for the Prevention of Cruelty to Animals (ASPCA), a US-based non-profit organization working for preventing animal cruelty, out of all the respondents, one in five households had a cat or dog from the beginning of COVID-19 crisis which accounted for 23 million households. 90% of dogs and 85% of cats were still in their adopted houses and the households were not considering abandoning them again. Therefore, the increasing number of pet owners is driving the veterinary dermatology drugs market.
Product innovation is a key trend in the veterinary dermatology drugs market.Major companies operating in the veterinary dermatology drugs market are introducing new products, such as Stelfonta injectables to sustain their position in the market.
For instance, in July 2020, Virbac, a France-based company focused on animal health product development, launched a Stelfonta injectable to treat mast cell cancers in dogs.The new product is a breakthrough solution for mast cell tumors which is a leading form of skin cancer.
Stelfonta destroys tumors in a unique way without the need for surgery.
In August 2021, Elanco Animal Health Incorporated, a US-based pharmaceutical company, acquired Kindred Biosciences for a deal value of $444 million.The acquisition would strengthen and accelerate Elanco’s innovation, portfolio, and product strategy and help Elanco to deliver veterinary solutions to meet the unmet needs of pet owners.
Kindred Biosciences is a US-based commercial-stage biopharmaceutical company focusing on developing drugs for pets operating in the veterinary dermatology drugs market.
The countries covered in the veterinary dermatology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The veterinary dermatology drugs market research report is one of a series of new reports that provides veterinary dermatology drugs market statistics, including veterinary dermatology drugs industry global market size, regional shares, competitors with a veterinary dermatology drugs market share, detailed veterinary dermatology drugs market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary dermatology drugs industry. This veterinary dermatology drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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