Veterinary Dermatology Drugs Market Set to Surge with Strong CAGR by 2024, Insights on Emerging Trends

News provided by

Feb 07, 2024, 23:00 ET

DUBLIN, Feb. 7, 2024 /PRNewswire/ -- The "Veterinary Dermatology Drugs Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.

The global veterinary dermatology drugs market is experiencing a robust growth trajectory, according to a comprehensive new study. Industry analysis indicates a projected rise from $7.75 billion in 2023 to $8.67 billion in 2024, advancing at a compound annual growth rate (CAGR) of 11.9%. Underpinning this surge is an interplay of factors including heightened pet healthcare awareness and an uptick in veterinary spending.

Key Market Drivers

The market report delves into the principal forces propelling growth in this niche sector. The pervasiveness of dermatological disorders in animals, evolving patterns in pet care, and innovations in veterinary medication are pivotal elements fueling expansion. The uptick in pet ownership—a result of heightened responsibility towards animal well-being—has emerged as a primary catalyst in the market's progression.

Geographic Expansion and Future Outlook

With North America maintaining the largest regional share in 2023, the spotlight is now shifting to Asia-Pacific, forecasted to emerge as the fastest-growing region. By 2028, the veterinary dermatology drugs market is anticipated to escalate to $13.42 billion at a CAGR of 11.5%, buoyed by factors such as comprehensive pet insurance uptake and increasing pet healthcare literacy among consumers.

Emerging Trends in Veterinary Dermatology

Technological Innovations: A substantive focus on research and development endeavors has catalyzed the emergence of breakthrough therapies in veterinary dermatology, including personalized treatments and advanced management of allergies.
Telemedicine Integration: Telemedicine's integration in veterinary practices is changing the landscape of dermatological care, offering increased accessibility and convenience for pet owners and their furry companions.
Enzymatic Solutions: Industry leaders are unveiling novel enzymatic products that enhance the well-being of pets, addressing a wide array of feline and canine dermatological conditions without resorting to antibiotics.

Corporate Synergies and Expansion Efforts

Strategic partnerships and acquisitions constitute significant steps undertaken by market players to consolidate their position and diversify their portfolios. Recent industry activity demonstrates an unwavering commitment to fostering innovative solutions to pressing dermatological challenges in veterinary medicine.

Market Segmentation Insights

The study provides a granular examination of market segments based on the nature of veterinary dermatology drugs—antifungal, antibacterial, and antiparasitic. These segments cater to a wide array of indications in animals, from parasitic infections to allergic reactions, across multiple distribution channels including retail and online platforms.

Comprehensive Market Analysis

This report illuminates the integral components of the veterinary dermatology drugs market, furnishing a thorough analysis of current patterns and prospective future developments. Industry professionals, stakeholders, and strategists will find this an indispensable resource, offering direction for informed decision-making and strategic planning within the veterinary healthcare ecosystem.

The study affirms the dynamic nature of the veterinary dermatology drugs market, underlined by innovative treatments, strategic corporate maneuvers, and a robust growth trajectory, presenting a promising horizon for entities invested in animal welfare and veterinary healthcare.

Key Markets Covered:

By Product Type: Antifungal Drugs; Antibacterial Drugs; Antiparasitic Drugs
By Animal Type: Companion Animal; Livestock Animal
By Drug Indication: Parasitic Infections; Allergic Infections; Other Indications
By Route of Administration: Topical; Injectable; Oral
By Distribution Channel: Retail; Hospital Pharmacies; Online

Companies Profiled

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.
Vivaldis Health and Fodds Pvt Ltd.
IDEXX Laboratories Inc.
Eli Lilly and Company
SavaVet
Toray Industries Inc.
AB Science
Merial
Vetmedica
Mars Incorporated
Leti Pharma
Bioiberica S.A.U
Kindred Biosciences
Bayer Animal Health
Boehringer Ingelheim Vetmedica
Dechra Pharmaceuticals PLC
Norbrook Laboratories Limited
Kyoritsu Seiyaku Corporation
Veterinary Centers of America Inc.
Heska Corporation
Biogénesis Bagó
Nexvet
Aratana Therapeutics

For more information about this report visit https://www.researchandmarkets.com/r/nsfg2j

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets