The Veterinary Dermatology Drugs Market is estimated to be valued at US$ 2.62 Bn 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 for the treatment of various skin diseases in animals such as infections, allergies, inflammatory disorders and parasitic infections. The main types of veterinary dermatology drugs include antimicrobials, anti-inflammatory drugs, shampoos and moisturizers which provide effective relief and healing of skin conditions. These drugs play a vital role in ensuring the comfort and well-being of pets. Market key trends: The veterinary dermatology drugs market is expected to witness substantial growth during the forecast period owing to rising incidences of various skin diseases in animals. According to statistics, over 50% of dogs suffer from at least one episode of skin disease during their lifetime. The increasing pet population and growing awareness about animal health are also contributing to market growth. Moreover, continuous research and development activities by major players for development of advanced and effective drugs are expected to drive the demand. For instance, in 2022, Kindred Biosciences Inc. received approval for its drug Mirataz which provides treatment for dermatitis and allergic diseases in cats. Porter's Analysis Threat of new entrants: The veterinary dermatology drugs industry requires heavy capital investment in R&D for new drug development and gaining regulatory approvals. This poses high entry barriers for new companies. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a wide range of treatment options from key players. However, proprietary drugs command premium prices. Bargaining power of suppliers: Raw material suppliers have low bargaining power due to the availability of substitute materials and suppliers. However, key active pharmaceutical ingredients used are specialty chemicals requiring technical expertise. Threat of new substitutes: Alternate treatment options like herbal medicines, immunotherapy and therapeutics pose a medium threat to substitute existing drugs. Competitive rivalry: The industry sees intense competition among major players. SWOT Analysis Strength: The industry is expected to grow steadily due to rising pet ownership and increasing expenditure on pet healthcare. Growing awareness about animal welfare boosts demand. Weakness: Requirement of high capital investment in R&D and regulatory compliance poses challenges for new players.Dependence on seasonality and climate conditions impacts supply. Opportunity: Untapped markets in developing countries present lucrative opportunities. Increasing acceptance of generic drugs enhances access and affordability. Threats: Stringent regulations and lengthy approval procedures delay market entry. Intense price competition from generic drugs erodes profit margins. 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 ownership and rising per capita expenditure on pet care. The U.S. dominates the market owing to high pet adoption and growing animal welfare concerns. However, the Asia Pacific region is expected to witness the fastest CAGR during the forecast period due to increasing disposable incomes and growing pet humanization in countries like India and China. Regional analysis: North America leads with the largest market share due to rising government focus on animal health. Europe follows due to favorable regulations. However, the Asia Pacific region is projected to witness the fastest growth rate of around 9% during the forecast period due to growing awareness, improving healthcare infrastructure and rising per capita animal healthcare expenditure. Key players operating in the veterinary dermatology drugs market include 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 players are focusing on new product launches, expanding their regional footprint and collaborations for sustained market presence. Read Our More Blogs : https://www.dailyprbulletin.com/veterinary-dermatology-drugs-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |