Market Trends of Global Veterinary Dermatology Drugs Industry
Companion Animal Segment is Expected to have Significant Growth Over the Forecast period
The companion animal segment is likely to witness significant growth during the forecast period. The demand for companion animal dermatological drugs has been observing a significant rise in the global market, owing to factors such as increasing pet adoption, rising prevalence of companion animal diseases, and rising awareness about companion animal health.
According to the annual report of the FEDIAF in July 2022, cats and dogs are the most popular companion animals in Europe, with 26% of all pet-owning households owning a cat, amounting to 110 million household cats, and 25% owning dogs, amounting to 90 million dogs. As per the above source, Russia has the most cats (22.9 million), followed by Germany (16.7 million) and France (15.1 million). Russia also has the most dogs, with 17.5 million, followed by the United Kingdom with 12.0 million and Germany with 10.3 million in 2021. This is likely to lead to more dermatological care for pet animals since skin infections and diseases are the most common health problems in companion animals. Hence it is anticipated to fuel the segment's growth.
Furthermore, similar to human allergies, canine allergies, such as atopic dermatitis (AD), are becoming more common. Chronic allergies are characterized by pruritus and recurring inflammatory lesions. For instance, as per a research article published by MDPI in December 2022, concerns regarding canine health have grown along with the large growth in the number of dog owners in recent years. Dogs typically attend veterinary clinics for skin illnesses, including allergies, infections, and endocrine issues. Hence, the rising burden of skin diseases in pets likely increases the demand for dermatology drugs for treatment and is expected to drive the growth of the segment.
Moreover, new product launches by market players for companion animals play a major role in the growth of the market. For example, in May 2021, Elanco launched an oral flea and tick product, Credelio CAT (lotilaner), for cats in the United States. These new product launches increase the product portfolios of major players in veterinary dermatology drugs and will drive the market over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is anticipated to witness a high growth rate in the veterinary dermatology drugs market during the forecast period, owing to the high prevalence of pruritus, sores, alopecia, masses, eruptions, scales, seborrhea, pustules, and draining tracts in animals.
The growth of the veterinary dermatology drugs market in developed countries such as the United States and Canada is driven by increased pet adoption, awareness about animal health, and animal health expenses. According to a survey conducted by the American Pet Products Association (APPA) in June 2021, pet ownership has increased from an estimated 67% of United States households in previous years to an estimated 70% of households during the COVID-19 pandemic, and nearly 14% of total pet owners obtained a new pet during the pandemic phase.
In addition, according to Pet Keen research published in May 2022, nearly 38% of Canadian homes owned a cat, and 35% owned a dog in 2021. Also, as per the above source, pet owners in Canada spent more on their pets than ever before in the same year, with 17% of owners prepared to spend more than USD 500 per year on pet healthcare. Hence, increasing pet adoption along with rising expenditure on the healthcare of animals, which also includes veterinary dermatological disease management, is expected to drive the market in the region.
The major players are actively making strategic plans and new developments, along with new product approvals and launches, to contribute to the market. For instance, in July 2021, Virbac Corporation launched Cyclavance (cyclosporine oral solution) USP-modified, an oral solution for the control of atopic dermatitis in dogs. Owing to the increasing number of recent developments and new product launches by market players, the North American region for the studied market is growing faster and will witness a prominent growth rate during the forecast period for the veterinary dermatology drugs market.
