Veterinary dermatology drugs are pharmaceutical formulations meant for treatment of various skin diseases in companion animals and livestock. These drugs provide relief from chronic itching, treat bacterial and fungal infections, soothe inflamed skin, and accelerate wound healing. The increasing prevalence of demodectic mange, ringworm, scabies, etc. in dogs and cats has boosted the demand for anti-fungal and anti-microbial dermatology drugs. Additionally, rising pet ownership in developing nations and growing awareness about animal health are also contributing to the growth of this market.
The global Veterinary Dermatology Drugs Market Demand 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 Opportunity: The rising prevalence of skin diseases in pets presents a major market opportunity for veterinary dermatology drugs. Demodectic mange, a common skin condition found in dogs, is mainly caused due to Demodex mites. According to recent studies, over 15% of dogs develop demodectic mange at some point, with young puppies and senior dogs being most susceptible. Early diagnosis and treatment of demodectic mange is important to control the condition and prevent secondary bacterial infections. This has significantly increased the demand for drugs such as milbemycin oxime and lime sulfur dip that can effectively treat demodectic mange in dogs. Similarly, ringworm infections in cats have also been on the rise. Topical and oral antifungals are widely used to treat feline ringworm, presenting an opportunity for drug manufacturers. Porter's Analysis Threat of new entrants: New entrants find it difficult due to high capital investment required for R&D and manufacturing facilities. Bargaining power of buyers: Buyers have low bargaining power due to lack of substitutes and need for prescription drugs. Bargaining power of suppliers: Suppliers have moderate bargaining power due to presence of multiple suppliers and need to adhere to strict guidelines. Threat of new substitutes: Substitutes have low threat as these drugs require veterinary prescription. Competitive rivalry: Intense competition exists among existing players to gain higher market share. SWOT Analysis Strengths: Growing pet adoption and increasing awareness about pet healthcare. Weaknesses: High costs associated with drug development and stringent regulations. Opportunities: Untapped emerging markets and rising veterinary expenditure. Threats: Side effects of drugs and availability of alternative therapies. Key Takeaways The global Veterinary Dermatology Drugs Market Demand is expected to witness high growth at a CAGR of 7.6% during the forecast period of 2023 to 2030. Regional analysis The North America region currently dominates the market owing to rising pet healthcare expenditure and presence of major players. The Asia Pacific region is expected to grow at the fastest pace due to increasing pet adoption, rising awareness, and growth in veterinary services. Key players operating in the veterinary dermatology drugs market are 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. Regional analysis fastest growing and dominating region is North America due to rising pet healthcare expenditure and presence of major players like Zoetis, Elanco etc. Asia Pacific region is expected to grow at the fastest pace due to factors like increasing pet adoption, rising awareness about pet healthcare and growth in veterinary services in countries like India and China. For More Details On The Report, Read https://www.newsanalyticspro.com/the-veterinary-dermatology-drugs-market-is-expected-to-be-flourished-by-pet-care
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