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Veterinary Dermatology Drugs Market Report 2024-2033 | Size, Growth, Growth Demand, Trends
Veterinary Dermatology Drugs Market Report
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According to The Business Research Company's, The veterinary dermatology drugs market size has grown rapidly in recent years. It will grow from $7.75 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to prevalence of dermatological conditions, increased veterinary spending, changing environmental factors, companion animal healthcare awareness, regulatory approvals, zoonotic disease awareness.
The veterinary dermatology drugs market size is expected to see rapid growth in the next few years. It will grow to $13.42 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to growing pet insurance adoption, rising incidence of allergies, globalization of pet products, holistic pet care approach, companion animal population growth, consumer education. Major trends in the forecast period include advancements in veterinary dermatology research, focus on allergy management, demand for topical treatments, nutraceuticals and dermatological health, telemedicine in veterinary dermatology, customized and personalized therapies, pet insurance and healthcare spending.
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Market Drivers and Trends:
The rising burden of dermatological diseases is expected to propel the growth of veterinary dermatology drugs market going forward. Dermatological diseases refer to a broad category of medical conditions that affect the skin. Factors such as environmental influences, genetic predispositions, allergies, infections, and lifestyle changes contribute to the rise in skin conditions among animals. As owners prioritize the well-being of their animals and seek veterinary care for dermatological issues, the demand for effective treatments has surged. Additionally, the awareness of zoonotic diseases, which can be transmitted between animals and humans, adds to the urgency of managing and treating skin conditions in animals. For instance, in October 2022, according to British Broadcasting Corporation, a UK-based broadcasting company, as of October 2022, lumpy skin disease has affected more than 2.4 million animals in India, resulting in the death of over 110,000 cattle. Therefore, the rising burden of dermatological diseases is driving the growth of veterinary dermatology drugs market.
Major companies operating in the veterinary dermatology drugs market are developing new enzyme-based healthcare solutions to sustain their position in the market. For instance, in October 2022, Pet King Brands Inc., a US-based pet care company unveiled an expansion to its ZYMOX Enzymatic Dermatology product line with three new offerings designed specifically for cats and kittens. These additions, featuring feline-centric packaging and the Seal of Endorsement from TICA (The International Cat Association), aim to address ear and skin conditions in felines without the use of antibiotics or harsh ingredients. The ZYMOX for Cats and Kittens range includes Enzymatic Ear Solution with 0.5% Hydrocortisone, Enzymatic Ear Cleanser, and Enzymatic Topical Cream with 0.5% Hydrocortisone. The products leverage the patented LP3 Enzyme System, providing effective solutions for common feline conditions such as ear infections, irritated skin, hot spots, ringworm, and acne.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Veterinary Dermatology Drugs Market 2024 Key Insights:
• The veterinary dermatology drugs market size is expected to see rapid growth in the next few years. It will grow to $13.42 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Rising Pet Ownership Trends Fueling Growth In Veterinary Dermatology Drugs Market
• Product Innovations Transforming The Veterinary Dermatology Drugs Market
• North America was the largest region in the veterinary dermatology drugs market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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