/PRNewswire/ The global veterinary dermatology drugs market size is anticipated to reach USD 14.6 billion by 2028. The market is expected to expand at a CAGR of 9.3% from 2021 to 2028.
Increasing incidences of dermatology diseases such as fleas and ticks and allergic dermatitis are expected to boost the market growth. Furthermore, a growing number of clinical trials related to veterinary dermatology drugs is also anticipated to fuel market growth.
Due to the COVID-19 pandemic, some market players such as experience no negative impact. For instance, Elanco experienced a growth of 6.6% in its annual revenue. Also, Vetoquinol and Zoetis reported a growth of 8% and 6.6% in their annual revenue, respectively. On the other hand, Virbac reported a decline of 0.4% in its total revenue and a 6.9% decline in its companion animal parasiticides and dermatology segment as well as bovine parasiticides segment. This neutralized the impact of COVID-19 on the market.
Growth in the companion animal population is expected to increase the demand for veterinary healthcare products, such as dermatology drugs, and boost the overall expenditure on pets. According to the American Pet Products Association report, overall spending in the U.S. pet industry was USD 95.7 Billion in 2019 and forecast to reach approximately USD 99 Billion in 2020. Veterinary care spending increased by 560% between 1994 and 2019.
The market for veterinary dermatology drugs is fairly competitive. The most notable participants in the market are Zoetis, Virbac, and Elanco, along with other manufacturers. These players are involved in new product launches, acquisitions, and partnerships to gain a competitive edge over each other. For instance, in March 2021, Virbac obtained the rights to certain early-stage parasiticides products from Elanco, hence expanding its product portfolio. Also, in February 2021, Vetoquinol acquired the rights from Elanco for the Profender product family comprising of topical dewormer products, for the market in Canada. This expanded its geographical presence.