Veterinary derm drug market to surpass $13B
by Katie Pfaff
The global drug market for veterinary dermatology forecasts growth by a CAGR of 8.2%, according to a report by market research firm, ResearchAndMarkets.com. The market is expected to increase to a value of $13.6 billion during the forecast period of 2021 to 2027.
Growth is expected based on the increasing rate of skin diseases, including bacterial, fungal, viral, and parasitic, an influx of investment monies in development and technology, and the increased amount that pet owners are willing to pay for diagnosis and treatment. In particular, veterinary dermatology clinical trials and therapies are expected to grow with these trends.
As rates of pet adoption continue to increase, the demand for treatments for dermatologic diseases is also expected to grow. At the same time, atopic dermatitis is relatively common and necessitates new therapies, according to the report.
By segments, the injectable segment is anticipated to grow faster than oral or topical administration routes based on convenience and the ability to use only one dose, compared with several doses of a pill, for example. Following with an expected strong growth rate is topical administration.
When divided by drug indication, the allergic infection segment is forecast to grow at the fastest rate during the 2021-2027 period based on the incidence of atopic dermatitis and similar in pets. This is as compared to segments of parasitic infection and others. Segmented by type of animal, the companion animal segment is anticipated to catch the largest revenue portion compared to livestock.
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