Veterinary dermatology drug market is projected to continue growing

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The veterinary dermatology drug market is forecasted to experience significant growth, with one estimate suggesting an increase to nearly $18 billion (USD) worldwide by 2032.¹ Factors driving this projected growth include an increase in pet ownership, advancements in veterinary treatments, and a greater awareness of dermatological health.²

Dermatology drugs and their demand

As specialized pharmaceuticals, veterinary dermatology drugs are used to treat skin conditions in a range of species, including companion animals and livestock. These drugs address allergies, infections, inflammatory skin diseases, and parasitic infestations, including a variety of other conditions.³

In canines, dermatological issues are the second-most common reason for veterinary visits. Frequent issues veterinarians encounter include skin allergies, bacterial infections, insect bites, hot spots, rashes, impetigo, mange, and dermatitis. In fact, more than 10% of all diseases in pets are skin disorders, according to research. In cats, itching, dry or flaky skin, and over-grooming are the most common symptoms of a skin disorder.¹

Products in the veterinary dermatology market consist of antibacterial drugs, essential fatty acids, antifungal drugs, vitamins and minerals, antiparasitic drugs, antihistamines, hormonal treatments—like corticosteroids—, immunomodulators, and psychotropic agents.³ These therapies may come in the form of topical treatments, oral medications, and injectables.¹ However, topical treatments are the most common route of administration in the dermatology drugs market.¹

Meanwhile, dermatology drugs that treat allergies “tend to dominate” the dermatology drugs market, according to research.¹ Given that allergies are prevalent among both companion and livestock animals, often causing symptoms like itching, redness, and skin inflammation, there is a high demand for medications to address allergic reactions in animals.

In 2022, the veterinary dermatology drugs market size was $7.1 billion (USD), according to Ameco Research. By 2032, analysts forecast the market will reach $17.9 billion (USD), with a compound annual growth rate (CAGR) of 9.8% during the 2023 to 2032 period. The market’s regional scope includes North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.¹

Growth drivers in the market

Drivers of this market’s growth are a combination of various factors. First, there has been a surge in pet ownership. The US alone has seen a growth over the last 35 years, with 66% of US households owning a pet compared to 56% in 1988.⁴ Moreover, 97% of pet owners view their pets as part of their family.⁴

Still, this growth is not exclusive to the US, as an increase in pet ownership has been observed worldwide. Currently, the global pet population is estimated to be 85.8 million cats and 78 million dogs, according to the American Pet Products Association.¹

Moreover, regional expansion in North America has been observed, with this region taking the largest market share in 2022. Canada and the US having high adoption rates, making these countries the principal reason for regional expansion. From 2021 to 2028, the Asia-Pacific region is projected to reach the fastest growth rate.¹ As pet owners increasingly prioritize their pets' health and well-being, the demand for effective dermatological solutions is growing.³

Additionally, dermatological disorders are becoming increasingly prevalent in animals. This increase is being driven by things like environmental allergies, poor diet, and parasitic infections, driving the need for veterinary dermatology drugs.

Ongoing innovations in veterinary medicine is another driver. The market continues to grow as more effective and targeted drug formulations and advanced treatment modalities are developed.

Sabyasachi Ghosh, associate vice president at Future Market Insights, a provider of market research reports, spoke on another driving factor in the market’s growth in a news release. “The increasing awareness among pet owners about the importance of skin health in their pets is one significant driver for the veterinary dermatology market,” he said.⁵ Educational programs and resources are boosting the espousal of veterinary dermatology drugs, increasing the demand for specialized treatments, according to research.³

Additionally, the expansion of veterinary clinics and services is greatly contributing to the increase in the market. As more veterinary clinics and specialized dermatology practices open, dermatology drugs are becoming more accessible to pet owners.

References

1. Veterinary dermatology drugs market growth opportunities and forecast till 2032. Ameco Research. April 2024. Accessed August 15, 2024. https://www.amecoresearch.com/market-report/veterinary-dermatology-drugs-market-276462
2. Veterinary dermatology drugs market poised for significant growth, projected to hit USD 4.5 billion by 2032. News release. Ameco Research. August 8, 2024. Accessed August 14, 2024. https://www.openpr.com/news/3615054/veterinary-dermatology-drugs-market-poised-for-significant
3. Shipstone M. Drugs used to treat skin disorders. Merck Veterinary Manual. Accessed August 15, 2024. https://www.merckvetmanual.com/special-pet-topics/drugs-and-vaccines/drugs-used-to-treat-skin-disorders
4. Megna M. Pet ownership statistics 2024. Forbes. January 2024. Accessed August 15, 2024. https://www.forbes.com/advisor/pet-insurance/pet-ownership-statistics/
5. Global veterinary dermatology market is set to expand at a 9.4% CAGR to reach a valuation of US$ 22 billion by 2034. News release. Yahoo Finance. April 10, 2024. Accessed August 15, 2024. https://finance.yahoo.com/news/global-veterinary-dermatology-market-set-143000825.html