NEW YORK, Oct. 26, 2021 (GLOBE NEWSWIRE) — Acumen Research and Consulting recently published report titled “Veterinary Dermatology Drugs Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021 – 2028”, The market accounted US$7.8 Bn in 2020 with a significant CAGR of 9.6% during the forecast period of 2021 to 2028.
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The global veterinary dermatology drugs market is divided into four categories: animal type, route of administration, indication, and distribution channel. The market is divided into two categories such as companion animals and livestock animals. The market is divided into three sections based on administration methods such as oral, topical, and injectable. According to indication, the market is divided into parasitic infection, allergic infection, and others. In addition, distribution channels are classified as retail, e-commerce, and hospital pharmacies.
Companion animals account for a significant portion of the market in terms of animal type, contributing to overall market growth. Furthermore, in terms of route of administration, the oral route of administration accounts for the lion’s share of the market; while parasitic infection shows promising growth for the overall market by indication type. Based on distribution channel, hospital pharmacies account for a significant portion of the overall growth of the veterinary dermatology drugs market from 2021 to 2028.
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COVID-19 impact on global veterinary dermatology drugs market
According to the Federation of Veterinarians of Europe (FVE) report, many small and medium-sized businesses involved in veterinary practices are experiencing financial difficulties. Revenue is down nearly 50% in the majority of countries. Furthermore, due to self-isolation or social distancing measures, the veterinary workforce is overstressed in some countries. Furthermore, strong government support during the COVID-19 pandemic favors the veterinary dermatology drugs market. According to the American Veterinary Medical Association (AVMA), health officials in the United States and around the world are working hard to combat the COVID-19 pandemic. Furthermore, the AVMA is committed to providing accurate, up-to-date information and resources to assist the veterinary community in providing services during the onset of a pandemic.
North America dominates the veterinary dermatology market; Asia Pacific to register fastest growing CAGR for the analysis period during 2020 to 2028
The most influential factor for the growth of the regional market is the growing awareness of pet insurance. According to the North American Pet Health Insurance Association (NAPHIA), the North American pet health insurance sector will exceed US$2.1 Bn in 2020. Furthermore, premium volumes in the United States accounted for US$1.9 Bn in 2020, representing a 27.5% increase over 2019. In Canada, total premium volume totaled US$188.3 Mn, a 17.2% increase over the previous year. This is the contributing factor for the regional growth ultimately contributing for the overall veterinary dermatology drugs market. Furthermore, because of the pandemic, stay-at-home and work-from-home measures introduced during the pandemic created close bonds between pet owners and their pets, which drives regional growth overall.
Asia Pacific, on the other hand, has the fastest growing CAGR for the veterinary dermatology drugs market from 2021 to 2028. The companion animal/pet care industry contributes to the Indian Animal Health Industry’s fourth important pillar. This is fairly well-established industry allows for much greater levels of accessibility, with pets being widely adopted in India’s cities and urban areas. This proves to be a critical factor in the overall market’s growth.
Source: Yahoo Finance