The global canine atopic dermatitis market size is expected to reach USD 1.8 billion by 2027, expanding at a CAGR of 9.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of the disease and growing companion ownership are the key factors driving the market growth.
Growing concern among pet owners regarding their pet’s health is further propelling the market growth. According to American Academy of Physician Assistants (AAPA), U.S. pet owners spent around USD 7.4 billion on pet care in 2017 whereas, Europe spent around USD 6.1 billion. The anticipated rise in dog ownership is expected to increase the demand for better treatment facilities.
According to The American Pet Products Association report 2018, veterinary care spending increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017. An increase in the number of veterinary clinic visits is further boosting the canine atopic dermatitis market growth. According to the American Veterinary Medical Association (AVMA) report, as of 2018, around 70% dog owners usually go to veterinary hospitals or clinics for the routine check-up of their pets. These aforementioned factors are expected to fuel the growth of the canine atopic dermatitis treatment market over the forecast period.
Further key findings from the report suggest:
- On the basis of product, the Monoclonal Antibodies (MAbs) segment is projected to register a CAGR of 16.1% over the forecast period owing to increased efficacy and strong product pipeline
- Based on mode of administration, the oral segment held the largest share as of 2019 owing to low cost and ease of administration
- On the basis of distribution channel, the retail segment held the largest share as of 2019, owing to ever rising footprint of retail pharmacies and product availability
- By region, Asia Pacific is expected to exhibit the highest growth rate over the forecast period due to increase in disposable income and growing companion ownership
- Some of the key companies in the canine atopic dermatitis market are Zoetis, Elanco, Toray Industries, and Virbac.