Changing climatic conditions have resulted in an uptick in the population of pests and insects, augmenting the risk of parasitic infections in humans and animals alike. Diseases like amoebiasis, amoebic dysentery, Chagas disease and Blackwater fever are becoming increasingly prevalent amongst animals. Naturally, animal-owners have increasingly sought robust treatment procedures to prevent the spread of such infections.
Based on these trends, the global animal parasiticides market is set to burgeon in the future. Projections indicate a steady CAGR of 5.9% during the forecast period (2020-2026). The market is set to reach a valuation of US$8.9 Bn. Rising demand for protection of livestock and increased research and development for eradicating parasitic diseases are other growth drivers.
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=4316
Key Takeaways of Global Animal Parasiticides Market Study:
- Ectoparasiticides are anticipated to gain major traction in the animal parasiticides market. This is attributed to a rising insect parasite population such as mites, ticks, lice, flees and flies. Awareness conferences by key players and subsequent drug developments are also expected to leverage the segment. Projected market share for Ectoparasiticides is around half of the total market.
- Endoparasiticides are set to gain similar market presence in the forecast period. Rising worm control measures in companion animals by leading market players is expected to drive market growth.
- Companion Animals shall find maximum usage for parasiticides, due to burgeoning ownership of pets such as dogs and cats. Projected CAGR for this segment is pegged at 6.1% during the forecast period.
- North America is set to dominate the global animal parasiticides market, attributable to expanding investment in the companion animal health space. The region is expected to hold three-tenth of the total market share, expanding at a CAGR of 5.6%.
- East-Asia is another promising market for animal parasiticides. Rising pet population, increased animal healthcare expenditure and demand for good quality meat and other animal products from livestock shall act as market stimulants. Expected market share for the region is over one-fifth.
- Key manufacturers foresee a limited to no impact on the supply chain of animal parasiticides due to COVID-19. Studies are inconclusive about the certainty of the infection spreading to animals. Nevertheless, companies have taken appropriate measures to avoid a possible crunch on the supply of animal parasiticides.
- Zoetis, Inc., a prominent animal parasiticides market player, has strengthened its supply chain by producing 4-6 months of inventory of key products. The company is also ensuring successful movement of goods throughout their network. Elanco Animal Health, another market player, reports a fully operational manufacturing network. Basic precautionary measures among non-manufacturing employees such as social distancing are being implemented.
“The global animal parasiticides market shows positive growth trajectory in the future. Intensive research and development in parasitic drugs by market players in the wake of rising incidences of animal infections is expected to leverage future market share,” concludes a Fact.MR analyst.
Global animal parasiticides market segmentation
Fact.MR has studied the global animal parasiticides market with detailed segmentation on the basis of product, species and regions.
By Product :
- Oral Tablets
- Oral Suspension
- Feed Additives
By Species :
- Food-Producing Animals:
- Companion Animals:
- Other Livestock
- Food-Producing Animals:
By Regions :
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East & Africa (MEA)
Global Animal Parasiticides Market Key Manufacturers
The global animal parasiticides market is highly consolidated, dominated by the following five market players: Merck Animal Health, Zoetis, Inc., Ceva Sante Animale, Elanco Animal Health and Boehringer Ingelheim GmbH. These companies invest in research and development in manufacturing quality medicines and vaccines, diagnostic products and genetic tests.
Zoetis Inc., for instance, received an FDA approval for a new combination parasite preventative drug for dogs christened Simparica TrioTM in February 2020. This drug is the first all-in-one protection against heartworm diseases, ticks, fleas and roundworms in a single monthly chewable. It is the first combination isoxazoline formula for dogs in the United States.