(PharmaNewsWire.Com, April 07, 2020 ) The animal parasiticides market witnessed healthy growth during the last decade and is expected to grow at a CAGR of 5.7% between 2015 and 2020 to reach 9.75 Billion by 2020.
The growth in this market is majorly attributed to factors such as rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, increasing number of veterinary practitioners and their growing income levels in developed regions, increasing number of animal research activities along with growing research grants, and rising awareness about zoonotic diseases.
The animal parasiticides market is broadly categorized into three segments as endoparasiticides, ectoparasiticides, and endectocides. The ectoparasiticides are very popular and widely used to treat ectoparasites such as ticks, mites, lice, and fleas, among others in animals such as cats, dogs as well as livestock animals. Hence, ectoparasiticides market is poised to grow at a higher CAGR of 5.5% from 2013 to 2018.
In 2013, food-producing animals accounted for nearly 79.1% of the demand for animal parasiticides products, globally. This segment will continue to lead the animal parasiticides market through 2018, mainly driven by the increasing number of farm animals and increased awareness towards the prevention of parasitic diseases in livestock animals.
Pour-ons and spot-ons are most popular and widely used application method in the ectoparasiticide administration. In the product segment, pour-ons and spot-ons accounted for the largest share of ~30% of the total animal parasiticides market in 2013. A major share of pour-ons and spot-ons can be attributed to their wider applications in both companion and food-producing animal segments. Pour-ons and Spot-ons are also regarded as the highest growth segments, and thereby it is an exciting market for animal parasiticides manufacturers to invest in.
Currently, looking at the revenue growth opportunity and benefits offered by the animal parasiticides a number of parasiticides manufacturers are eying to offer pour-on and spot-on formulations for their customers. Some of the major players offering the pour-on and spot-on formulations include Merial, (Sanofi) (France), Merck & Co., Inc. (U.S.), Bayer AG (Germany), Zoetis, Inc. (U.S.), Novartis AG (Switzerland), and Boehringer Ingelheim (Germany), among others. Currently Europe commands about 28%–30% of the pour-on and spot on animal parasiticides market.
During the forecast period, a majority of the growth in the global animal parasiticides market will largely be driven by the growing demand from the Asian-Pacific and Latin American market, especially from India, China, and Brazil. Growing awareness about animal health among animal owners, increasing per capita animal health expenditure and rising livestock population, are the major factors propelling the market growth in these regions.
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