Rise in population of external parasites is stimulating high demand for ectoparasiticides, prompting an increase in animal parasiticides sales
Rise in population of external parasites is stimulating high demand for ectoparasiticides, prompting an increase in animal parasiticides sales
Fact.MR’s report on global animal parasiticides market projects a moderate growth of over 5.9% CAGR in the forecast period. As per its analysis, a positive growth outlook is expected for 2021, primarily underpinned by increasing research and development activity for eradicating parasitic diseases. Growth prospects for the upcoming decade are also optimistic, registering a noteworthy expansion rate through 2026.
Opportunities are prolific across the farming sector as several drugs and vaccines are easily available for the farmers to control the infection. Furthermore, according to the Fact.MR study, the ongoing pandemic research activity is set to exhibit a strong growth in the forecast period. This has facilitated increased R&D activities by manufacturers for technologically advanced vaccines.
For instance, a leading player Merck Animal Health has invested with advanced digital and diagnostic solution to manage the welfare of animals.
“Changing climatic condition, rising awareness about animal healthcare, and increasing investment in development of animal healthcare products due to rising diseases is positively impacting the market growth” says the Fact.MR analyst.
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Key Takeaways
- By product, Ectoparasiticides expected to acquire high priority attributed to rising insect parasite population
- Rising worm control measure to bolster the endoparasiticides segment
- By species, companion animals segment to exhibit a strong growth through 2021
- North America to register a growth of nearly 5.6% CAGR and to account for 3/10th of market share
- East Asia to emerge as a potential market backed by increased animal healthcare expenditure
- Asia Pacific anticipated to register expansion at a CAGR of nearly 6.7% through 2021
Prominent Drivers
- Expanding investment in animal health space, leading to increased population of livestock, heightening the need for promoting animal parasiticides
- Increased demand of animal parasiticides used for better treatment in pets and livestock, driving the sales for animal parasiticides
- Burgeoning sales for endo- and ecto-parasiticides to bolster the growth of animal parasiticides market
Key Restraints
- Risk of transmitting infectious micro-organisms through the injectable might hamper the sales
- Limited awareness regarding the proper use of animal parasiticides in the developing regions might cause a restrain
Discover more about the animal parasiticides market with 64 figures, 102 data tables and the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/4316/animal parasiticides-market
Competitive Landscape
Key Animal parasiticides manufacturers profiled by Fact.MR include Bayer AG, Bimeda Animal Health, Boehringer Ingelheim GmbH, Ceva Sante Animale, ELanco (Eli Lilly and Company), Merck & Co. Inc., Vetoquinol, Zoetis Inc., Virbac, and the Chanelle Group among others. According to Fact.MR’s analysis, the drug delivery system market is highly consolidated owing to the presence very few manufacturers dominating the market. Introducing new developed effective drugs to combat the diseases and the extensive R&D activities are the strategies adopted by aforementioned players.
In August 2020, Merck Animal Health completed its acquisition of worldwide rights to VECOXAN brand of parasiticides for Ruminant portfolio. The firm announced acquisition of the worldwide rights to VECOXAN, an oral suspension for the prevention of coccidiosis in calves and lambs, from Elanco Animal Health.
More Insights on the Animal Parasiticides Market
In its latest report, Fact.MR offers an exhaustive analysis on global animal parasiticides market. In order to understand the global market potential, its growth, and key trends, the market is segmented on the basis of product (ectoparasiticides, endoparasiticides, endectocides), species (food-producing animals, companion animals, and other livestock), and regions (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA)).
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Source: Fact.MR