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Animal Parasiticides Market to grow with CAGR of 5.9% through 2026
Animal Parasiticides Market
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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.
The COVID-19 pandemic is anticipated to have a limited impact on the production of animal parasiticides. This is attributed to the presence of a robust supply chain, adequate inventory and implementation of strict precautionary measures among employees.
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.
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• 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.
Product Developments to Remain Imperative in Global Animal Parasiticides Market Landscape
The global animal parasiticides market is dominated by five market players. These are Merck Animal Health, Zoetis, Inc., Ceva Sante Animale, Elanco Animal Health and Boehringer Ingelheim GmbH. Investment in research and development of quality medicines and vaccines is the key strategy of these market players to consolidate their footprint within the market. Zoetis Inc., for instance, received an FDA approval for a new combination parasite preventative drug for dogs christened Simparica TrioTM in February 2020.
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This drug is the first all-in-one protection against heartworm diseases, ticks, fleas and roundworms in a single monthly chewable. Likewise, Merck Animal Health received an animal farm award in January 2020 for its PORCILIS® Lawsonia vaccine for piglets which protects them from being infected by lawsonia intracellularis, a bacterium strain causing ileitis, a gastrointestinal disease.
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