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Animal Parasiticides Market Growth Accelerates: Strategic Forecast Predicts $13.57 Billion by 2029
Animal Parasiticides
What Will the Animal Parasiticides Industry Market Size Be by 2025?
There has been significant expansion in the animal parasiticides market in the past few years. The market, valued at $9.39 billion in 2024, is predicted to rise to $10.13 billion in 2025, registering a compound annual growth rate (CAGR) of 7.9%. Factors contributing to this growth during the historical period include disease outbreaks, concerns regarding livestock productivity, an increase in pet ownership, governmental regulations, and progression in veterinary medicine.
What's the Long-Term Growth Forecast for the Animal Parasiticides Market Size Through 2029?
There is an anticipated robust expansion in the animal parasiticides market in the coming years. It is projected to rise to a value of $13.57 billion by 2029 at a 7.6% compound annual growth rate (CAGR). Factors contributing to this growth in the projected timeline include a rise in zoonotic diseases, an increase in the population of companion animals, expansion in livestock breeding, advancements in parasiticide formulation, and heightened consciousness about animal health. The future landscape of trends in this period will encompass developments in long-lasting formulations, progress in biologics and vaccines, the application of nanotechnology in medication delivery, accuracy in dosing technologies, and digital tracking and surveillance systems.
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What Are the Key Growth Drivers Fueling the Animal Parasiticides Market Expansion?
The rise in the occurrence of zoonotic diseases is anticipated to boost the expansion of the animal parasiticides market in the future. These are infectious diseases transferrable between animals and humans, caused by bacteria, viruses, parasites, or fungi. The increasing number of such diseases is linked to factors like climate change, antibiotic resistance, substandard sanitation, and hygiene. Animal parasiticides play a crucial role in preventing these diseases by managing parasites acting as carriers or storage for disease transmission between animals and humans. For instance, in April 2024, as per the European Centre for Disease Prevention and Control, a governmental organization based in the UK, the cases of confirmed brucellosis surged from 165 cases in 2021 to 199 cases in 2022. Thus, the rising prevalence of zoonotic diseases acts as a catalyst for the growth of the animal parasiticides market.
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What Are the Key Trends Driving Animal Parasiticides Market Growth?
Leading corporations in the animal parasiticides market are honing their focus on the creation of groundbreaking solutions, such as combination therapy, in order to augment efficacy and expand the scope of controlling parasites. They also aim to minimize the rise of resistance and make it easier and more convenient for pet owners and livestock operators. Combination therapy utilizes a minimum of two active components having varied action mechanisms to treat or preempt a disease, consequently enhancing efficacy and reducing the risk of resistance. For instance, Zoetis Inc., an animal health firm based in the US, was granted FDA sanction for a new label indication of Simparica Trio in January 2022. This approval celebrates its efficiency in preventing Borrelia burgdorferi infections by targeting and annihilating Ixodes scapularis vector ticks. This innovative all-in-one chewable tablet extends broad-spectrum protection, effectively eliminating Ixodes scapularis ticks, the main carriers of Lyme disease, prior to their transmission of the infection. Its unique triple-action formula provides comprehensive parasitic control, dealing with fleas, ticks, heartworms, roundworms, and hookworms in one monthly dosage.
How Is the Animal Parasiticides Market Segmented?
The animal parasiticides market covered in this report is segmented -
1) By Type: Endoparasticides, Ectoparasiticides, Endectocides
2) By Livestock: Swine, Poultry, Ovine, Bovine, Equine, Canine, Feline
3) By End User: Veterinary Clinics and Hospitals, Animal Farms, Home Care Settings
Subsegments:
1) By Endoparasiticides: Anthelmintics, Antiprotozoals, Anticestodals
2) By Ectoparasiticides: Insecticides, Acaricides, Larvicides
3) By Endectocides: Macrocyclic Lactones, Imidazothiazoles, Spinosyns
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Which Companies Are Leading the Charge in Animal Parasiticides Market Innovation?
Major companies operating in the animal parasiticides market are Merck & Co. Inc., Bayer AG, Sanofi SA, Boehringer Ingelheim GmbH, Zoetis Inc., Elanco Animal Health Inc., Ceva Sante Animale S.A., Virbac SA, Dechra Pharmaceuticals plc, Phibro Animal Health Corporation, Vetoquinol SA, Norbrook Laboratories Limited, Neogen Corporation, Indian Immunologicals Ltd., Krka dd Novo Mesto, Bimeda Inc., The Chanelle Group, ECO Animal Health Group plc, Zydus Animal Health and Investments Ltd., Kyoritsu Seiyaku Corporation
Which Regions Are Leading the Global Animal Parasiticides Market in Revenue?
North America was the largest region in the animal parasiticides market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the animal parasiticides market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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