Future Outlook of the Animal Parasiticides Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Animal Parasiticides Market Based on Industry Projections?
Over the past several years, the animal parasiticides market has seen robust expansion. It is projected to increase from $9.39 billion in 2024 to $10.15 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.1%. The notable growth during the historic period can attribute to factors such as disease epidemics, issues related to livestock productivity, a surge in pet ownership, government rules and regulations, and progress in veterinary medical practices.
The market for animal parasiticides is set for considerable expansion in the coming years, with projections indicating a growth to $13.69 billion by 2029, propelled by a compound annual growth rate (CAGR) of 7.8%. Factors fueling this growth within the forecast period include a surge in zoonotic diseases, an increase in the companion animal population, the broadening scope of livestock farming, improvements in parasiticide formulas, and heightened consciousness about animal health. Key trends to watch for during this forecast period are the creation of long-lasting formulations, advancements in biologics and vaccines, the application of nanotechnology in medicine delivery, precise dosing technologies, and digital tracking and monitoring systems.
What Industry-Specific Factors Are Fueling the Growth of the Animal Parasiticides Market?
The growth of the animal parasiticides market is anticipated to be driven by the rising incidence of zoonotic diseases, which are infectious ailments transmitted between animals and humans via the means of bacteria, viruses, parasites, or fungi. Factors like climate change, antibiotic resistance, poor sanitation, and hygiene are contributing towards the surge in zoonotic diseases. Animal parasiticides are instrumental in suppressing zoonotic diseases as they control parasites that are vectors or reservoirs for disease transmission between animals and humans. For instance, as reported by the UK-based governmental organization, the European Centre for Disease Prevention and Control, the count of confirmed brucellosis cases saw an increase to 199 in 2022 from 165 cases in the previous year, April 2021. Thus, the rise in zoonotic diseases prevalence is fuelling the growth of the animal parasiticides market.
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What Companies Are At the Forefront of Innovation in the Animal Parasiticides Market?
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
How Are Emerging Trends in Consumer Behavior Affecting the Animal Parasiticides Market?
Leading corporations in the animal parasiticides market are honing their focus on the development of innovative solutions such as combination therapy. The objective behind this is to boost efficacy, widen the scope of parasite control, decrease the chance of resistance, and improve user convenience for pet owners and livestock keepers. Pertaining to combination therapy, it employs two or more active factors with varying methodologies of action in the prevention or treatment of disease, thereby enhancing effectiveness and minimizing resistance risk. An example of this was in January 2022, when a US-based animal health corporation, Zoetis Inc., gained FDA approval for a new label indication of Simparica Trio, which was appreciated for its effectiveness in staving off Borrelia burgdorferi infections by aiming at and eradicating Ixodes scapularis vector ticks. This ground-breaking chewable tablet in a single, all-inclusive form provides extensive protection by successfully eradicating Ixodes scapularis ticks, the key carriers of Lyme disease, prior to them being able to spread the infection. The tablet’s triple-action formula ensures comprehensive parasite control, aiming at fleas, ticks, heartworms, roundworms, and hookworms, all in a single monthly dosage.
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Which Key Segments Define the Structure of the Animal Parasiticides Market and Their Growth Potential?
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
What Regions Are Propelling Growth in the Animal Parasiticides Industry?
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.
What Does the Definition of the Animal Parasiticides Market Include?
Animal parasiticides refer to chemical or biological agents designed to prevent, control, and eliminate parasitic infestations in livestock, companion animals, and other domesticated species. They are used for protecting animals from external and internal parasites, improving animal health, and enhancing productivity in agricultural and veterinary settings.
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