There are five types of parasiticides that include ectoparasiticides, endoparasiticides, endectocides, anthelmintic, and anti-protozoans. Majority of endoparasiticides are termed as veterinary medicines, as the active ingredients of the products are not used for agriculture and hygiene purpose.
The global animal parasiticides market is estimated to account for US$ 13,829.9 Mn in terms of value by the end of 2027.
Global Animal Parasiticides Market: Drivers
Increasing burden of zoonotic infections is expected to boost growth of the global animal parasiticides market over the forecast period. For instance, according to GALVmed, a not-for-profit livestock health product development and access partnership, Rift Valley Fever, an endemic zoonotic disease throughout Africa and the Middle East, accounts for an expenditure of US$ 427 million, annually.
Global Animal Parasiticides Market: Opportunities
Key players in the market can focus on adopting e-commerce as a distribution channel in order to enhance their market share, especially in emerging economies. This is attributed to growing e-commerce sector and increasing use of smartphones. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion in 2017. MWI Animal Health offers VET ONE (Vetrimec), an injectable parasiticide for cattle & swine through various online platforms.
Global Animal Parasiticides Market: Restraints
Increasing concerns regarding adverse effects of parasiticides on the environment is expected to hinder growth of the market. Some parasiticides, mainly belonging to the avermectins, milbemycins, and spinosyns, are identified as Persistence Bioaccumulation Toxicity (PBT) substances and are toxic and persist in the ecosystem.
The Endoparasiticides segment in the global animal parasiticides market was valued at US$ 5,343.6 Mn in 2019 and is expected to reach US$ 8,303.2 Mn by 2027 at a CAGR of 5.7% during the forecast period. Increasing incidence and prevalence of zoonotic infections is expected to boost growth of the segment during the forecast period.
The Food producing animals segment held dominant position in the global animal parasiticides market in 2019, accounting for 69.4% share in terms of value, followed by companion animals, respectively. Increasing implementation of regulatory guidelines for animal wellbeing in developed and developing economies is expected to assist the growth of the segment during the forecasted period.
Online retailers are focused on entering the companion animal care market, which is expected to aid in growth of the global animal parasiticides market. For instance, in May 2019, Walmart announced to start 100 veterinary clinics and to launch its first online pet pharmacy. This is expected to increase animal healthcare expenditure in the U.S.
Major players in the market are focused on expanding their parasiticide portfolio. For instance, in 2019, Zoetis Inc. launched two new products to its parasiticide portfolio, Revolution Plus to protect cats against ticks, fleas and internal parasites; ProHeart 12 once yearly injection to prevent heartworm disease in dogs; and Simparica Trio (sarolaner/moxidectin/pyrantel) chewable tablets for the treatment of mixed external and internal parasitic infestations in dogs.
Global Animal Parasiticides Market: Competitive Landscape
Major players operating in the global animal parasiticides market include, Merial (Boehringer Ingelheim GmbH), Ceva Sante Animlae, Virbac SA, Vetoquinol S.A., Eli Lilly and Company, Zoetis Inc., Merck & Co Inc., Bayer AG, and Perrigo Co. plc.
Global Animal Parasiticides Market: Key Developments
November 2019: Merck Animal Health, a division of Merck & Co., Inc., received approval for BRAVECTO PLUS topical solution for cats for both external and internal parasite infestations, from the U.S. Food and Drug Administration (FDA)
May 2019: Norbrook Laboratories Limited announced to recall veterinary products, including Noromectin Plus Injection – a parasiticide used for the treatment and control of internal and external parasites in cattle — to provide sterility assurance
Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.