Animal Parasiticides Market is anticipated to grow at a CAGR of ~7% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Animal Parasiticides Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global animal parasiticides market accounted for over US$ 9.2 billion in 2019. It is anticipated to grow at a CAGR of ~7% from 2020 to 2030.
Companies are increasingly engaging in business development strategies, such as acquisitions, mergers, and agreements, to expand their animal parasiticides product portfolio. For instance, in August 2020, Merck Animal Health completed the acquisition of worldwide rights to VECOXAN (diclazuril) from Elanco Animal Health. It is an oral suspension and helps in the prevention of coccidiosis in calves and lambs. Similarly, companies are aiming at developing and launching new animal parasiticides products in the market. For instance, in February 2020, Norbrook Inc. launched Selarid (selamectin), a topical parasiticide for companion animals. It is a prescription treatment for protecting cats & dogs from heartworms, fleas, ear mites, and several other pests.
Various government initiatives and organizations are promoting the importance of animal health. For instance, the Helminth Elimination Platform (HELP) is a new multidisciplinary platform funded through the European Union’s Horizon 2020 research & innovation program for promoting animal health. Led by the Swiss Tropical and Public Health Institute (Swiss TPH) and comprises not-for-profit Research & Development (R&D) organization, Drugs for Neglected Diseases initiative (DNDi), and several pharmaceutical companies such as Bayer Animal Health and Bristol-Myers Squibb. Similarly, companies are also driving programs for providing medical aids in untapped regions. For instance, in December 2018, Boehringer Ingelheim launched the ‘LastMile Initiative’ an integrated, solutions-driven program that seeks to address crucial animal health challenges by creating consistent availability of animal medical resources in hard-to-reach areas of Sub-Saharan Africa. The initiative targeted ruminants such as sheep, goats, and cattle and has expanded to include poultry.
However, the shift in dietary patterns and growing resistance in parasites against parasiticides are likely to restrict the market growth to a certain extent.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Animal Parasiticides Market By Product Type (Endoparasiticides, Ectoparasiticides, and Endectocides), Animal Type (Companion Animals and Farm Animals), End User (Veterinary Hospitals & Clinics, Home Care Setting, and Animal Farms) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/animal-parasiticides-market/410
North America accounted for the largest market share in the animal parasiticides market owing to several factors, such as rising animal health expenditure, growing animal adoption, and the presence of key players, among others. Moreover, companies are signing agreements for expanding their product portfolio in this region. For instance, in May 2020, Merck Animal Health, a division of Merck & Co., Inc., and Virbac entered into a definitive agreement under which Merck Animal Health acquired the U.S. rights to SENTINEL FLAVOR TABS and SENTINEL SPECTRUM Chews in the companion animal category. SENTINEL branded products are used for controlling almost all common intestinal parasites, providing an attractive opportunity for broad-spectrum, year-round comprehensive internal & external parasite protection for dogs.
Some of the prominent players in the global animal parasiticides market are Intervet Inc. (Merck & Co. Inc.), Ceva, Zoetis, Boehringer Ingelheim International GmbH, Chanelle Pharma Group, Abbey Animal Health Pty Ltd, Bimeda, Inc., Norbrook, Vetoquinol S.A., Virbac, and Elanco among others.
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