Global Animal Parasiticides Market, By Product Type (Ectoparasiticides, Endoparasiticides, and Endectocides), By Animal Type (Companion (Dogs, Cats, Others), Livestock (Bovine, Porcine, Ovine, Poultry, and Others), By Distribution Channel (Veterinary hospitals & clinics, Pharmacies, E-commerce and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 10.8 Bn in 2023, and is expected to exhibit a compound annual growth rate (CAGR) of 6.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are engaged in getting product approvals from regulatory authorities, and this is expected to drive the global animal parasiticides market growth. For instance, in June 2021, Elanco Animal Health, a multinational animal health company, completed the development of its comprehensive parasiticide portfolio with the marketing authorization of new Credelio Plus (oral endectocide), a veterinary medicine used in dogs to treat concurrent infestations with parasites in the U.K. The launch contributes to the Credelio Plus franchise's ongoing expansion, which includes Credelio Plus tick and flea tablets for dogs, Credelio Plus small pills, which is particularly developed for cats, and Credelio Plus for all-around parasite protection for dogs.
Global Animal Parasiticides Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of raw materials and manufacturing supplies from one place to another.
Moreover, COVID-19 had a negative impact on the global animal parasiticides market, due to delays in animal diagnosis and treatment. For instance, according to World Organization for Animal Health (WOAH), in October 2020, the crisis caused by this pandemic does not only affect people, but also animals are indirect victims of the pandemic too. COVID-19 has had, and will continue its effect for some time into the future, an impact on the health and welfare of almost all animals, including companion animals, livestock, laboratory animals and wildlife due to delayed vaccination, parasitic prevention, and others.
Global Animal Parasiticides Market: Key Developments
In November 2023, Virbac Animal Health, a pharmaceutical company dedicated to animal health, announced that the U.S. Food and Drug Administration approved Ayradia, to treat Giardia duodenalis (parasitic) infections in dogs, thus making the prescription medication the first of its kind for any animal species.
In July 2023, Boehringer Ingelheim, a global animal health company, announced that the World Branding Forum awarded the FRONTLINE brand of pet parasiticides with the coveted brand of the year award Animalis Edition for 2023-2024. This is the third time FRONTLINE has won this prize, having previously won it in 2021-2022 and 2019-2020.
Browse 26 Market Data Tables and 29 Figures spread through 180 Pages and in-depth TOC on “Global Animal Parasiticides Market”- Forecast to 2030, Global Animal Parasiticides Market, By Product Type (Ectoparasiticides, Endoparasiticides, and Endectocides), By Animal Type (Companion (Dogs, Cats, Others), Livestock (Bovine, Porcine, Ovine, Poultry, and Others), By Distribution Channel (Veterinary hospitals & clinics, Pharmacies, E-commerce and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/animal-parasiticides-market-9
Key Takeaways of the Global Animal Parasiticides Market:
- Global animal parasiticides market is expected to exhibit a CAGR of 6.1% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global animal parasiticides market.
- Among animal type, the companion segment is expected to hold a dominant position in the global animal parasiticides market over the forecast period. This is due to the rising initiatives for companion animal treatment. For instance, according to the World Health Organization (WHO), in September 2021, British Veterinary Association, British Small Animal Veterinary Association and British Veterinary Zoological Society, all non-profit organizations based in U.K. released a policy on responsible use of parasiticides for cats and dogs. The guideline includes the recommendations for veterinary professionals who should always take a risk-based approach in prescribing medicines, including parasiticides.
- Among regions, North America is expected to be the dominant region in the global animal parasiticides market due to increasing product approvals by regulatory authorities in the region. For instance, in August 2023, Boehringer Ingelheim, a global animal health company announced that the U.S. Food and Drug Administration (FDA) approved (NexGard PLUS) afoxolaner, moxidectin, and pyrantel chewable tablets for canine protection from fleas, ticks, heartworm disease, roundworms, and hookworms. These monthly soft chews combine internal and external parasite protection with beef flavoring to help promote adherence.
- The major players operating in the global animal parasiticides market are Zoetis Inc., Boehringer Ingelheim , Elanco Animal Health , Merck Animal Health , Bayer, Vetoquinol, Ceva Santé Animale, Neogen Corporation, Dechra Pharmaceuticals, Heska Corporation, Norbrook Laboratories and Idexx Laboratories
