27th April 2023
Animal parasiticides are a class of drugs used to prevent, control, or eliminate parasitic infections in animals. Parasites are organisms that live on or within a host organism, deriving nourishment at the host's expense. Based on the types, it could be external (ectoparasites), such as fleas, ticks, lice, and mites, or internal (endoparasites), such as worms, protozoa, and fungi. Thus, these drugs are targeted against the parasites with respect to the place of origin. They are widely used in pet animals, livestock, aquaculture, and Wildlife to prevent and control flea and tick infestations, mange, heartworm disease, and sea lice.
With the rising demand for animal-derived products such as meat, milk, and eggs, there is a need to maintain the health and productivity of livestock. Since these infections could significantly reduce the productivity of livestock and cause economic losses to farmers. At the same time, increasing awareness of the zoonotic disease which is transmitted from animals to humans, and this generated the need to prevent and control parasitic infections in animals as well as reduce the risk of being transmitted. Moreover, the government plays a role in ensuring the animals received the drug which has received approval from the organizations such as FDA & European Commission, and the advancement in the new drug formulation to treat these illnesses in animals continues to grow the market of animal parasiticides market in the coming years.
The Global Animal Parasiticides Market has reached a value of $10.6 billion in 2022. This market is projected to grow from $11.22 billion in 2023 to $16.7 billion in 2030 with a CAGR of 5.9% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are types including Ectoparasiticides, Endoparasiticides, Endectocides, animal types such as Dogs, Cats, Horses, Cattle, Pigs, Poultry, Goats, and end-user including Veterinary Hospitals, Animal Farms, Home Care Settings. The major leaders in the field of developing parasiticides to treat animal conditions are Zoetis Inc., Elanco Animal Health Incorporated, Virbac, Merch & Co. Inc, Boehringer Ingelheim GmbH, and Vetoquinol S.A.
The veterinary clinics and hospitals segment has the largest market share compared to other segments in the animal parasiticides market. Since the veterinary clinics and hospitals provide a wide range of services, including preventive care, diagnosis, and treatment of animal diseases, and surgery. These infections due to parasites are common among animals and veterinarians recommend preventive measures and treatments to control and eliminate these infections. Thus, they are largely expected to be involved in driving the animal parasiticides market in the upcoming years.
North American region holds a larger market share for the animal parasiticides market. This is due to the larger presence of leading companies such as Zoetis, Merck & Co., and Elanco in the North American region, growing awareness of animal health & nutrition, rising demand for consumption of animal protein or food relying upon these animals, and increasing in interest on the adoption of pets.
In addition to this, North America has a high pet ownership rate, particularly in the US. Pet owners in North America are willing to spend more on their pets' healthcare, including parasiticide products. The growing awareness of the risks associated with parasitic infections has led to an increase in preventive treatments and regular check-ups for pets. Hence, all these factors contribute to the growth of the animal parasiticides market in the coming years.
A well-established animal husbandry education system and services in terms of companies & veterinarians are leading the animal health & nutrition sector, eventually setting a mark in the market of animal parasiticides. It is recommended that the companies should be involved in creating awareness campaigns to increase understanding among farmers and pet owners about the risks of parasitic infections and the importance of preventive measures and treatments. Further, developing innovative drugs or applications that could be easily adopted the consumers, and regulating their drug supplies by expanding their distribution channels to reach more customers, including veterinary clinics, hospitals, and retail stores would support the growth of the animal parasiticides market by meeting the growing demands.