Animal parasiticides, better known as antiparasitics get rid of parasites infesting pet animals, livestock, and other animals. Various types of antiparasitics have different active agents that work for different types of parasites. Rise in the instances of zoonotic diseases and awareness about the same is driving the global animal parasiticides market. The industry is expecting steady growth in terms of demand and revenue. This expectation is majorly because of rising research and development acticities as well as innovative applications of the drugs available in this market. Growing geographic demand and awareness about the use and accessibility of antiparasitics also play vital role in the overall development of this industry.
Segments in Parasiticides Market
The global animal parasiticides market is segmented on the basis of the types of products, which include endectocides, ectoparasiticides and endoparasiticides. The endoparasiticides are sub-segmented into injectables, feed additives, oral solids, oral liquids and other formulations of drugs. The ectoparasiticides are sub-segmented into sprays, dips, collars, spot ons/pour ons, ear plugs, powders and shampoos, etc. the types of animals treated with antiparasitics are segmented into food producing animals and companion animals. The food producing animals include swine, cattle, goats, sheep, poultry and other animals. The companion animals include dogs, cats, horses and other animals.
Drivers and Trends
The global animal parasiticides market is driven by the growing concerns regarding zoonotic diseases across the world. Growth in demand for animal proteins and animal-based food is also driving the industries that participate in keeping the animals healthy and disease-free. Growing global investments in veterinary practices, animal welfare, animal health and animal feed also play a crucial role in driving this industry at a steady growth rate. Changing regulations and worldwide laws about controlling and preventing spread of animal diseases are also expected to drive this industry at a steady rate. Growing research and development activities, business acquisitions and mergers and inventions of new parasiticides are expected to set new trends in the market.
According to the market research reports that analyze the animal parasiticides market on the basis of the trends, drivers, challenges and restrains, are expecting the industry to maintain healthy growth rate. According to the research, the industry is expected to grow at a CAGR of over 5% to become worth more than $8,464.6 million by the end of the year 2018. During the next few years, the pour-on and spot-on parasiticides are expected to dominate the products market. The geographic market is expected to be dominated by Europe, with Asia Pacific and Latin America witnessing impressive growth. Major challenges for the industry are expected to be the shift towards vegetarianism, diverse species of parasites and hard to find approvals of the antiparasitics.