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Luton, Bedfordshire, United Kingdom, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Animal Parasiticides market.
The Global Animal Parasiticides market is expected to grow USD 14.52 billion by 2029, at a CAGR of 7.4 % during the forecast period 2022-2029.
Animal parasiticides are chemicals that decapitate parasites other than fungi and bacteria in livestock, pets, and other animals. Animal parasiticides are typically inert ingredients that contain one or more active ingredients. In order to combat the rising prevalence of foodborne diseases, companies in the animal parasiticides market are developing a variety of new formulations and products. Rising animal healthcare awareness, rapidly growing animal livestock, and technological advancements in recent years are expected to drive the global animal parasiticides market.
The importance of animal parasiticides in the prevention and treatment of parasitic diseases in animals has been recognized. Companies in the animal parasiticides market are developing new formulations and products to combat the rising prevalence of foodborne diseases. Growing animal healthcare awareness, rapidly growing animal livestock, and technological advancements in recent years are expected to drive growth in the global animal parasiticides market.
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Market Developments
- January 2020, the company's vaccine for piglets won the animal farm award for 2019. This was awarded for its PORCILIS® Lawsonia Vaccine for piglets, protecting them from lawsonia intracellularis, a bacterium strain which causes ileitis, a gastrointestinal disease.
- In June 2021, Boehringer Ingelheim partnered with Lifebit (UK) to detect global infectious disease outbreaks using AI and natural language processing technology.
- Merck Animal Health, operates in the animal care domain by manufacturing drugs for companion animals, equines, swine, poultry and aquaculture. Its products include ACTIVYL® for flea infestation protection, POSATEX® and MOMETAMAX® for treating bacterial ear infections and VETSULIN® for treating diabetes mellitus in dogs and cats.
- In August 2020, Elanco Animal Health Incorporated (US) acquired Bayer Animal Health (Germany) for USD 6.89 billion to expand its scale and capabilities in the animal health industry.
- Zoetis Inc received an FDA approval for a new combination parasite preventative drug for dogs christened Simparica TrioTM in February 2020. This drug is the first all-in-one protection against heartworm diseases, ticks, fleas and roundworms in a single monthly chewable. It is the first combination isoxazoline formula for dogs in the United States.
Regional Opportunities
- North America is set to dominate the global animal parasiticides market throughout the forecast period. Increasing investment in animal health space, particularly in the companion animal therapeutics sector, is a key growth catalyst for North America.
- North America and APEJ regions have also registered a decent growth in the global animal parasiticides market and are expected to contribute a healthy share in terms of value over the forecast period.
- The Western Europe market is leading in terms of revenue generated in the global animal parasiticides market due to high awareness about animal healthcare and high healthcare expenditure for animal welfare
- Latin America and MEA regions are at a nascent stage in the global animal parasiticides market and are anticipated to contribute a decent market revenue to the global animal parasiticides market over the forecast period.
Animal Parasiticides Market Scope:
| Report Attribute/Metric | Details |
| Market Size | USD 14.52 billion |
| CAGR | CAGR of 7.4% from 2022 to 2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Historical Data | 2017 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Raw Material Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Boehringer Ingelheim, Zoetis, Merck, Elanco, Bayer, Virbac, Ceva Sante Animale, Vetoquinol, Bimeda Animal Health, Chanelle and others. |
| Key Market Opportunities | Increasing competition soon because of emerging local players |
Animal Parasiticides Market: Competitive Landscape
The companies have adopted various organic as well as inorganic growth strategies to enhance their regional presence and meet the growing demand for cyanate ester resin from emerging economies. Boehringer Ingelheim, Zoetis, Merck, Elanco, Bayer, Virbac, Ceva Sante Animale, Vetoquinol, Bimeda Animal Health, Chanelle are major market players.
Key Market Segments: Animal Parasiticides Market
Animal Parasiticides Market By Type
- Endoparasiticides
- Ectoparasiticides
- Endectocides
Animal Parasiticides Market By Type
- Dogs/Cats
- Equine
- Cattle
- Swine
- Poultry
- Others
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Market dynamics
The global animal parasiticides market is expected to grow significantly over the forecast period, owing to increased global awareness about animal healthcare. Furthermore, the growing number of livestock animals used for food production in emerging economies is increasing demand for animal healthcare products, which is driving the growth of the global animal parasiticides market. An increase in animal healthcare spending for animal welfare to improve livestock animal health is fueling the overall animal parasiticides market.
Furthermore, rising adoption of companion animals in developed economies is expected to boost the animal parasiticides market.
Table of Contents
Animal Parasiticides Market Key Insights Animal Parasiticides Market Report Introduction Animal Parasiticides Market Research Methodology Animal Parasiticides Market Executive Summary Competitive Landscape and Dynamics Animal Parasiticides Market Bottom-Up Approach Company Profiles Top-Down Approach Research Flow Animal Parasiticides Market by Product Benchmarking
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