Dublin, Nov. 05, 2021 (GLOBE NEWSWIRE) -- The "Global Animal Parasiticides Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global animal parasiticides market is projected to reach USD 13.7 billion by 2026 from USD 9.7 billion in 2021, at a CAGR of 7.2% during the forecast period.
Factors such as the rising demand for animal-derived food products, increasing investments by private players, growing concerns of zoonotic diseases, regulations for preventing the spread of animal diseases, growing companion animal ownership rates, and rising animal health expenditure are driving the growth of the animal parasiticides market. However, a shift toward vegetarianism and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of this market during the forecast period.
Ectoparasiticides segment accounted for the largest share in the animal parasiticides market
Based on type, the animal parasiticides market is segmented into endoparasiticides, ectoparasiticides, and endectocides. The ectoparasiticides segment accounted for the largest share of 57.9% of the global animal parasiticides market in 2020. This segment is projected to reach USD 8,582.1 million by 2026 from USD 5,703.9 million in 2021, at a CAGR of 8.5%. The large share of this segment can be attributed to the higher adoption of ectoparasiticides as compared to other products. The increasing population of companion animals and rising pet ownership in developed countries are also expected to support the growth of this market during the forecast period.
Companion Animals segment is expected to witness the fastest growth in the forecast period
Based on animal type, the animal parasiticides market is segmented into companion animals and livestock animals. In 2020, companion animals accounted for the largest share of 52.2% of the global animal parasiticides market. This segment is projected to reach USD 7,633.2 million by 2026 from USD 5,130.2 million in 2021, at a CAGR of 8.3%. The large share of this segment is primarily attributed to the increasing expenditure on pet animals and increasing companion animal ownership in developed countries.
Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020
Based on end users, the animal parasiticides market is segmented into veterinary clinics & hospitals, animal farms, and home care settings. Veterinary clinics & hospitals accounted for the largest share of 61.4% of the animal parasiticides market in 2020. This segment is projected to reach USD 8,252.7 million by 2026 from USD 5,952.6 million in 2021, at a CAGR of 6.8%. The large share of this segment can be attributed to the higher adoption of animal parasiticides in hospital settings, the increasing incidence of parasitic diseases, and growing awareness about animal health in developing countries.
North America accounted for the largest share of the animal parasiticides market in 2020
The market in Latin America is expected to grow at the highest CAGR of 8.8% during the forecast period. This can be attributed to the growing population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.
Increasing Incidence of Zoonotic Diseases and Parasitic Infections to Drive Market Growth
Ectoparasiticides Segment Accounted for the Largest Share of the APAC Animal Parasiticides Market in 2020
China to Register the Highest Growth During the Forecast Period
North America to Continue to Dominate the Animal Parasiticides Market During the Forecast Period
Developing Countries to Offer Growth Opportunities for Market Players During the Forecast Period
Rising Demand for Animal-Derived Food Products
Increasing Investments by Private Players
Growing Concerns of Zoonotic Diseases
Regulations for Preventing the Spread of Animal Diseases
Growing Companion Animal Ownership Rates
Growing Prevalence of Animal Diseases
Rising Animal Health Expenditure
Regulations Restricting the Use of Parasiticides for Food-Producing Animals
Shift Towards Vegetarianism
Emerging Novel Drug Development Models
Lucrative Opportunities in Emerging Markets
Growing Resistance to Parasiticides
Stringent Regulatory Approval Process for Drugs
Diversity in Parasite Species
Growing Consolidation in the Animal Health Industry
Innovations in Animal Parasiticides
Abbey Animal Health Pty. Ltd.
Bimeda Animal Health
Boehringer Ingelheim GmbH
Brilliant Bio Pharma
Ceva Sante Animale
Eco Animal Health Group plc
Elanco Animal Health Incorporated
Kyoritsu Seiyaku Corporation
Lutim Pharma Private Limited
Merck & Co. Inc.
Sequent Scientific Limited
Smartvet Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/7ycnzq
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