Companion Animal Parasiticides Market Grows as Pet Health Awareness Rises

With projections indicating a strong compound annual growth rate (CAGR) of 6.6% during the forecast period of 2032, the global animal parasiticides market  is poised for significant expansion. By 2022, the ectoparasites segment by product type is anticipated to hold a substantial 52% market, dominating the other sectors. This essay explores the causes of this expansion, the difficulties encountered, and the changing field of animal parasiticides.

In order to protect the health and welfare of cattle, companion animals, and even people, animal parasiticides are essential. They are made to manage and get rid of parasites that might negatively impact an animal's health and productivity, like fleas, ticks, lice, and worms. Serving a variety of species and parasite kinds, the market for these goods includes a broad range of formulations, including as sprays, dips, oral drugs, and spot-on treatments.

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Market Growth-Driven Factors:

The market for animal parasiticides is steadily expanding due to a number of causes. First, the demand for animal protein has increased due to the growing global population and rising disposable incomes, which has fueled the expansion of livestock production. The need for efficient parasiticides to shield animals from diseases and infestations is growing along with the amount of livestock.

Furthermore, the demand for parasiticides in the companion animal market is being driven by pet owners' increased awareness of the significance of parasite prevention. Pet owners are more likely to make investments in their health and well-being, including parasite prevention methods, as pets are increasingly viewed as part of the family.

Technological developments in parasitology and veterinary medicine have also been crucial in propelling market growth. Veterinarians and animal owners now have more alternatives because to the development of innovative formulations with improved efficacy, safety, and convenience, such as sustained-release medicines and long-acting injectables.

What Factors Could Potentially Restrict the Growth of the Animal Parasiticides Market?

Globalization and climate change have significantly contributed to the spread of parasitic infections to previously unaffected regions, driving the demand for parasiticides in new markets. The increasing prevalence of parasitic diseases worldwide continues to fuel the growth of the Animal Parasiticides Market.

Advancements in veterinary medicine and parasitology have played a pivotal role in boosting market expansion. Innovations such as long-acting injectables and sustained-release formulations offer enhanced efficacy, safety, and convenience, providing veterinarians and pet owners with advanced solutions. These technological breakthroughs have further solidified the Animal Parasiticides Market as a critical segment of the pet and livestock healthcare industry.

Category-Wise Insights

In 2021, the ectoparasiticides segment held the largest market share, accounting for approximately 52%. This dominance is projected to continue throughout the forecast period.

During 2022-2032, ectoparasiticides are anticipated to constitute more than half of the total animal parasiticides market. The growing prevalence of external parasites like ticks, lice, mites, flies, and fleas—known to feed on animals' blood and potentially impact humans—has been a key driver of this segment's growth.

As a result, ectoparasiticides are increasingly sought after in veterinary medicine. Additionally, major ectoparasiticide manufacturers organize significant conferences to educate stakeholders on various products for cats, cattle, and dogs to combat these parasites effectively. Ongoing research into developing potent anti-parasitic compounds further supports this growth trajectory. Consequently, the ectoparasiticides segment is expected to expand at a steady CAGR of 6.3% during the forecast period.

Over the course of the forecast period, the companion animal segment is expected to develop at the fastest rate. A noteworthy compound annual growth rate (CAGR) of 6.1% is anticipated for this market in 2022–2032.

The amount spent on companion animals in 2021 was about US$1.8 billion. According to the American Pets Products Association (APPA), 67% of households in the United States own a pet. The market is growing because to the variety of zoonotic illnesses and the possibility of human transmission.

Furthermore, rising pet ownership rates, rising pet healthcare requirements, and a surge in zoonotic and food-borne diseases will all contribute to the profitable growth of this market. Over the next ten years, these factors are anticipated to drive demand to unprecedented levels.

Throughout the forecast period, North America is anticipated to dominate the global animal parasiticides market. A key factor driving growth in the region is the increasing investment in animal health, particularly in the companion animal treatments sector. With a projected CAGR of 6.5%, North America is expected to account for nearly 30% of the total market share.

Region-wise Analysis

By 2032, the U.S. animal parasiticides market is estimated to reach a valuation of USD 1.5 billion. This growth is attributed to rising pet ownership and increasing demand for animal-derived products. Additionally, the prevalence of maggot infestations among animals and growing awareness among pet owners about their pets' health are fueling the use of animal parasiticides.

The presence of leading market players and significant investments in research and development for innovative veterinary products are further contributing to the expansion of the veterinary healthcare market in the U.S. during the forecast period.

Moreover, stricter government regulations are expected to drive demand for animal parasiticides in the U.S. Agencies like the Animal and Plant Health Inspection Service (APHIS) under the U.S. Department of Agriculture (USDA) and the Center for Veterinary Biologics (CVB) play a crucial role in setting guidelines for veterinary biologics.

These agencies ensure that biologics are free from harmful substances and meet the required standards for safety, efficacy, and performance. The CVB oversees standards for product approvals, licensing, facility inspections, and field testing of veterinary biological products. Collectively, these factors are expected to significantly boost regional demand for animal parasiticides between 2022 and 2032.

Competitive Landscape

The global animal parasiticides market is highly consolidated, with five leading companies dominating the space: Zoetis, Inc., Merck Animal Health, Ceva Santé Animale, Boehringer Ingelheim GmbH, and Elanco Animal Health. These companies heavily invest in research and development to deliver top-quality medications, diagnostic tools, vaccines, and genetic testing solutions.

In 2022, Zoetis demonstrated its commitment to enhancing animal care by acquiring NewMetrica, a pioneering Scottish company known for developing innovative digital tools. These tools, in the form of survey-based assessments, measure health-related quality of life (HRQL) in non-verbal organisms. This strategic acquisition bolsters Zoetis’ expertise in evaluating quality of life, expands its capabilities across the care continuum, and deepens its understanding of animal welfare.

Ceva Santé Animale, a prominent French leader in animal health, announced the formation of "Ceva Bussan Animal Health K.K." in 2022 as a joint venture with Mitsui & Co., Ltd., a major Japanese corporation and Ceva stakeholder since 2020. This partnership is aimed at accelerating Ceva’s veterinary laboratory expansion into Japan, a critical market for the company. By introducing Ceva’s brand and strategy to potential Japanese partners, the venture is designed to significantly expand Ceva’s footprint in the region.

In February 2020, Zoetis Inc. received FDA approval for Simparica TrioTM, a groundbreaking combination medication for canine parasitic prevention. This monthly chewable formula offers comprehensive protection against ticks, fleas, heartworm disease, and roundworms. It is the first canine combination drug in the U.S. to include isoxazoline.

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