Industry: Pharmaceuticals
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 172
Report ID: PMRREP34751
The veterinary parasiticides market is estimated to reach a valuation of US$15.4 Bn by 2031 from the value US$9.6 Bn recorded in 2024. The market is projected to exhibit a CAGR of 6.7%, during the forecast period from 2024 to 2031.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Veterinary Parasiticides Market Size (2024) |
US$9.6 Bn |
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Veterinary Parasiticides Market Size (2033) |
US$15.4 Bn |
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Forecast Growth Rate (CAGR 2024 to 2033) |
6.7% |
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Historical Growth Rate (CAGR 2019 to 2023) |
5.2% |
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Region |
Market Share in 2024 |
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North America |
34% |
North America veterinary parasiticides market is estimated to account for significant market share of 34% in 2024 and to expand at a notable CAGR rate owing to the region's status as one of the leading countries in meat production and having the highest rate of pet adoption globally. These factors contribute to the increased demand for parasiticide products in the region.
The continuously changing regulatory restrictions influence the market in the United States. The authorities in the country are actively engaged in addressing the ever-changing challenges in animal health.
The American Veterinary Medical Association (AVMA) developed guidelines and education programs in June 2022 to address the increasing antiparasitic resistance observed in livestock populations such as sheep, goats, cattle, and pigs. These guidelines outline the strategies to mitigate antiparasitic resistance in animals.
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Category |
Market Share in 2024 |
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Animal Type - Production Animal |
58% |
Veterinary parasiticides market is segmented into production animal and companion animal based on animal type. Among these, the production animal segment dominates the market share.
The utilization of veterinary parasiticides in animal production has garnered great scrutiny due to the heightened emphasis on global food safety and sustainability. The reason for this is that catering to the nutritional requirements of the expanding human population, which predominantly depends on animal-based protein, requires adequate healthcare.
High expenditures on animal healthcare particularly in industrialized nations have impacted the utilization of parasiticides for the prevention and treatment of parasite infections in production animals.
Dominates the market with 52% of the total market share.
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Market Segment by Product |
Market Share in 2024 |
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Ectoparasiticides |
51% |
Based on product, the market for veterinary parasiticides is segmented into ectoparasiticides, endoparasiticides and endectocides. Among these, the ectoparasiticides segment dominates the market and to account for 51% market share in 2024.
Ectoparasiticides are the preferred choice for treating external parasites such as ticks, fleas, and lice due to their specific action and cost-effectiveness compared to endectocides. These products are available in many formulations, such as sprays, powders, ointments, creams, and spot-on treatments.
Different formulations provide these medicines with a competitive edge allowing animal owners and veterinary specialists to conveniently select the most suitable formulation for treating animal diseases. In addition, ectoparasiticides mitigate the potential harm to non-target species and animals by being applied externally and not directly entering their bodies. One additional aspect contributing to the growth of this market is the relatively high prevalence of external parasites in comparison to internal parasites in livestock and companion animals.
Veterinary parasiticides refer to the class of animal medications that eliminate parasites to treat pets, livestock, and other animals from diseases caused by helminths, amoeba, and ectoparasites to improve health of the animal.
The main types of veterinary parasiticides are endoparasiticides, ectoparasiticides, and endectocides. Endectocides are medications administered directly to hosts to kill endoparasites and ectoparasites, primarily blood-feeding arthropods.
The market is advancing due to increased pet ownership and a growing awareness among pet owners about the need to preserve animal health. Moreover, the growing investments in research and development endeavors focused on animal medicine development are driving the market for veterinary parasiticides.
The increasing consumer demand for meat and animal byproducts is a key driver of the market growth. The rise in the occurrence of infectious diseases in animals caused by parasites is contributing to the expansion of the sector.
Manufacturers in the veterinary parasiticides market are not only prioritizing the introduction of innovative therapies, but also ensuring that these therapies are designed to meet customer needs. By integrating cutting-edge technology, they are capitalizing on profitable prospects in the veterinary parasiticides market, while also demonstrating a commitment to customer satisfaction.
The global veterinary parasiticides market experienced steady growth pre-2023, driven by increasing awareness of animal health, rising pet ownership, and expansion in the livestock industry. The market was valued at a substantial market share, with an expected CAGR of around 5.2% during the period from 2019 to 2023.
Key factors fueled the market growth were heightened awareness of zoonotic diseases, advancements in parasiticide technology, and significant spending on animal healthcare, particularly in North America and Europe. Asia-Pacific region was noted for its notable growth due to expanding livestock farming and increasing pet adoption.
The market is poised for continued expansion in the future period. Innovations in product formulations focusing on long-acting and broad-spectrum efficacy are expected to drive market growth. There is also an increasing emphasis on sustainable and eco-friendly parasiticides to address environmental concerns and resistance development.
Economic growth in developing regions and rising pet insurance penetration will likely to boost market demand. However, the industry must navigate regulatory hurdles and the challenge of parasite resistance to sustain this growth trajectory. The market outlook remains positive with technological advancements and increased awareness of animal health continuing to propel the industry forward.
Increased Pet Ownership and Pet Care Expenditure
One of the primary growth drivers for the veterinary parasiticides market is the rising rate of pet ownership globally. As more households adopt pets especially in urban areas of developed and developing countries, the demand for comprehensive pet care including preventive health measures like parasiticides, increases. This trend is bolstered by high disposable incomes allowing pet owners to spend more on their pets’ health and wellness.
The humanization of pets where pets are treated as family members leads to great emphasis on their health and hygiene. This shift is reflected in increased spending on veterinary services and products including parasiticides to ensure pets remain healthy and free from parasitic infections.
Expansion of the Livestock Industry
Growing global population and rising demand for animal-based products like meat, milk, and eggs have led to significant expansion in the livestock industry. This growth necessitates improved health management practices to ensure the productivity and profitability of livestock farming.
Parasitic infections can severely impact the health and productivity of livestock, making the use of parasiticides essential. Farmers and livestock owners are increasingly adopting parasiticides to prevent infestations and maintain the health of their animals, thereby driving market growth. Government initiatives and subsidies to improve livestock health further support the widespread adoption of veterinary parasiticides in this sector.
Technological Advancements and Product Innovations
Technological advancements in veterinary medicine and ongoing research and development efforts have created more practical and convenient parasiticides. Ground-breaking innovations such as long-acting formulations and combination products that combat multiple parasites are boosting the effectiveness of veterinary parasiticides and also making them more appealing.
Advancements are not just improving treatment outcomes but also streamlining administration, making it simple for pet owners and livestock farmers to handle parasitic infections.
Integrating digital technologies and the Internet of Things (IoT) in veterinary care revolutionizes parasite monitoring and control enabling precise and timely interventions. This continuous innovation and the introduction of new products are significant drivers of market growth meeting the market's evolving needs.
Stringent Regulatory Landscape
One significant restraint for the veterinary parasiticides market growth is the stringent regulatory landscape governing the approval and sale of these products. Regulatory authorities such as the FDA in the United States and the EMA in Europe impose rigorous testing and approval processes to ensure the safety and efficacy of parasiticides. This often results in lengthy and costly development cycles, delaying the time to market for new products.
Variations in regulatory requirements across different regions can complicate global market strategies for manufacturers. Compliance with these stringent regulations requires substantial investment in research and development, quality control, and legal expertise, which can be a barrier, especially for smaller companies. These regulatory challenges can slow innovation and limit the availability of new and advanced parasiticides thus restraining market growth.
Increasing Parasitic Resistance
The increasing prevalence of parasitic resistance to existing treatments is another critical restraint on the veterinary parasiticides market. Over time, parasites can develop resistance to commonly used parasiticides, rendering them less effective and necessitating high doses or more frequent treatments. This reduces the efficacy of treatments and raises concerns about the safety and environmental impact of higher chemical usage.
Resistance issues compel manufacturers to invest more in research to develop new formulations and modes of action, which is both time-consuming and expensive. Additionally, the lack of awareness and improper use of parasiticides by some pet owners and farmers can exacerbate resistance problems further complicating control efforts. The challenge of managing and mitigating resistance is a significant barrier to the market's sustained growth.
Emerging Markets and Economic Growth
One of the most promising opportunities for the veterinary parasiticides market lies in the emerging markets of Asia, Latin America, and Africa. These regions are experiencing significant economic growth, expanding the middle class and increasing disposable incomes.
As economic conditions improve, there is a corresponding rise in pet ownership and livestock farming creating a substantial demand for veterinary healthcare products including parasiticides. In emerging markets, the livestock industry is a critical component of the economy, driven by the increasing demand for animal-based products such as meat, dairy, and eggs.
Improving livestock health and productivity is essential to meet this demand, and parasiticides are crucial in preventing and controlling parasitic infections that can negatively impact animal health and farm profitability.
The pet care industry in emerging markets is rising due to cultural shifts toward pet ownership and increased awareness of animal welfare. Urbanization and changing lifestyles are leading many people to adopt pets. As pet owners become informed about the importance of preventive healthcare, the demand for parasiticides is expected to grow.
Multinational veterinary pharmaceutical companies increasingly focus on these regions, investing in marketing and distribution channels to capture the growing market potential. The opportunity in emerging markets also extends to innovations tailored to local needs.
Developing affordable and accessible parasiticides that cater to the specific parasites prevalent in these regions can provide a competitive edge. Leveraging local partnerships and understanding the unique market dynamics will be crucial for companies aiming to capitalize on the robust growth potential in these emerging economies.
The leading competitors in the veterinary parasiticides market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented. Also, the key companies employ crucial strategies like partnership deals, mergers and acquisitions, and business expansion deals to strengthen their hold on a particular region or a particular service offering.
Recent Developments in the Veterinary Parasiticides Market
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Animal Type
By Product
By Route of Administration
By Region
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The market is projected to exhibit a CAGR of 6.7% during the forecast period.
North America is the dominant regional market for parasiticides.
Zoetis, Boehringer Ingelheim, Merck & Co. Inc., Dechra Pharmaceuticals Plc., Elanco Animal Health, are some of the major key, companies in the market.
The market is estimated to reach a valuation of US$15.4 Bn by 2031 from the value US$9.6 Bn recorded in 2024.
Ectoparasiticides are the leading product type in the market.
