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(Health-NewsWire.Net, April 20, 2020 ) The growth in this market is majorly attributed to factors such as rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, increasing number of veterinary practitioners and their growing income levels in developed regions, increasing number of animal research activities along with growing research grants, and rising awareness about zoonotic diseases.
The global animal parasiticides market is segmented based on product type, animal type, and geography. Based on product type, the market is segmented into endoparasiticides, ectoparasiticides, and endectocides. The ectoparasiticides market is further segmented into pour-ons and spot-ons, sprays, dips, oral tablets, collars, and other ectoparasiticides. Based on animal type, the market is segmented into companion animals and food-producing animals.
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The food-producing animals segment is further segmented into cattle, pigs, sheep and goats, poultry, and other food-producing animals. Similarly, on the basis of geography, the animal parasiticides market is segmented into Europe, North-America, Asia-Pacific, and Rest of the World.
In 2014, ectoparasiticides accounted for the largest share of the global animal parasiticides market and this segment is expected to witness the highest growth over the next five years. The high growth in this segment can be attributed to the advantages offered by ectoparasiticides over other parasiticide formulations.
Europe is the largest regional segment for animal parasiticides owing to the well-established animal healthcare market and growing R&D activities in this region. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to rising pet adoption and increasing demand for animal-derived food products in India and China.
The market players, namely, Sanofi (France), Bayer AG (Germany), and Zoetis, Inc. (U.S.) together accounted for the largest share of the animal parasiticides market and will continue to dominate the market between 2015 and 2020.
Some of the major players operating in this market are Sanofi (France), Ceva Sante Animale (France), Virbac (France), Vetoquinol S.A. (France), Eli Lilly and Company (U.S.), Zoetis, Inc. (U.S.), Merck and Co., Inc. (U.S.), Bayer AG (Germany), Boehringer Ingelheim (Germany), and Perrigo Company Plc (Ireland).
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