Animal parasiticide is a substance used in veterinary medicines that are used to kill parasites,especiallythose other than bacteria and fungi. The use of parasiticides has resulted in an improvement in the health of livestock across the globe. Growing awarenessregarding zoonotic diseases, increase in the number of animal welfare acts and increasing number of government initiatives drives the growth of the animal parasiticides market. The animal parasiticides market is growing tremendously due to the increasing trend of pet adoption amongst people in developed as well as developing economies. However, the cost associated with animal parasiticides products, heavy expenditure on R & D for new product development and stringent regulatory policies related to the approval of animal parasiticides are factors that are adversely affecting the growth of the market.
The animal parasiticides market is segmented based on product types such as Endoparasiticides, Ectoparasiticides and Endectocides. Endoparasiticides is ananti-parasitic drug that is used in the treatment of endoparasiticides infections,that is, internal infections. It includes oral liquids & tablets and injectables. Ectoparasiticidesare drugs used for the treatment of external body surface infections. They include sprays, pour on and spot on. Endoparasiticides hold the dominant share in the market followed by ectoparasiticides. The market is further segmented based on the type of animals such as dogs, cats, cattles, pigs, sheeps and goats. According to geography, the market is segmented into North America, Europe, Asia Pacific and LAMEA. Europe holds the dominant share in the market followed by North America. The growing trend of animal adoption and increasing animal healthcare expenditure are the factors responsible for the growth of the European and North American market. However, the Asia Pacific market is expected to grow at a faster rate due to the growing livestock and companion animal population and increasing expenditure on animal healthcare. The key players in the market are Novartis AG, Bayer AG, Eli Lilly, Merck Co, ZoetisInc, and Sanofi.
The animal parasiticides marketis segmented based on product type, types of animal and geography.
By Product Type
By Types Of Animal