The global animal parasiticides market is projected to reach USD 14.1 billion by 2027 from USD 10.6 billion in 2022, at a CAGR of 5.8% during the forecast period. There are several factors which drives the animal parasiticides market like steadily increasing animal health costs, expanding zoonotic disease threats, and rapidly increasing private player investments.
The market for animal parasiticides is dominated by companies like Boehringer Ingelheim (Germany), Elanco Animal Health Incorporated (US), Merck & Co., Inc. (US), Zoetis Inc. (US), Virbac (France), Vetoquinol S.A. (France), PetlQ, Inc. (US), Sequent Scientific Ltd. (India), ECO Animal Health Group plc (UK), Ceva Santé Animale (France), Chanelle Pharma (Ireland), Norbrook (UK), SmartVet Holdings (US), Krka Group (Slovenia) and Bimeda Animal Health (Ireland) among others. These competitors have chosen a variety of growth tactics, including acquisition, product launches, and expansion to broaden their position and reach in the medical device contract manufacturing market.
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Boehringer Ingelheim's emphasis to research and development, as well as its investments in strategic alliances, partnerships, and acquisitions, have enabled the business to establish itself as a global leader. Boehringer Ingelheim provides a wide range of animal parasiticide products in various formulations to meet the needs of both pets and farm animals. Boehringer Ingelheim's dominance in the companion animal market is based on its main products, including NexGard, Frontline, and Heartgard. The business emphasises geographic growth as a way to broaden its reach. For instance, in September 2020, Boehringer Ingelheim acquired equity stake in New Ruipeng Pet Healthcare Group to expand health solutions and professional care for pet owners in China.
Zoetis is mainly focuses on development of new products and improvement of its R&D capabilities that meet the demands of animal health. The company offers a wide variety of products for different animal species which allows it to retain its position in the parasiticides market. A global corporation with subsidiaries on every continent, the company has well-invested assets which becomes strong stratergy for its development. The distribution systems and manufacturing facilities offers the company a significant competitive edge. Zoetis business focuses on new product launch and developments. For instamce, in February 2020, company launched Simparica Trio, a parasiticide for dogs to control and treat both external and internal parasitic infestations.
Elanco Animal Health Incorporated
Elanco Animal Health Incorporated is committed to strengthening its connections with existing clients, improving operations and product quality, and diversifying the range of its products. The company provides a wide range of animal parasiticide products such as Credelio, Seresto, Interceptor, and many others. In May 2021, Elanco launches new product ‘Credelio Cat’ in companion animal segment which is chewable tablets for fleas and tick protection for cats.
Merck & Co., Inc.
Merck's expansion in the market is being driven by a strong focus on expanding its animal parasiticides product range through investments in the form of partnerships and collaborations. For instance, in July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites. This helped Merck in providing a wide range of parasiticide products for companion animals.
Animal Parasiticides Market by Type (Ectoparasiticides, Endoparasiticides, Endectocides), Animal Type (Dogs, Cats, Horses, Cattle, Pigs, Poultry, Goats), End User (Veterinary Hospitals, Animal farms, Home Care Settings) - Global Forecast to 2027
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