LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global parasiticides market to grow to USD 13,121.76 million by 2021, at a CAGR of close to 6% over the forecast period, according to their latest report.
The research study by Technavio on the global parasiticides market for 2017-2021 provides a detailed industry analysis based on the product category (ectoparasiticides, endoparasiticides, and endectocides) and geography (the Americas, EMEA, and APAC).
|Animal parasiticides and antiparasitics are products that kill parasites that infect livestock, pets, and other animals. Ectoparasiticides, which are used to control parasites that attack livestock, pets, horses, and other animals externally, are the most popular product from the market.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global parasiticides market:
- Increase in awareness about animal healthcare
- Rise in incidences of zoonotic diseases
- Demand for protein rich diet
Increase in awareness about animal healthcare
“The increase in urbanization and changes in lifestyle are primary factors for increasing pet adoption rates. This increase has led to a rise in demand for animal health products such as antibacterial, antibiotics, and parasiticides, which is a key factor impacting the growth of the market,” says Sapna Jha, a lead analyst at Technavio for infectious and rare diseases research.
Since pet owners consider them to be equal to any other member of the family, these animals receive a high quality of care. Another factor that positively impacts the market is the participation of animals in sports, which necessitates the regular care of these animals to ensure optimal performance.
Rise in incidences of zoonotic diseases
Zoonosis or Zoonotic diseases are infectious diseases that are transmitted from animals to humans. Practices such as high stocking densities of animals in feedlots, long transportation times, and poor hygienic conditions at slaughterhouses lead to a rise in the probability of acquiring zoonotic infections. Microbes such as Campylobacter, Salmonella, T. solium are the major causative organisms for zoonotic diseases. Other parasitic zoonoses are trematodosis, echinococcosis/hydatidosis, toxoplasmosis, and trichinellosis. The presence of such organisms along with higher chances of interacting with them is expected to drive the market growth.
Demand for protein rich diet
“Growing awareness about animal health and the advantages of quick detection and using preventive medicines are likely to drive the demand for animal vaccines within the forecast period. Several animal health awareness programs have been organized in other countries too, which is indirectly impacting the adoption of animal parasiticides,” says Sapna.
Globally, animal products such as milk, eggs, and meat serve a large proportion of the human population, and the rise in human population is further fueling the growth of the market. To get the optimum output from the animal produce, there is a rapid increase in requirement of healthy, protein-rich, and disease-free animal products, which is resulting in the growth of the parasiticides market.
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