Northrook, IL -- (SBWIRE) -- 07/06/2020 -- According to the new market research report "Animal Parasiticides Market by Product (Ectoparasiticides, Endectocide (Ear Tags, Tablets, Dips, Injectables, Spot-on, Collars) Animal (Dogs, Cats, Cattle, Sheep, Goats, Horses) End-user (Veterinary Hospitals) - Global Forecast to 2025", published by MarketsandMarkets™, the Animal Parasiticides Market is projected to reach USD 13.7 billion by 2025 from USD 9.7 billion in 2020, at a CAGR of 7.2% during the forecast period.

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The increased pet population and increasing rising prevalence of zoonotic diseases are driving the growth of the market. The base year considered for the study is 2019, while the forecast period is 2020 to 2025.

By type, the ectoparasiticides segment accounted for the largest share of the market in 2019

On the basis of type, ectoparasiticides segment accounted for the largest share of the Animal Parasiticides Market. This can be attributed to factors such as the growing incidences of zoonotic diseases due to external parasites and increased population of companion animals.

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By animal type, companion animals held the highest growth of the Animal Parasiticides Market in 2019

On the basis of animal type, companion animals accounted for the highest growth in this market. This is attributed to the increasing number of companion animals and the rising prevalence of zoonotic diseases in dogs worldwide.

The animal farms segment is expected to witness the highest growth rate in the Animal Parasiticides Market, by end user, during the forecast period

Based on end user, the animal farms segment is expected to register the highest CAGR during the forecast period. The increasing incidence of parasitic diseases and rising demand for animal-derived food products are the major factors supporting the growth of this segment.

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North America accounted for the largest share of the market in 2019, followed by Europe and the Asia Pacific. High pet spending,increased awareness about animal health, and the growing companion animal population are the major factors responsible for the large share of North America in the market.

The prominent players in this market are Boehringer Ingelheim (Germany),Elanco (US), Zoetis (US), Merck & Co. (US), and Virbac (France).