Parasiticide Mkt25 Apr 2018 22:38
Animal Parasiticides Market will exceed $6.5bn by 2024
25 April 2018 Animal Health
The competitive hierarchy of animal parasiticides market recently witnessed one of the most lucrative partnerships of the year, as Merial signed an alliance with the German pharmaceutical company, Boehringer Ingelheim. Post the successful merger, the latter has apparently decided to expand the production capacity of its animal health manufacturing facility at St. Joseph, which would undoubtedly help the company strengthen its position in animal parasiticides industry. Considering the huge demand for parasiticides and pet products, it has been observed that many other companies have also been attempting to ramp up their product portfolio. Recently, Elanco Companion Animal Health launched a massive product range of parasiticides, designed for preventing heartworm disease, whipworm infection, and flea infestations in puppies and dogs. The growing prevalence of zoonotic diseases in the animals is thus, likely to boost animal parasiticides industry share over the years ahead. As per estimates though, in 2016, animal parasiticides market was worth USD 5 billion.
Regulatory bodies such as the U.S. Food and Drugs Administration (FDA), it has been observed, are also taking initiatives to promote the manufacturing of eco-friendly products. The U.S. Environmental Protection Agency (EPA) for instance, has instituted the President Green Chemistry Challenge Award to motivate manufacturers for developing environment friendly products, the honor of which would undoubtedly prove to be a major driving force for companies in animal parasiticides industry to focus on safer design and latest technology facilities. Driven by a stringent regulatory framework and the early adoption of neoteric products, North America animal parasiticides market is expected to chart out a lucrative growth path in the ensuing years. In fact, as per the estimates, in 2016, North America animal parasiticides industry covered 25% of the overall share, pertaining to the rise in pet population and animal farming.
�As per estimates though, in 2016, animal parasiticides market was worth USD 5 billion�
In the United States, the FDA is responsible for drafting the regulations for limiting the deployment of pesticides in animal-derived products. The association recommended that pet food needs to be hygienic and should not contain any deleterious residue, which may be injurious to animal health. In accordance with the same, the FDA has enforced certain norms for parasiticide manufacturers, which would have a commendable impact on the product landscape of animal parasiticides market. In addition, the U.S. Department of Agriculture has also undertaken the responsibility for regulating veterinary biologics, prominently used for supplementing and enhancing animal immune system, to enhance their safety, effectiveness, purity, and potency. The initiatives undertaken by regulatory bodies would thus, le
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