Market Trends of Global Anticoccidial Drugs Industry
This section covers the major market trends shaping the Anticoccidial Drugs Market according to our research experts:
Companion Animal Segment is Anticipated to Witness Growth Over the Forecast Period
The companion animal segment in the anticoccidial drugs market is expected to hold a major market share, largely due to the increased adoption of companion animals. Besides, the advanced healthcare infrastructure in the region is also contributing to market growth.
Additionally, as per the Merck & Co., Inc. data updated in August 2022, the Isospora species is the most common cause of coccidiosis in cats and dogs. Almost every cat gets infected by Isospora felis in its lifetime. Additionally, as per the source mentioned above, coccidiosis generally occurs in young animals in facilities with a high population and potential for contamination. Thus, this disease may become a problem in breeding or boarding catteries and kennels. This burden of coccidiosis among companion animals creates opportunities for developing anticoccidial drugs, which is expected to contribute to segment growth.
Furthermore, data updated by Kingsdale Animal Hospital in January 2022 stated that coccidia is one of the most common intestinal parasites found in dogs, and the prevalence of coccidia is 50% in dogs with a variation in incidence. Thus, this shows nearly half of the dog population globally is infected with coccidiosis and is anticipated to create demand for anticoccidial drugs which is likely to contribute to the market growth.
Additionally, the adoption of companion animals is rising globally as a result of the affection between humans and animals, which is widely acknowledged as an effective way to reduce stress during a period of uncertainty and assist in easing depression and anxiety due to social isolation, which is likely to propel the segment's growth over the forecast period. As per the UK's Pet Food Manufacturers' Association's data (PFMA), there were around 34 million pets in the UK in 2022, including 12 million cats and 12 million dogs, along with 3.2 million small mammals such as guinea pigs and hamsters. The trend is further expected to grow during the forecast period, which is projected to boost the market growth.
North America is the Fastest Growing Region in the Anticoccidial Drugs Market
North America currently dominates the anticoccidial drugs market and is expected to continue its stronghold for a few more years. Factors such as rising animal adoption and increasing per capita animal healthcare expenditure contribute to the region's market growth.
The increasing trend of pet adoption in the United States is predicted to propel market growth. For instance, according to the National Pet Owners Survey of 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households owned a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. This growing adoption of companion animals that are more prone to fungal diseases such as coccidiosis is expected to boost the demand for anticoccidial drugs over the forecast period.
In addition, companion animal or pet ownership is increasing in other countries, such as Canada and Mexico. The data published by 'Pet Keen' in May 2022 showed that nearly 38% of Canadian households owned a cat, while 35% owned a dog in 2021. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before, and 17% of owners are willing to spend more than USD 500 every year for their pet healthcare. Besides, several research have shown that coccidiosis is more prevalent among pet dogs and cats and awareness about the same is also increasing among pet owners. This increasing awareness among pet parents is expected to create demand for the availability of innovative drugs thereby driving the market growth.
