LONDON, Feb. 20, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Antiparasitic Drugs Global Market Report 2024, the antiparasitic drugs market is experiencing robust expansion. The report indicates substantial growth from $22.47 billion in 2023 to $24.06 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 7.1%. Key drivers of this antiparasitic drugs market growth include the prevalence of parasitic infections, resistance to existing treatments, and global health initiatives aimed at combatting these diseases.
Strong Growth Trajectory Projected Amid Emerging Threats and Evolving Trends
Anticipated growth in the Antiparasitic Drugs market remains strong, with a projected size of $31.19 billion by 2028, boasting a CAGR of 6.7%. This growth is fueled by emerging parasitic threats, climate change-induced vector-borne diseases, and heightened emphasis on global health security and healthcare access. Major trends in the antiparasitic drugs market in the forecast period include advances in drug development, targeted therapies, combination therapies, public-private partnerships, and the integration of telemedicine and remote diagnosis.
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Addressing the High Prevalence of Parasitic Infections
The antiparasitic drugs market's growth is significantly driven by the high prevalence of parasitic infections worldwide. These infections, caused by microscopic parasites or larger organisms, pose significant health risks and underscore the critical need for effective antiparasitic drugs. For instance, a study by the National Library of Medicine in August 2021 revealed that 46.3% of participants tested positive for intestinal parasites, highlighting the pervasive nature of these infections.
Innovation and Strategic Acquisitions Propel Market Players
Major players such as Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., and others are at the forefront of innovation in the Antiparasitic Drugs market. Noteworthy developments include ParaPRO LLC's launch of Natroba Topical Suspension, the first FDA-approved antiparasitic product for scabies treatment, and Orion Corporation's acquisition of Inovet BV's animal health business to strengthen its global presence and product portfolio.
Regional Insights and Market Segmentation
North America emerged as the largest region in the Antiparasitic Drugs market in 2023, with Asia-Pacific poised to witness the fastest growth in the forecast period.
The antiparasitic drugs market is segmented by product type (anthelmintics, antiprotozoals, ectoparasiticides, others), treatment (avermectins, benzimidazoles, pyrimidines, organophosphates, imidazoles/thiazoles), route of administration (oral, injectable, topical), and end-user (hospitals, homecare, specialty clinics, others), offering comprehensive insights for stakeholders.
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Stakeholders across the pharmaceutical landscape, including manufacturers, policymakers, healthcare providers, and investors, can leverage the insights from the antiparasitic drugs market report to capitalize on emerging opportunities. By understanding market dynamics, evolving trends, and regional nuances, stakeholders can drive innovation, foster strategic partnerships, and expand their presence in the global Antiparasitic Drugs market.
Antiparasitic Drugs Global Market Report 2024 by The Business Research Company provides insights on the antiparasitic drugs market size, antiparasitic drugs market segments, antiparasitic drugs market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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