Ivermectin Market Size, Share, Growth, and Industry Analysis, By Type (Solid, Liquid), By Application (Cow, Sheep, Pig, Poultry, Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Ivermectin Market Report Overview

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The global ivermectin market size was 293.95 million in 2022. As per our research, the market is expected to reach USD 398.46 million in 2028, exhibiting a CAGR of 5.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with ivermectin market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Ivermectin is a medication used to treat many types of parasite infestations. It can be taken by mouth or useful to the skin for external infestations. Although the medication is available in relevant forms such as creams and injectable forms, the usually used form is the oral tablet. The drugs are used to kill parasites and thus improves patients quality of life. Ivermectin is suggested for river blindness and diarrhoea treatment. Other parasitic infections treated with ivermectin are lymphatic filariasis, scabies, and ascariasis. These drugs are used for both human and veterinary use. Since it is a veterinary remedy it is beneficial for the animals which are raised in sheds on a large scale. The animal husbandry industry thus uses it to prevent parasitic diseases of the animal and cattle being nurtured for the meat industry. Given the opposing views pertaining to the medication in the intake to treat humans, the drug is extremely effective in curing parasitic diseases in animals.

Additionally, its use in academic and scientific research due to newer developments in cancer and COVID-19 treatment are also important factors that are promoting the revenue expansion. Although the medication is available in topical forms such as creams and injectable forms, the commonly used form is the oral tablet. With the rise of animal farming and meat processing industries, such veterinary antidotes are being implemented on a large scale due to their economical nature which is a vital factor to increase the market revenue in the future. Participating are fixing their efforts on encouraging R&D. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Ivermectin Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into solid, liquid.

Liquid will capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into cow, sheep, pig, poultry, others.

Ivermectin market players cover segment as cow will dominate the market share during forecast period.

Driving Factors

"Increase in awareness about animal health to boost the market growth"

There is a growing awareness among people about animal health and welfare. This has led to an increase in the number of people who are willing to spend on veterinary care services and products. This will create a need for better veterinary care and lead to an upsurge in the use of ivermectin. The demand is motivated by the growth of these industry which is anticipated to enhance market growth.

"Technological advancement and development to upsurge the market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the ivermectin market growth. Growing investment in research and development activities and growing awareness about benefits of ivermectin are expected to deliver profitable opportunities for the market. Growing emphasis on drug development, growing demand for accuracy medicine, high adoption of home-based care settings and point-of-care diagnostics, increasing investments in research and development activities are anticipated to drive growth during the forecast period.  Constant development are one of the trends in the market in variety of practices.         

Restraining Factors

"Side effects to hamper the market growth"

Side effects is hampering development of ivermectin market. Side effects of ivermectin include minor complications such as loss of appetite, diarrhoea, constipation and sleepiness all these factor is depleting the market growth. Technical difficulties will reduce the industry revenue.

Ivermectin Market Regional Insights

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"North America to dominate the region due to rise in prevalence of parasitic infections "

North America is further expected to witness growth in the ivermectin market share. The region is dominating the market due to rise in prevalence of parasitic infections in both animal and humans across the region. Inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Hovione (U.S.)
• MERCK (U.S.)
• Zhejiang Hisun Pharmaceutical (China)
• Hangzhou Think Chemical (China)
• Shandong Qilu King-Phar Pharmaceutical (China)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.