Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- The global triclabendazole market stood at US$ 412.0 Mn in 2020 and is projected to grow at a CAGR of 4.1% during the forecast period from 2021 to 2031.
Increase in incidence of liver fluke and efficacy of triclabendazole for treatment of the disease from the very early stage to mature stage are fueling the triclabendazole market.
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Liver fluke is prevalent in several regions of the world and is more common in animals than in humans. Liver fluke occurs in cattle and sheep of all ages, and can considerably affect live-weight of adult cattle, lamb, and calves. Veterinarians play a role in educating animal owners, for selecting treatment plan for using drugs to target the stage of the disease. This is because the selection of drugs that target the stage of the disease within the animal is critical.
Key Players
Key players in the global triclabendazole market include AdvaCare Pharma, Grampus Laboratories, Intas Pharmaceuticals Ltd., Shijiazhuang Shimu Animal Pharmaceutical Co. Ltd., Elanco, Bimmeda Inc., Zoetis Health, RV Lifesciences Limited, Intas Pharmaceuticals Ltd., Siflon Drugs & Pharmaceuticals Pvt. Ltd., Virbac, and Chanelle Pharma.
Growth Drivers
- Rise in prevalence of liver fluke in sheep and cattle is fueling the triclabendazole market
- Sustained growth of the dairy industry to serve the ever-increasing demand for high-quality animal protein is propelling the market
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Key Findings of Report
Increase in Demand for Quality Dairy and Meat Products Boosting Market Size – Rise in demand for quality dairy and meat products is translating into lucrative opportunities for companies in the triclabendazole market. Cost-effective production of high-quality and safe animal protein is necessary to meet consumer demand. Stakeholders in the triclabendazole market are increasing the availability of therapeutics for liver fluke in clinics, veterinary hospitals, pharmacies, and drug stores, thus boosting market expansion. Moreover, emergence of eCommerce as a key distribution channel has increased availability of therapeutics, thereby propelling triclabendazole market.
Pharma Companies Emerge Resilient to COVID-19 Pandemic - The COVID-19 pandemic hampered the growth of the triclabendazole market. Pharma companies in the market increased local production capacities to reduce dependence on other countries for veterinary medical supplies. Manufacturers worked at breakneck speeds to increase the production of tablet and oral suspensions.
In the veterinary landscape, the pandemic led to indefinite postponement of elective procedures, with poor demand sentiments affecting income sources of companies. Nevertheless, manufacturers strived to ensure business continued by maintaining optimum inventory levels.
The prolonged COVID-19 pandemic compelled companies in the triclabendazole market to rethink supply networks, owing to logistic challenges. Furthermore, market stakeholders established balanced relationship with ecosystem partners and suppliers to keep economies running.
Government Initiatives in Management of Liver Fluke Boosting Triclabendazole Sales – Government initiatives in several parts of the world to control liver fluke infections is driving demand for triclabendazole. For instance, liver fluke is absent in Western Australia due to the strict monitoring of prevalence of the disease undertaken by the government health department. Moreover, animals imported in the country that could be carriers of the disease are subject to mandatory testing. This entails availability of treatment provisions by maintaining robust supply of triclabendazole medicines to continue freedom from the infection.
Liver fluke has high burden on the economy of a country. For example, the annual cost of liver fluke is estimated to be US$ 7.11 Bn in Brazil and US$ 1 Bn in Australia. Hence, stakeholders in the triclabendazole market are ensuring an uninterrupted supply of veterinary medical supplies to reduce the treatment burden on the government and other entities in the value chain.
Regional Landscape
North America dominated the global market, with 30.9% share in 2020. Growth of the market in the region is ascribed to high livestock population and rise in spending on preventive healthcare. Increase in prevalence of liver fluke in cattle and sheep is anticipated to fuel market development in the region in the next few years. Furthermore, rise in awareness about the use of triclabendazole in the treatment of liver fluke is anticipated to create lucrative opportunities during the forecast period.
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The global triclabendazole market is segmented as follows;
Global Triclabendazole Market, by Dosage Form
- Tablet
- Oral Suspension
Global Triclabendazole Market, by Animal Type
- Cattle
- Goat
- Sheep
- Others
Global Triclabendazole Market, by Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
- Others
Global Triclabendazole Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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