Vector Control Market Analysis by Vector Type, End-use Sector, Method of Control and Region
The report "Vector Control Market is projected to grow at a CAGR of 5.13% from an estimated value of USD 15.86 Billion in 2018, to reach USD 20.37 Billion by 2023. The market is driven by factors such as rising prevalence of vector-borne diseases worldwide, rising awareness for vector control methods by renowned organizations such as the WHO, and the high efficiency of chemical-based vector control products.
The vector control market is projected to grow at a CAGR of 5.13% from 2018 to 2023, to reach a projected value of USD 20.37 Billion by 2023. The increasing awareness about public health has led to the adoption of vector/pest control services on a regular basis in the residential, commercial, and industrial sectors.
On the basis of vector type, the insect control segment accounted for a major share in the market for 2017, due to the rising cases of epidemics caused by vectors such as mosquitoes, cockroaches, bedbugs, flies, and ants across the globe. Promotions by individual country governments and renowned global organizations such as the WHO for the disease/vector eradication programs have also driven the growth of the insect control segment.
On the basis of method of control, the biological segment is projected to grow at the highest growth rate during the forecast period. This can be attributed to the growing concerns on the environmental impact of chemical compounds and the rising number of cases of insecticide resistance among pests. Additionally, biologicals are gaining preference as they are perceived to be safer than their chemical-based counterparts.
On the basis of end-use sector, the commercial & industrial segment accounted for a larger market share in 2017, due to the increased demand from sectors such as food & beverage manufacturing, food services, hospitality, government organizations, and pharmaceuticals. The demand can be attributed to the need for complying with the local authorities for workplace hygiene and maintenance as a part of the stringent regulations laid by governments.
The North American region dominated the vector control method market in 2017 wherein the US and Canada were the major markets owing to the high demand for vector control services in the residential sector, which, in turn, is expected to grow rapidly in the next five years. In the commercial & industrial sector, stringent implementation of regulations is being carried out to ensure the maintenance of the overall standards for safe and hygienic environment.
The key manufacturers in the vector control market are Bayer AG (Germany), Syngenta AG (Switzerland), BASF SE (Germany), Bell Laboratories, Inc. (US), and FMC Corporation (US). The key service providers in the industry are Rentokil Initial plc (UK), Ecolab (US), The Terminix International Company LP (US), Rollins, Inc. (US), Anticimex Group (Sweden), Arrow Exterminators, Inc. (US), Massey Services Inc. (US), and Ensystex (US).
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