Overview and Scope
Animal therapeutics refers to the application of medical procedures to enhance an animal’s health, whereas animal diagnostics deals with the recognition and analysis of ailments that affect animals.
Sizing and Forecast
The animal therapeutics and diagnostics market size has grown strongly in recent years. It will grow from $46.68 billion in 2023 to $49.42 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increased pet ownership, advancements in veterinary medicine, prevalence of animal diseases, government initiatives, globalization of veterinary services.
The animal therapeutics and diagnostics market size is expected to see strong growth in the next few years. It will grow to $63.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising expenditure on pet healthcare, personalized medicine in veterinary care, expansion of biopharmaceuticals, regulatory support for innovation. Major trends in the forecast period include biotechnology advancements, digital health integration, increased focus on preventive healthcare, precision medicine for animals, rising demand for companion animal therapeutics.
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Segmentation & Regional Insights
The animal therapeutics and diagnostics market covered in this report is segmented –
1) By Animal Type: Companion Animals, Cattle, Pigs, Poultry,Sheep
2) By Product: Animal Diagnostics Products, Instruments, Consumables, Animal Therapeutics Products, Anti-Parasitic Drugs And Antibiotics, Anti-Inflammatory Drugs, Anesthetics
North America was the largest region in the animal therapeutics and diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global animal therapeutics and diagnostics market report during the forecast period. The regions covered in the animal therapeutics and diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Rising pet adoption is expected to propel the animal therapeutics and diagnostics market going forward. Animal treatments and diagnostics are in high demand as more and more individuals take pets into their families and become more aware of and concerned about their health. The pet owners are willing to spend money on medical care, routine check-ups, and preventive care. For instance, in 2021, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Therefore, the rising pet adoption rate is driving the animal therapeutics and diagnostics market.
Key Industry Players
Major companies operating in the animal therapeutics and diagnostics market report are Zoetis Inc., Boehringer Ingelheim Animal Health USA Inc., Virbac AH Inc., Ceva Animal Health Inc., Heska Corporation, IDEXX Laboratories Inc., bioMérieux Inc., Thermo Fisher Scientific Inc., Randox Laboratories Ltd., Bio-Rad Laboratories Inc., Bayer Animal Health LLC, Eli Lilly and Company, Merck & Co. Inc. Animal Health Division, Sanofi-Aventis Animal Health Inc., Elanco Animal Health Incorporated, BioNote Inc., IDvet, BASF Corporation, Koninklijke DSM N.V., Evonik Industries AG, MSD Animal Health, Vetoquinol S.A., Phibro Animal Health Corporation, Dechra Pharmaceuticals PLC, Kindred Biosciences Inc., Neogen Corporation, Abaxis Inc., QIAGEN N.V., Pfizer Animal Health, Norbrook Laboratories Limited
The animal therapeutics and diagnostics market report table of contents includes:
1. Executive Summary
2. Animal Therapeutics And Diagnostics Market Characteristics
3. Animal Therapeutics And Diagnostics Market Trends And Strategies
4. Animal Therapeutics And Diagnostics Market – Macro Economic Scenario
5. Global Animal Therapeutics And Diagnostics Market Size and Growth
….
31. Global Animal Therapeutics And Diagnostics Market Competitive Benchmarking
32. Global Animal Therapeutics And Diagnostics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Animal Therapeutics And Diagnostics Market
34. Animal Therapeutics And Diagnostics Market Future Outlook and Potential Analysis
35. Appendix
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