What are the Historical Developments and Current Growth Metrics of the Animal Therapeutics And Diagnostics Market?
The animal therapeutics and diagnostics market has seen considerable growth due to a variety of factors.
•In recent times, there has been a robust growth in the size of the animal therapeutics and diagnostics market. The market, valued at $48.99 billion in 2024, is projected to expand to $51.73 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%.
The increased ownership of pets, advancements in veterinary medicine, prevalence of animal diseases, governmental initiatives, and the globalization of veterinary services have significantly contributed to the historical growth of this sector.
What Does Future Hold for The Animal Therapeutics And Diagnostics Market Size?
The animal therapeutics and diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for animal therapeutics and diagnostics is projected to witness robust expansion. The market value is anticipated to reach "$67.2 billion by 2029, translating to a compound annual growth rate (CAGR) of 6.8%.
The predicted growth during this period is linked to increased spending on pet health, the advent of personalized veterinary care, the growth of biopharmaceuticals, and regulatory backing for innovative practices. Key market trends during the forecast includes advancements in biotechnology, integration of digital health, an increased emphasis on preventive health measures, precision medicine tailored for animals, alongside a growing demand for companion animal treatments.
What Are The Primary Growth Drivers In The Animal Therapeutics And Diagnostics Market?
The escalation in pet ownership is predicted to fuel growth in the animal therapeutics and diagnostics sector. As increasing numbers of people embrace pet ownership, heightening their awareness and concern for animal health, there's an amplified demand for animal diagnostics and treatments. Pet owners display readiness to spend on medical treatment, regular check-ups and preventative healthcare for their pets. For example, the American Pet Products Association, a non-profit organization based in the US, reported in October 2023, that 86.9 million US households possessed a pet, reflecting a 66% rise from 2022. Additionally, data from Animal Medicines Australia, which champions animal health, stated in November 2022, that 69% of Australian households in 2022 owned pets. Consequently, the surge in pet adoption is fuelling the growth of the animal therapeutics and diagnostics market.
What Is The Segmentation Of The Global Animal Therapeutics And Diagnostics Market?
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
Subsegments:
1) By Companion Animals: Dogs, Cats, Small Mammals
2) By Cattle: Dairy Cattle, Beef Cattle
3) By Pigs: market Pigs, Breeding Pigs
4) By Poultry: Broilers, Layers, Turkeys
5) By Sheep: market Lambs, Breeding Ewes
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What Emerging Trends Are Shaping The Animal Therapeutics And Diagnostics Market Landscape?
Innovative product advancements are an emerging trend gaining traction in the animal therapeutics and diagnostics industry. To maintain their market presence, top-notch companies in the animal therapeutics and diagnostics industry are creating groundbreaking technologies. Take for example, EKF Diagnostics, a UK-based vitro diagnostics establishment, which introduced an updated version of the Lactate Scout analyzer for veterinary uses in December 2022. The novel features of the analyzer allow for the selection of species for pet animals and cows, making it equally suitable for small and large animal care settings.
Who Are the Key Players in the Animal Therapeutics And Diagnostics Market?
Major companies operating in the animal therapeutics and diagnostics market include:
• 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
What are the Regional Insights into the Animal Therapeutics And Diagnostics Market?
North America was the largest region in the animal therapeutics and diagnostics market in 2024.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
