Evaluating the Animal Therapeutics And Diagnostics Market’s Growth Prospects from 2024 to 2033
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How is the Growth Rate of the Animal Therapeutics And Diagnostics Market Estimated for 2024-2033?
The market size for animal therapeutics and diagnostics has seen robust growth in the previous years. The prediction is that it will expand from $46.68 billion in 2023 to $49.42 billion in 2024, experiencing a compound annual growth rate (CAGR) of 5.9%. The past growth can be credited to a rise in pet ownership, advancements made in veterinary medicine, an increase in animal diseases, initiatives taken by the government, and the globalization of veterinary services.
The market size for animal therapeutics and diagnostics is projected to experience robust growth in the approaching years, reaching $63.07 billion by 2028 with a compound annual growth rate (CAGR) of 6.3%. The projected growth during this period can be traced back to higher expenditure on pet healthcare, customized medicine for veterinary treatment, the broadening scope of biopharmaceuticals, and regulatory support for innovative practices. Some emerging trends in the forecast period include enhancements in biotechnology, the merger of digital health, an amplified emphasis on preventive healthcare, precision medicine tailored for animals, and growing demand for companion animal therapeutics.
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What Key Drivers Are Propelling the animal therapeutics and diagnostics Market’s Growth?
The increase in pet ownership is predicted to accelerate the growth of the animal therapeutics and diagnostics market. With more individuals incorporating pets into their households and developing a deeper understanding and concern for their well-being, there is a surge in demand for animal treatments and diagnostics. Pet owners show readiness to invest in healthcare, regular inspections, and preventive measures for their pets. Chewy Inc., a US-based online seller of pet food and other goods, reported in 2021 that approximately 977,202 pets were adopted in the US alone, marking the highest adoption rate of 61% in the last six years. Therefore, this surge in pet adoption is fueling the animal therapeutics and diagnostics market.
What Are the Distinct Segments of the Animal Therapeutics And Diagnostics Market?
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
Which New Trends Are Making Waves in the Animal Therapeutics And Diagnostics Market?
A significant trend emerging in the animal therapeutics and diagnostics market is the focus on product innovations. To maintain their market presence, the majority of companies integrated within the animal therapeutics and diagnostics market are investing in cutting-edge technologies. For example, EKF Diagnostics, a UK-based in-vitro diagnostics firm, introduced a new variant of the Lactate Scout analyzer for veterinary purposes in December 2022. The recent update in the analyzer offers the advantage of species selection for both companion animals and cattle, thus rendering it suitable for use in both large and small animal practices.
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Which Regions Are Significant to the Growth of the Animal Therapeutics And Diagnostics Market?
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
The Animal Therapeutics And Diagnostics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the animal therapeutics and diagnostics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Animal Therapeutics And Diagnostics Market Include
1. Animal Therapeutics And Diagnostics Market Executive Summary
2. Animal Therapeutics And Diagnostics Market Segments
3. Animal Therapeutics And Diagnostics Market Size And Template Market Growth Rate
4. Key Animal Therapeutics And Diagnostics Market Trends
5. Major Animal Therapeutics And Diagnostics Market Drivers
……
25. Key Mergers And Acquisitions In The Animal Therapeutics And Diagnostics Market
26. Top Animal Therapeutics And Diagnostics Companies
27. Animal Therapeutics And Diagnostics Market Opportunities And Strategies
28. Animal Therapeutics And Diagnostics Market, Conclusions And Recommendations
29. Appendix
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