Unlocking Opportunities in the Animal Therapeutics And Diagnostics Market: Key Trends, Market Growth, and Forecast Insights
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Industry-Specific Factors Are Fueling the Growth of theAnimal Therapeutics And Diagnostics Market?
The animal therapeutics and diagnostics market is forecasted to expand, spurred by the increasing trend of pet adoption. Increasing numbers of people are bringing pets into their households and developing a heightened awareness and concern for their wellbeing, triggering a surge in demand for animal therapies and diagnostic procedures. Pet owners are willing to invest in various health-related services including medical treatments, regular health check-ups, and preventive measures. As per a report from the American Pet Products Association in October 2023, a US-based non-profit organization, 86.9 million US homes, constituting 66% of households in 2022, were pet owners. Similarly, in November 2022, as per a report by Animal Medicines Australia, an association representing animal health, it was recorded that 69% of homes in Australia were pet owners in 2022. Therefore, the upswing in pet adoption is fueling the growth of the animal therapeutics and diagnostics market.
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#What Are the Key Projections for the CAGR of the Animal Therapeutics And Diagnostics Market From 2025 to 2034?
The market size for animal therapeutics and diagnostics has experienced significant growth in the past few years. It’s projected to rise from $48.99 billion in 2024 to reach $51.73 billion in 2025, boasting a compound annual growth rate (CAGR) of 5.6%. Factors such as an increase in pet ownership, progress in veterinary medicine, widespread animal diseases, government initiatives, and the international expansion of veterinary services are credited for the growth seen in the historic phase.
The market size for animal therapeutics and diagnostics is projected to experience robust growth in the upcoming years, expanding to “$67.2 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%. The projected growth during the forecast period can be credited to increased spending on pet healthcare, bespoke medicine in veterinary care, the growth of biopharmaceuticals, and regulatory support of innovation. Key trends throughout the forecast period will likely consist of biotechnological advancements, the incorporation of digital health, a heightened emphasis on preventive healthcare, animal-specific precision medicine, and a surge in demand for therapies for companion animals.
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What Key Market Trends and Innovations Are Shaping the Future of theAnimal Therapeutics And Diagnostics Industry?
Product innovations are increasingly becoming significant in the animal therapeutics and diagnostics industry. Major market players in the sector are adapting innovative technologies to maintain their presence. For instance, the UK-based in vitro diagnostics firm EKF Diagnostics, came up with a new version of the Lactate Scout analyzer specifically for veterinary use, in December 2022. The updated analyzer can select species for both companion animals and cattle, making it apt for application in both small and large animal practices.
Which Companies Are Leading the Charge in Expanding theAnimal Therapeutics And Diagnostics Market Growth?
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
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How is the Global Animal Therapeutics And Diagnostics Market Segemented?
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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Which Geographics are Influencing the Growth of 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
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