Exploring Key Insights of the Animal Therapeutics And Diagnostics Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the animal therapeutics and diagnostics market grown in recent years?
The market size of animal therapeutics and diagnostics has experienced robust growth in recent times. It is projected to rise from $48.99 billion in 2024 to $51.73 billion in 2025, establishing a compound annual growth rate (CAGR) of 5.6%. The growth during the historic period is primarily due to the rise in pet ownership, advancements in veterinary medicine, the widespread nature of animal diseases, government initiatives, and the globalization of veterinary services.
How is the animal therapeutics and diagnostics market size expected to evolve during the forecast period?
Projected robust growth in the animal therapeutics and diagnostics market will likely reach a vast $67.2 billion by 2029, escalating at a compound annual growth rate (CAGR) of 6.8%. A surge in pet healthcare expenditures, veterinary personalised medicine, biopharmaceutical development, and innovative regulatory backing, are underpinning this anticipated growth. Furthermore, the forecast period is expected to witness significant trends like advancements in biotechnology, incorporation of digital health, heightened emphasis on preventive healthcare, precision medicine for wildlife, and a soaring demand for companion animal treatments.
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Which key drivers are propelling the animal therapeutics and diagnostics market’s growth?
The surge in pet adoption is likely to push the animal therapeutics and diagnostics market forward. As more individuals adopt pets into their families and become increasingly concerned and educated about their health, there is a rising demand for animal treatments and diagnostics. Pet owners are prepared to pay for medical care, regular check-ups, and preventative measures. For instance, the American Pet Products Association, a non-profit association based in the US, reported in October 2023 that 86.9 million US households owned pets, making up 66% of households from 2022. In addition, according to Animal Medicines Australia, an association based in Australia that represents animal health, stated in November 2022 that 69% of the households owned pets in Australia in 2022. As such, the increase in pet adoption rates is significantly impacting the growth of the animal therapeutics and diagnostics market.
What are the market segments in the animal therapeutics and diagnostics industry?
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 leading companies are shaping the growth of 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 key trends are currently impacting the animal therapeutics and diagnostics market’s development?
New product developments have become a significant trend in the animal therapeutics and diagnostics market. Major players in this market are creating novel technologies to maintain their market dominance. For example, EKF Diagnostics, a UK-based in vitro diagnostics firm, unveiled a new model of the Lactate Scout analyzer for veterinary use in December 2022. The updated analyzer has a special feature designed for selecting species for both pets and cattle, making it suitable for both small and large animal practices.
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Which geographic areas 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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