Why the Animal Therapeutics and Diagnostics Market is set to explode? Top Companies: Zoetis, Patterson Veterinary Supply, Inc., Abaxis, Bayer AG, Boehringer Ingelheim International GmbH and more

The rising focus on the prevention of animal diseases is likely to drive the animal therapeutics and diagnostics market. Zomedica plans to create a point-of-care diagnostics platform called TRUFORMA in October 2019. The platform is used to diagnose adrenal and thyroid disorders in cats and dogs. Such products are expected to increase the revenue of animal therapeutics and diagnostics market in the forthcoming years.

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The report profiles some of the leading players functioning in the global market. These players include:
• Bayer AG
• Zoetis
• Boehringer Ingelheim International GmbH
• Abaxis
• Patterson Veterinary Supply, Inc.
• BASF SE
• IDEXX Laboratories, Inc.
• Intervet Inc.
• DRE Veterinary
• Elanco

Fortune Business Insights offers a detailed overview of the global market in a report, titled “Animal Therapeutics and Diagnostics Market Size, Share & Industry Analysis, By Animal (Livestock, Companion), By Product (Therapeutic, Diagnostic), and Regional Forecast, 2019-2026.” The report largely covers a detailed analysis of market drivers, trends, opportunities, restraints, and threats.
These aspects will help our readers to remain informed about the current and future scenario of the global market. Furthermore, the report offers historical and other statistical data including forecasts on market size and segments. This will further help our readers to identify different growth opportunities and market sustainability.

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These tools are primarily used to diagnose, treat, and prevent the prevalence of diseases in animals. Pet owners are increasingly becoming aware of animal health, which as a result, is expected to augment demand for animal therapeutics and diagnostics procedures. These procedures intended to prevent and control chronic diseases such as prevalence of epizootic in animals. Veterinary therapeutics and diagnostics instruments include ENT equipment, ophthalmoscopy, PCR analyzers, and others.

These instruments detect the severity of the disease and veterinarian offers medication as per the test results. Sedatives, antibiotics, tranquillizers are some of the most common animal therapeutic products. It is important to keep developing animal therapeutics and diagnostics instruments to treat different animal diseases. Such developments are expected to favour the growth of the market in the foreseeable future.

Key Segmentation:
By Animal
• Livestock
• Companion
By Product
• Therapeutic
• Diagnostic
By Geography

Rising Prevalence of Appendicular Osteoarthritis in Dogs to Uptick Growth in Europe

Considering regions, North America is anticipated to emerge dominant in the global market during the forecast period. The increasing prevalence of animal diseases is one of the primary factors driving the market in this region. People in this region are increasingly adopting pets and spending on animal health, which is encouraging growth in the market. Following North America, the market in Europe is anticipated to expand at a promising rate owing to the increasing number of veterinarians and raising awareness about animal health. As per a recent research study, the prevalence of appendicular osteoarthritis affects around 2,00,000 dogs in the U.K. alone every year. This shows that the demand for animal therapeutics and diagnostics tools is likely to increase in the forthcoming years.

The market in Asia Pacific is expected to register growth at a faster rate between 2018 and 2026. The presence of large livestock animal population is projected to drive the market in this region. In addition to this, the increasing awareness about animal welfare along with the introduction of government initiatives is estimated to propel growth in the market in the forecast timeframe.
The rising dependency of livestock animals for agricultural purposes is expected to boost the market in the Middle East & Africa and Latin America.

Zoetis, Abaxis, BASF AG are Among the Leading
Players in the Global Market

The rising prevalence of animal diseases and east availability of animal treatment are factors enabling growth in the market. On the downside, high-cost associated with animal healthcare is expected to impede the market growth to an extent. Therefore, companies are planning to develop cost-effective and innovative products, aiding in the expansion of the market.

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