Animal Therapeutics and Diagnostics Market by Latest Treatment Methodology and Research Report 2021-2030

The Global Animal Therapeutics and Diagnostics Market size was valued at USD 34.66 billion in 2020 and is predicted to reach USD 59.21 billion by 2030 with a CAGR of 5.5% from 2021-2030.

Animal therapeutics and diagnostics products include various instruments and consumables for the diagnosis, treatment, and prevention of ailments in animals. They play an important role in preventing serious epizootic diseases and are widely used for treating diseases such as anthrax, black quarter (black-leg), foot and mouth disease, rabies (mad dog disease), blue tongue, pox, and brucellosis of sheep, among others. The diagnostic instruments include, small imaging devices such as positron emission tomography (PET) scanners, single-photon emission computed tomography (SPECT) scanners, laryngoscopes, ophthalmoscopes, and ENT equipment among others. Whereas, animal therapeutic products include drugs such as painkillers, tranquilizers, antibiotics and sedatives. These instruments and drugs

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Competitive Landscape

The animal therapeutics and diagnostics market consist of a number of major players including BioNote Inc, Heska Corp, IDEXX Laboratories Inc, IDvet, Randox Laboratories Ltd., SWISSAVANS AG, Teco Diagnostics, Thermo Fisher Scientific Inc., Virbac SA, Zoetis Inc., Thermo Fisher Scientific, Inc., bioMérieux S.A., Zoetis Inc., Bio-Rad Laboratories, Inc., Medical Bioscience GMBH, and Agrolabo SpA. Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance. For instance, in July 2020, Bionote USA launched a slanted in vitro diagnostic test kit for the quantitative measurement of NTproBNP concentration in canine serum to its Vcheck product line. The Vcheck diagnostic product line includes immunoassay analyzers and tests for the veterinary market.

Market Dynamics and Trends

The increasing number of veterinary facilities in developed regions, growing expenditure on animal health and pet insurance are factors augmenting the growth of the animal therapeutics and diagnostics market. Also, a large section of the global population depends on animal husbandry for their livelihood. This makes better animal healthcare a crucial factor for the prevention of adverse implications in animal dependent agriculture and farming. Moreover, rising cases of obesity and chronic diseases such as bovine spongiform encephalopathy (BSE) among animals, along with increasing demand for animal vaccination due to the steady growth in pet ownership are some of the other factors boosting the growth of the animal therapeutics and diagnostics market.

However, highly competitive meat and milk prices that pushes the animal owners to lower the input cost and lack of awareness regarding animal healthcare in developing and underdeveloped countries are hampering the growth of the animal therapeutics and diagnostics market. On the other hand, high growth prospects in these countries, rising demand for animal derived foods, growth in adoption of companion animals and progress in the research on therapeutic drugs and diagnostic instruments are expected to provide lucrative opportunities for the market players in the near future.

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Market Segmentations and Scope of the Study:

The global animal therapeutics and diagnostics market share is categorized on the basis of product type, animal type and geography. On the basis of product type, the market is segmented into animal therapeutic products and animal diagnostics products. Animal therapeutic products are further divided into anti-inflammatory drugs, anti-parasitic drugs, antibiotics, anaesthetics and others. Animal diagnostics products is further classified intoOn the basis of animal type, the market is segmented as companion animals, sheep, poultry pigs, and cattle. Companion animals/pet animals are further divided into dogs, cats, etc. Based on geography, it is categorized into North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

At present, North America dominates the market and is anticipated to maintain its dominance throughout the forecast period. This is attributed to factors such as increasing prevalence of animal diseases and rising adaptation of companion animals such as dogs and cats in countries like the U.S. and Canada. Apart from this. the market in Europe is also expanding at a promising rate with the increasing number of veterinarians and growing awareness about animal diseases. As per a recent study, disease like appendicular osteoarthritis affects around 2,00,000 dogs every year in U.K. alone, which in turn propels the growth of animal therapeutics and diagnostics market in this region. On the other hand, Asia Pacific market for animal therapeutics and diagnostics is predicted to show consistent growth in terms of market share. This is due to the factors such as emergence of various zoonotic diseases, rapid urbanization and increasing livestock population in this region.

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