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Veterinary Renal Disease Market Size, Share, Overview And Forecast To 2033
Veterinary Renal Disease Market Size
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According to The Business Research Company's, The veterinary renal disease market size has grown strongly in recent years. It will grow from $14.55 billion in 2023 to $15.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growing disease awareness initiatives, the shift in consumer preferences towards natural and organic pet food, increasing pet ownership rates globally, regulatory changes in veterinary pharmaceuticals, and growing awareness about pet health and nutrition.
The veterinary renal disease market size is expected to see strong growth in the next few years. It will grow to $20.36 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to the emergence of personalized veterinary medicine, expansion of telemedicine and remote monitoring in veterinary care, rise in veterinary clinical trials and research, adoption of blockchain technology for supply chain transparency in veterinary products, and integration of artificial intelligence and machine learning in veterinary diagnostics. Major trends in the forecast period include increasing demand for veterinary teleconsultations, the surge in customized pet nutrition plans, the growth of wearable health monitoring devices for pets, the expansion of veterinary telemedicine platforms, and the adoption of precision medicine in veterinary oncology.
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Market Drivers and Trends:
The rising prevalence of genetic illnesses is expected to propel the growth of the spatial omics market. Genetic diseases refer to disorders caused by abnormalities in an individual's DNA inherited from one or both parents. Genetic diseases are rising due to increased awareness, improved diagnostic techniques, changes in lifestyle, and environmental factors contributing to mutations. Spatial omics technologies offer a powerful approach to studying genetic illnesses by providing detailed spatial maps of molecular and genetic features within tissues. For instance, in February 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, congenital diseases caused an estimated 240,000 baby deaths globally within 28 days of birth each year. Moreover, according to the Centers for Disease Control and Prevention, a US-based government agency, about 6,000 babies are born with Down syndrome in the United States each year, which is about 1 in every 700 babies. Therefore, the rising prevalence of genetic illnesses is driving the growth of the spatial omics market.
Major companies operating in the veterinary renal disease market are focusing on developing technical advancements in treatment and diagnosis, such as novel diagnostic tests with the ability to detect kidney injury even when clinical signs may not be apparent. Diagnostic tests capable of detecting kidney injury with an aim to identify subtle changes in renal function or structure, facilitating early intervention to prevent progression to advanced stages of renal dysfunction. For instance, in June 2023, IDEXX Laboratories Inc., a US-based developer and manufacturer of veterinary products and services, launched the first veterinary diagnostic test for detecting kidney injury in cats and dogs. This test, known as the IDEXX Cystatin B Test, is designed to help veterinarians identify kidney injury before changes in kidney function become apparent, ultimately leading to better patient outcomes. The IDEXX Cystatin B Test will be integrated into test panels that assess renal health, providing valuable insights during an estimated two million patient visits annually.
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Major Key Players of the Market:
Bayer HealthCare Animal Health Inc., Nestlé Purina PetCare Company, Zoetis Inc., Boehringer Ingelheim , Covetrus Inc., Elanco Animal Health Incorporated, Hill's Pet Nutrition Inc. , IDEXX Laboratories Inc., Ceva Santé Animale S.A., Dechra Pharmaceuticals PLC, Neogen Corporation, Vetoquinol S.A., Norbrook Laboratories Limited, Nutramax Laboratories Veterinary Sciences Inc., Animalcare Group plc, Antech Diagnostics Inc., Kindred Biosciences Inc., Vedco Inc., MSD Animal Health, Clinical Renal Associates, Veterinary Transplant Services Inc., Kibow Biotech Inc., Northwest Renal Clinic
Veterinary Renal Disease Market 2024 Key Insights:
• The veterinary renal disease market size is expected to see strong growth in the next few years. It will grow to $20.36 billion in 2028 at a compound annual growth rate (CAGR) of 7%.
• Increasing Pet Ownership Fuels Growth In The Veterinary Renal Disease Market
• Launche Of First Diagnostic Test For Early Detection Of Kidney Injury In Pets
• North America was the largest region in the veterinary renal disease market in 2023
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