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Animal Therapeutics And Diagnostics Market Competitor Analysis 2024-2033: Outlook Report
Animal Therapeutics And Diagnostics Market Demand
According to The Business Research Company's, The animal therapeutics and diagnostics market size has grown strongly in recent years. It will grow from $46.68 billion in 2023 to $49.42 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increased pet ownership, advancements in veterinary medicine, prevalence of animal diseases, government initiatives, globalization of veterinary services.
The animal therapeutics and diagnostics market size is expected to see strong growth in the next few years. It will grow to $63.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising expenditure on pet healthcare, personalized medicine in veterinary care, expansion of biopharmaceuticals, regulatory support for innovation. Major trends in the forecast period include biotechnology advancements, digital health integration, increased focus on preventive healthcare, precision medicine for animals, rising demand for companion animal therapeutics.
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Market Drivers and Trends:
Rising pet adoption is expected to propel the animal therapeutics and diagnostics market going forward. Animal treatments and diagnostics are in high demand as more and more individuals take pets into their families and become more aware of and concerned about their health. The pet owners are willing to spend money on medical care, routine check-ups, and preventive care. For instance, in 2021, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Therefore, the rising pet adoption rate is driving the animal therapeutics and diagnostics market.
Product Innovations are a key trend gaining popularity in the animal therapeutics and diagnostics market. Major companies operating in the animal therapeutics and diagnostics market are developing innovative technologies to sustain their position in the market. For instance, in December 2022, EKF Diagnostics, a UK-based vitro diagnostics company, launched a new version of the Lactate Scout analyzer for veterinary applications. The new analyzer feature allows for species selection for companion animals and cattle and make it ideal for use in both small and large animal practices.
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Major Key Players of the Market:
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
Animal Therapeutics And Diagnostics Market 2024 Key Insights:
• The animal therapeutics and diagnostics market will grow to $63.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surge In Pet Adoption To Drive Market Growth
• Product Innovations Transforming The Animal Therapeutics And Diagnostics Market
• North America was the largest region in the animal therapeutics and diagnostics market in 2023
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