Press release
Primary Catalyst Driving Animal Therapeutics And Diagnostics Market Evolution in 2025: Surge In Pet Adoption To Drive Market Growth Driver
Animal Therapeutics And Diagnostics Market
The anticipated growth of the animal diagnostics and therapeutics market is being driven by an upsurge in pet adoption. The increase in awareness regarding the health and well-being of pets among those who bring companion animals into their homes has led to a higher demand for animal health services and diagnostics. Pet owners demonstrate a readiness to invest in healthcare, regular examinations, and preventative treatment for their pets. For example, data from the American Pet Products Association, a non-profit organization based in the US, showed that pet ownership was recorded in 86.9 million US households in October 2023, indicating a rise from 66% of households owning pets in 2022. Similarly, Animal Medicines Australia, an association representing animal health, reported in November 2022 that 69% of Australian households had pets in 2022. Consequently, the increase in pet adoption is fuelling the growth of the animal diagnostics and therapeutics market.
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What Is the projected market size and growth rate for the animal therapeutics and diagnostics market?
The market size for animal therapeutics and diagnostics has seen robust growth in the past years. The market, which is pegged to be at $48.99 billion in 2024, is expected to elevate to $51.73 billion by 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. The substantial growth observed in the historic timeframe is largely credited to a rise in pet adoption, sophisticated improvements in the field of veterinary medicine, increasing rates of animal diseases, various government measures, and the international expansion of veterinary services.
Expectations are that the animal therapeutics and diagnostics market will experience significant growth in the upcoming years, with a prediction to expand to a size of "$67.2 billion by 2029. This represents a compound annual growth rate (CAGR) of 6.8%. This projected growth in the period ahead is due to factors such as an increase in pet healthcare spending, the proliferation of personalized veterinary care, the expansion scope of biopharmaceuticals, and regulatory backing for innovation. In the same forecast period, advancements in biotechnology, the integration of digital health, a heightened emphasis on preventive healthcare, precision medicine for animals, and an increased demand for companion animal therapeutics will be the major trends.
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What new trends are reshaping the animal therapeutics and diagnostics market and its opportunities?
The trend of product innovation is growing significantly in the field of animal therapeutics and diagnostics. Leading companies in the market are devising groundbreaking technologies to maintain their competitiveness. An example of this is the new version of the Lactate Scout analyzer for veterinary practices, released by the UK-based vitro diagnostics company, EKF Diagnostics in December 2022. Uniquely, this new version includes a feature that allows species selection specifically for companion animals and cattle, making it perfectly suited to both small and large animal practices.
What major market segments define the scope and growth of the animal therapeutics and diagnostics market?
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 region dominates 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
Which key market leaders are driving the animal therapeutics and diagnostics industry growth?
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
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What Is Covered In The Animal Therapeutics And Diagnostics Global Market Report?
• Market Size Forecast: Examine the animal therapeutics and diagnostics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the animal therapeutics and diagnostics market for a structured understanding.
• Key Players Overview: Analyze major players in the animal therapeutics and diagnostics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the animal therapeutics and diagnostics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the animal therapeutics and diagnostics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the animal therapeutics and diagnostics market.
• Industry Challenges: Identify potential risks and obstacles affecting the animal therapeutics and diagnostics market.
• Competitive Landscape: Review strategic developments in the animal therapeutics and diagnostics market, including expansions, agreements, and new product launches.
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