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Animal Therapeutics And Diagnostics Market: Major Trends Reshaping the Future of the Industry
Animal Therapeutics And Diagnostics Market
What Will the Animal Therapeutics And Diagnostics Industry Market Size Be by 2025?
In recent times, the market size for animal therapeutics and diagnostics has markedly expanded. The projections suggest it will increase from $48.99 billion in 2024 to $51.73 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. Reasons such as a rise in pet ownership, progress in veterinary medicine, the incidence of animal diseases, government actions, and the internationalization of veterinary services are believed to have contributed to the growth in the past.
What's the Long-Term Growth Forecast for the Animal Therapeutics And Diagnostics Market Size Through 2029?
Expectations indicate that the animal therapeutics and diagnostics market will experience robust growth in the coming years. The market size is predicted to reach $67.2 billion by 2029, with a compound annual growth rate (CAGR) of 6.8%. This growth during the projected period can be ascribed to factors like increased spending on pet healthcare, prevalence of personalized medicine in veterinary care, growth of biopharmaceuticals, and regulatory backing for innovation. Noteworthy trends during this period include advancements in biotechnology, integration of digital health, heightened emphasis on preventive healthcare, precision medicine relating to animals, and the increasing demand for companion animal therapeutics.
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What Are the Key Growth Drivers Fueling the Animal Therapeutics And Diagnostics Market Expansion?
The surge in pet ownership is projected to stimulate the animal therapeutics and diagnostics market's growth in the near future. There is a high demand for animal healthcare and diagnostics, as an increasing number of people welcome pets into their homes and grow more educated and worried about their wellbeing. Pet owners are more than ready to invest in healthcare, regular visits to the vet, and proactive care for their pets. For example, statistics from the American Pet Products Association, a US-based not-for-profit organization, showed that 86.9 million US households owned pets as of October 2023, a significant increase from 66% of households in 2022. Moreover, data from Animal Medicines Australia, an association representing animal health in Australia, revealed that 69% of Australian households owned pets in November 2022, indicating a growing trend. Consequently, this surge in the adoption of pets is fueling the expansion of the animal therapeutics and diagnostics industry.
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What Are the Key Trends Driving Animal Therapeutics And Diagnostics Market Growth?
The emergence of product innovations is a significant trend that's catching on in the animal therapeutics and diagnostics market. To maintain their market stance, top companies in the animal therapeutics and diagnostics market are creating groundbreaking technologies. For example, EKF Diagnostics, a British in vitro diagnostics firm, introduced a new iteration of the Lactate Scout analyzer specifically designed for veterinary use in December 2022. The latest analyzer offers a feature to choose species for companion animals and cattle, making it perfectly suited for small and large animal practices.
How Is the Animal Therapeutics And Diagnostics Market Segmented?
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 Companies Are Leading the Charge in Animal Therapeutics And Diagnostics Market Innovation?
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
Which Regions Are Leading the Global Animal Therapeutics And Diagnostics Market in Revenue?
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
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