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Animal Therapeutics And Diagnostics Market Insights 2025-2034: Growth Forecast and Strategic Priorities
Animal Therapeutics And Diagnostics Market
Animal Therapeutics And Diagnostics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for animal therapeutics and diagnostics has seen robust growth in previous years. It's projected to expand from a valuation of $48.99 billion in 2024 to a worth of $51.62 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. Factors such as a surge in pet ownership, developments in the field of veterinary medicine, rising incidences of animal diseases, initiatives by the government, and the globalization of veterinary services contributed to the growth observed in the past.
Animal Therapeutics And Diagnostics Market Size Forecast: What's the Projected Valuation by 2029?
Predictions indicate robust expansion in the animal therapeutics and diagnostics market in the forthcoming years. The market value is anticipated to escalate to $67.05 billion by 2029, with a compound annual growth rate (CAGR) of 6.8%. This potential growth is attributed to factors including amplified spending in pet healthcare, customization in veterinary medicine, the growth of biopharmaceuticals, and regulatory backing for innovative approaches. In the forecast period, it is anticipated to witness significant trends such as the progression of biotechnologies, incorporation of digital health, heightened focus on preventive healthcare, precise medicinal approaches for animals, persistent demand for companion animal therapies.
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What Are the Drivers Transforming the Animal Therapeutics And Diagnostics Market?
The anticipated growth of the animal therapeutics and diagnostics market is mainly due to the increased adoption of pets. As an increasing number of people welcome pets into their families and cultivate a growing interest and concern for their health, there is an elevated demand for animal treatments and diagnostics. Pet owners are prepared to invest in medical treatments, regular check-ups, and preventive care. The American Pet Products Association, a US-based non-profit organization, for example, reported in October 2023 that pet ownership extended to 86.9 million US households, marking a significant rise from 66% of households in 2022. Similarly, Animal Medicines Australia, an association dedicated to animal health, stated that by November 2022, 69% of households in Australia had pets. Consequently, the animal therapeutics and diagnostics market is enjoying growth due to this surge in pet adoption rates.
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What Long-Term Trends Will Define the Future of the Animal Therapeutics And Diagnostics Market?
In the animal therapeutics and diagnostics market, product innovation is becoming an increasingly popular trend. Companies dominating this market are capitalizing on innovative technologies to maintain their market stance. For example, EKF Diagnostics, a company from the UK focusing on in vitro diagnostics, introduced a new version of the Lactate Scout analyzer for veterinary use in December 2022. The updated analyzer introduces a species selection feature for companion animals and cattle, making it suitable for all sizes of animal practices.
Which Segments in the Animal Therapeutics And Diagnostics Market Offer the Most Profit Potential?
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 Firms Dominate the Animal Therapeutics And Diagnostics Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential in 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
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