Animal Therapeutics and Diagnostics Market is forecast to reach USD 19.30 billio

Posted by omkar on October 11th, 2019

The Global Animal Therapeutics and Diagnostics Market held USD 26.89 billion in 2018 and is predicted to grow with a CAGR of 6.4% from 2020-2030

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Diagnostic instruments help in the determination of causative agents of diseases. Animal diagnostics include a variety of instruments and consumables to diagnose the ailment, which is very essential considering public dependency on animals. Animal therapeutics aid in the treatment of the ailments involving the use of drugs, which cure the disease based on their mode of action.

Animal therapeutic products include drugs such as tranquilizers, sedatives, painkillers, and antibiotics. The constant development in animal therapeutics and diagnostic instruments is necessary with continuous emergence of different diseases. The increasing veterinary experts in developed regions and the growing expenditure on animal health and pet insurance will augment the market growth.

The factors including increasing demand for animal-derived food products, rising demand for pet insurance, and growing concern to prevent zoonotic diseases has majorly driven the animal therapeutics and diagnostics market. Furthermore, increasing ownership of companion animals and rising animal health expenditure has led to a rise in the demand for animal therapeutics and diagnostics. However, highly competitive meat and milk prices and lack of awareness regarding animal healthcare are hampering the growth of the animal therapeutics and diagnostics market. The involvement of a large population in animal husbandry in emerging markets and advancement in therapeutic and diagnostic products will create new opportunities for market growth in the future.

The animal therapeutics and diagnostics market are segmented on the basis of product, animal type, and geography. On the basis of product, the market is segmented into animal diagnostics products and animal therapeutics products. The animal diagnostics products segment is further divided into instruments and consumables. The animal diagnostics products segment is further divided into anti-inflammatory drugs, anesthetics, and other drugs. On the basis of animal type, the market is classified into companion animals, poultry, cattle, pigs, and sheep. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific region denotes a higher adoption of the animal therapeutics and diagnostics and is witnessing an increased animal therapeutics and diagnostics market size owing to increase in pet ownership, increasing livestock population, rapid urbanization, and rise emergence of various zoonotic diseases.

North America in the animal therapeutics and diagnostics market is growing at a steady growth rate due to factors such as increasing animal medical expenses.

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The animal therapeutics and diagnostics market share includes a comprehensive competitive analysis and profiles of the major market players. Companies such as Boehringer, Ingelheim GmbH, Bayer AG, Eli Lilly and Company, Nutreco N.V., Virbac S.A Merck & Co., Inc., Zoetis Inc., Ceva Santé Animale, Sanofi S.A., and others are provided in the animal therapeutics and diagnostics market report.