Animal Therapeutics and Diagnostics Market- By Therapeutic Products (Anti-Parasitic Drugs & Antibiotics, Anti-Inflammatory Drugs, Anaesthetics, and Others), By Diagnostics Products (Instruments and Consumables), By Animal Type (Companion Animals, Cattle, Pigs, Poultry, and Sheep), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Animal Therapeutics And Diagnostics Market held USD 27572.7 million in 2020 and will register to grow at a CAGR of 6.9% during the forecast period. Animal Therapeutics and Diagnostics consolidates variety of instruments and treatment involving use of drugs for the animals. These diagnostic instruments help in the determination of causative agents of diseases. There is need to development in diagnostic instruments with continuous emergence of different diseases.  With rise in companion animals coupled with slight similarity of human & animal body in terms of structure & function has considered for safe and effective treatment for the animals. Animals are essential source of food, meat, milk, protein, and many other commercial products including leather. The increasing priority towards pet obesity, increase ownership of companion animals and increasing animal medical expenses is created the growth of the market. The most of countries are depends on animal husbandry for their income. Therefore, the demand for animal therapeutics and diagnostics projected to remain high in the forthcoming years. 

Market Segmentation:

Based on therapeutic products, the global animal therapeutics and diagnostics market is segmented into anti-parasitic drugs & antibiotics, anti-inflammatory drugs, anaesthetics, and others. Depending on diagnostics products, the market is segmented into instruments and consumables. On the basis of animal type, the global market is segmented into companion animals, cattle, pigs, poultry, and sheep. By the region, the market is segmented into Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

Rapid increase in demand for animal-derived food products such as meat, the increase in pet ownership worldwide and are the primary drivers for the growth of the global animal therapeutics and diagnostics market. In addition, the increasing veterinary practitioners in developed regions and the rising expenditure on animal health and pet insurance are some of the other factors to fuel the growth of the market in the near future. For example, Bayer Animal Health launched Zelnate which is used for the treatment of bovine respiratory diseases in August 2015. Conversely, the lack of awareness regarding animal healthcare are responsible to restrain the market growth.  Additionally, rapid growth in reasearch and development in the veterinary therapeutics sector are also boosting the growth of market during the next coming years. On the contrary, the rising disposal income, prosperous livestock markets and exceptional animal products export abilities in developing region is creating immense opportunities for the market growth during forecast timeframe. However, on-going global efforts on diagnostic instrument investment and awareness about animal health care are considered to be the challenge for market in the near future.

Geographic Analysis:

North America is expected to largest share in the growth of the global animal therapeutics and diagnostics market, due to the strong economic development, the existence of better animal health care system, growing trend of pet rights, and higher stress on the impediment of diseases by owners and veterinarians in the region. Europe holds the major growth rate in the global market attributed to the changing food habits, and rising per capita expenditure on animal health. Furthermore, Asia pacific is anticipated to fastest growing regional market, owing to the growing trend of pet adoption, increasing livestock population, increase in the research on therapeutic drugs and diagnostic instruments and rapid urbanization during the forecast time frame. On the other hand, Latin America and the Middle East & Africa region are projected to continuous growth of the global market during the upcoming years.  Merck accounted 93% of Vallée S.A. in July 2016 for USD400 million to strengthen its presence in this region.

Competitive Scenario:

The key players of global animal therapeutics and diagnostics markets are AUV Veterinary Cooperative, Bayer AG, Eli Lilly and Company, Boehringer, Ingelheim GmbH, Heska Corp., Merck & Co., Inc., Ceva Santé Animale, Sanofi S.A., Nutreco N.V., Virbac S.A., and Zoetis Inc.

Animal Therapeutics and Diagnostics Market Report Scope