PUBLISHER: The Business Research Company | PRODUCT CODE: 1288698
PUBLISHER: The Business Research Company | PRODUCT CODE: 1288698
“Animal Therapeutics And Diagnostics Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on animal therapeutics and diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for animal therapeutics and diagnostics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The animal therapeutics and diagnostics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the animal therapeutics and diagnostics market are Zoetis Services LLC, Boehringer Ingelheim International GmbH, Virbac, Ceva, Heska Corporation, IDEXX, BIOMERIEUX, Thermo Fisher Scientific Inc., Randox Laboratories Ltd., Bio Rad Laboratories Inc., Bayer AG, Lilly, Merck & Co Inc. and Sanofi, Elanco Animal Health Inc.
The global animal therapeutics and diagnostics market is expected to grow from $44.21 billion in 2022 to $46.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.57%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The animal therapeutics and diagnostics market is expected to reach $58.88 billion in 2027 at a CAGR of 5.98%.
The animal therapeutics and diagnostics market include revenues earned by entities by providing services related to identifying and determining whether an animal has any viral, bacterial, parasitic, or other types of illnesses and related technologies such as clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, microbiology, and histopathology tests. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Animal therapeutics refers to the application of medical procedures to enhance an animal's health, whereas animal diagnostics deals with the recognition and analysis of ailments that affect animals.
North America was the largest region in the animal therapeutics and diagnostics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main animal therapeutics and diagnostics animal types are companion animals, cattle, pigs, and poultry. Companion animals refer to tame or domestic-bred animals whose social needs can be readily met as companions in the home, or close daily connection with humans. The various products are animal diagnostics products, instruments, consumables, animal therapeutics products, anti-parasitic drugs and antibiotics, anti-inflammatory drugs, and anesthetics.
Rising pet adoption is expected to propel the animal therapeutics and diagnostics market going forward. Animal treatments and diagnostics are in high demand as more and more individuals take pets into their families and become more aware of and concerned about their health. The pet owners are willing to spend money on medical care, routine check-ups, and preventive care. For instance, in 2021, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Therefore, the rising pet adoption rate is driving the animal therapeutics and diagnostics market.
Product Innovations are a key trend gaining popularity in the animal therapeutics and diagnostics market. Major companies operating in the animal therapeutics and diagnostics market are developing innovative technologies to sustain their position in the market. For instance, in December 2022, EKF Diagnostics, a UK-based vitro diagnostics company, launched a new version of the Lactate Scout analyzer for veterinary applications. The new analyzer feature allows for species selection for companion animals and cattle, and make it ideal for use in both small and large animal practices.
In August 2020, Elanco Animal Health Incorporated, a US-based pharmaceutical company Provider of medicines and vaccinations for pets and livestock acquired Bayer Animal Health for $6.69 billion. This acquisition of combined resources strengthens and expands Elanco's portfolio offerings to veterinarians with further comprehensive animal health results. Bayer Animal Health is a German-based provider of cutting-edge treatments and preventative measures for illnesses.
The countries covered in the animal therapeutics and diagnostics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The animal therapeutics and diagnostics market research report is one of a series of new reports from The Business Research Company that provides animal therapeutics and diagnostics market statistics, including animal therapeutics and diagnostics industry global market size, regional shares, competitors with a animal therapeutics and diagnostics market share, detailed animal therapeutics and diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the animal therapeutics and diagnostics industry. This animal therapeutics and diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.