Global Animal Therapeutics and Diagnostics Market: Overview
The similarity between the human and animal body in terms of structure and function has facilitated the immense need for safe and effective treatments for animals. Many of the problems encountered by humans are similar to those of animals. For instance, over the past few years, there has been a sudden rise in the cases of pet obesity. This is leading to the increasing focus towards animal well-being, which in turn is working in favor of the growth of the global animal therapeutics and diagnostics market. In developing and under-developed countries, a large section of their population still depends on animal husbandry for their income. As a result, the demand for animal therapeutics and diagnostics is estimated to remain high in these countries in the forthcoming years.
This market intelligence report is compiled using various paid and unpaid sources into a reliable business tool that provides a thorough evaluation of the global animal therapeutics and diagnostics market. The report identifies important trends of the market at both global and regional level. It offers qualitative and quantitative insights into the competitive landscape of the market. It also profiles the key players along with their latest development, business strategies, revenue structure, product details, and contact information. It performs a SWOT analysis that calculated the potential trajectory each prominent market player will witness. For a coherent understanding, the market is segmented on the basis of various criteria including product and geography.
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Global Animal Therapeutics and Diagnostics Market: Drivers and Restraints
The burgeoning demand for animal-derived food products such as meat is one of the primary factors driving the global animal therapeutics and diagnostics market. For these products to be fit for human consumption, it becomes imperative to ensure high-quality and cost-effective production of animal protein. The growing prevalence of chronic diseases such as bovine spongiform encephalopathy along with the rising awareness regarding other zoonotic diseases is resulting in greater uptake of animal therapeutics and diagnostics by pet and cattle owners. Moreover, the increasing veterinary practitioners in developed regions and the rising expenditure on animal health and pet insurance are augmenting the market. Growing ownership of companion animals is another factor fuelling the global market.
Despite the involvement of a large population in animal husbandry in emerging markets, the lack of awareness regarding animal healthcare in these regions is inhibiting the growth of the overall market. In addition, there is a shortage of veterinarians in these regions, which influences the growth of the market negatively. Furthermore, the high cost of diagnostic imaging instruments is limiting the market from realizing its full potential. Nevertheless, thanks to rising disposable income in countries such as India, China, and Brazil, these developing economies provide tremendous growth opportunities for the global animal therapeutics and diagnostics market.
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Global Animal Therapeutics and Diagnostics Market: Segmentation
Based on products, the global animal therapeutics and diagnostics market can be segmented into feed additives, pharmaceuticals, diagnostics, and pharmaceuticals. The pharmaceuticals segment is anticipated to witness significant growth during the forecast period. Due to their convenience, feed additives is also poised to command a large share in the market.
The market can be divided into North America, Europe, Asia Pacific, and Rest of the World on the basis of geography. The North America and Europe regions are expected to be a major revenue contributor. The Asia Pacific market for animal therapeutics and diagnostics is estimated to rise at a noteworthy CAGR during the same period owing to the growing trend of pet adoption, increasing livestock population, and rapid urbanization. The growth of the region can also be attributed to the changing food habits, and rising per capita expenditure on animal health.
Companies Mentioned in the Report:
Some of the notable market players in the global animal therapeutics and diagnostics market are AUV Veterinary Cooperative, Abaxis Inc., Bayer Animal Health, BASF Animal Nutrition, Boehringer Ingelheim Corp., DSM Nutritional Products Ltd., Evonik Industries Ag, Heska Corp., Elanco Animal Health, IDEXX Laboratories Inc., Novartis Animal Health Inc., Merck & Co. Inc., Mosaic Co., Novus International Inc., Pfizer Animal Health, Sanofi, and Virbac SA.