Animal Therapeutics And Diagnostics Market Overview
Global animal therapeutics and diagnostics market was valued at $23,793 million in 2015, and is projected to reach $36,226 million by 2022, growing at a CAGR of 6.1% from 2016 to 2022. Diagnostic instruments aid in the determination of causative agents of diseases. Animal diagnostics incorporate a variety of instruments and consumables to diagnose the ailment, which is very essential considering public dependency on animals. Animals serve as an important source of food, meat, milk, protein, and many other commercial products such as leather. This makes animal health endurable. Animal therapeutics aid in treatment of the ailments involving use of drugs, which cure the disease based on their mode of action. Veterinary diagnostic instruments include ophthalmoscopy, laryngoscopes, ENT equipment, and other instruments such as PCR analyzers. Animal therapeutic products include various drugs such as tranquilizers, sedatives, painkillers, and antibiotics. Constant development in animal therapeutics and diagnostic instruments is necessary with continuous emergence of different diseases.
Global Animal Therapeutics and Diagnostics Market Segmentation
The report analyzes the animal therapeutics and diagnostics market into three segments-product type, animal type, and geography. By product type, the market is bifurcated into animal therapeutic products and animal diagnostics products. Animal therapeutic products is further segmented anti-parasitic drugs and antibiotics, anti-inflammatory drugs, anesthetics, and other drugs. On the other hand, animal diagnostic products can be classified as instruments and consumables. Based on animal type, the animal therapeutics and diagnostics market is mainly categorized into five segments: companion animals, cattle, pigs, poultry, and sheep. Companion animals is further divided into dogs, cats, and others. Based on geography, the protein labeling market is categorized into North America, Europe, Asia-Pacific, and LAMEA.
The animal therapeutics and diagnostics market is growing at a steady pace due to the increase in pet ownership worldwide, especially in the developing countries. This has led to the innovation of diagnostic instruments and emergence of novel therapeutic drugs for animals. For instance, in August 2015, Bayer Animal Health launched Zelnate, used for the treatment of bovine respiratory diseases. Moreover, growth in the investment for development of advanced products is also expected to fuel the market growth. For example, in July 2016, Merck acquired 93% of Vallée S.A. for $400 million to strengthen its presence in Latin America.
The key players profiled in this report include Bayer AG, Eli Lilly and Company, Boehringer, Ingelheim GmbH, Merck & Co., Inc., Zoetis Inc., Ceva Santé Animale, Sanofi S.A., Nutreco N.V., and Virbac S.A.
The other players in the animal therapeutics and diagnostics market include Abaxis Inc., Heska Corp., IDEXX Laboratories Inc., Novartis Animal Health Inc., and Pfizer Animal Health.
Global Animal Therapeutics and Diagnostics Market Revenue, by Geography
Asia-Pacific possesses high market potential for growth of animal therapeutics and diagnostics due to increase in pet ownership and rise emergence of various zoonotic diseases. Progress in the research on therapeutic drugs and diagnostic instruments has led to rapid developments in the animal therapeutics and diagnostics. Increase in investments done by large scale pharmaceutical companies in animal health care companies has improved the production of innovative drugs and diagnostic instruments.
Saudi Arabia Global Animal Therapeutics and Diagnostics Market, 2014-2022 ($Million)
Saudi Arabia animal therapeutics and diagnostics market is projected to grow at a high CAGR of 8.2% during the forecast period. In addition, Europe holds maximum share in the patent registration for both animal diagnostics and animal therapeutics, while Asia-Pacific experiences fast paced growth in terms of animal diagnostics and animal therapeutics.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current trends and highlights the market potential from 2014 to 2022, in terms of value.
- The market scenario is comprehensively analyzed with respect to the product and animal type.
- Comprehensive analysis of the patents is provided to determine the prevailing opportunities.
- Recent developments, key manufacturers, and market shares are listed in this report to analyze the competitive scenario of the market.
- In-depth analysis of the market based on geography gives an understanding of the regional market, which assists in strategic business planning.
Animal Therapeutics and Diagnostics Market Key Segments
The global animal therapeutics and diagnostics market segmentation is explained below:
- Animal Diagnostics Products
- Animal Therapeutics Products
- Anti-Parasitic Drugs and Antibiotics
- Anti-Inflammatory Drugs
- Other Drugs
By Animal type
- Companion Animals
- Other Companion Animals
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA