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Animal Therapeutics and Diagnostics Market Expected to Reach $59.1 Billion by 2030

 
2022
Animal Therapeutics and Diagnostics Market

Report Code : A01619

quote The animal therapeutics and diagnostics market has witnessed significant growth in the past decade, owing to rise in adoption rate of companion animals and increase in incidence of animal illnesses. Furthermore, increase in consumer products and food nutrition demand boosted the global market. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Animal Therapeutics and Diagnostics Market," The animal therapeutics and diagnostics market size was valued at $33,462.50 million in 2020, and is estimated to reach $59.1 Billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030. Animal diagnostics is critical for determining the source of any disease. It comprises a variety of equipment and consumables that can aid in illness diagnosis, while therapeutic medicines are effective in disease therapy due to their mode of action. Animal diagnostics include determining the conditions that cause disease development and transmission. Therapeutic solutions for the treatment of animals are made up of several medications that cure diseases in animals.

Diagnosis of an ailment is the most important component of management of any disease. Immediate diagnosis of any ailment in animals becomes essential to avoid transmission of that particular infection among animals. Animal diagnostics also plays an important role in examining the pathogen causing death in animals. Diagnosis of the cause of death of an animal is a crucial step to create a treatment plan for the animals, which are in immediate contact with deceased. A minor outbreak of disease can affect the entire population due to cross infections. Animal diagnostics have attained importance due to increase in the zoonotic infections and growth in the veterinary health diagnostics market.

Therapeutic and diagnostic products are used for treatment and identification of animal ailments respectively, and have witnessed a lot of advancements in the diagnostic procedures and therapeutic agents in the recent years. Developments in veterinary medicine has made the treatment and prevention of catastrophic animal health problems easier.  The veterinary health diagnostics market for diagnostics and therapeutic products has experienced growth due to the increase in dependence of humans on animals for various reasons including food, companionship, and other products, such as leather.

The expansion of the global animal diagnostics market is fueled by increase in number of animals in emerging nations, surge in demand for animal-based products, and rise in adoption of companion animals. Furthermore, the animal diagnostics industry has shown moderate expansion in recent years, owning to alarming increase in prevalence of illnesses among livestock. Moreover, epidemic outbreaks result in massive animal loss of biodiversity, which is a key concern for companies that rely on farm animals for their products. In addition, zoonotic illnesses that afflict animals represent a hazard to human health, making disease identification and treatment a critical component of disease management.

Moreover, key players are focusing on disease curing solutions for animals such as cats and dogs. For instance, in January 2022, Elanco Animal Health Incorporated introduced Zorbium, buprenorphine transdermal solution for cats. ZORBIUM is a novel long-acting medicine for controlling postoperative pain in cats after surgical operations. A single transdermal dosage can offer pain relief for up to four days. Similarly, in June 2021, Elanco Animal Health introduced Tanovea for the treatment of lymphoma in dogs. As a result, introduction of solutions for pet animal is expected to provide lucrative growth in animal diagnostics market.

However, during the pandemic lockdown, various manufacturers in the animal diagnostics industry had to stop their businesses. This break directly impacted sales of animal therapeutics and diagnostics companies. In addition, lack of manpower and raw materials constricted supply of equipment of animal therapeutics and diagnostics, which negatively influenced the animal diagnostics industry growth. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of animal therapeutics and diagnostics companies.

Key Findings of the Study

  • The report provides an extensive analysis of the current and emerging animal therapeutics and diagnostics market trends and dynamics. 
  • Depending on product type, the animal therapeutics products segment dominated the animal therapeutics and diagnostics market in terms of revenue in 2020, and is projected to grow at a significant CAGR during the forecast period.
  • By animal type, the cattle segment registered highest revenue in 2020.
  • North America is projected to register highest growth rate in the coming years.
  • The global animal therapeutics and diagnostics market forecast analysis from 2021 to 2030 is included in the report.
  • The key players within the veterinary health diagnostics market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the animal therapeutics and diagnostics industry.
  • The global animal therapeutics and diagnostics market share analysis from 2020 to 2030 is included in the report.
  • In-depth animal therapeutics and diagnostics market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.

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quote Animal Therapeutics and Diagnostics Market by Product Type (Animal Diagnostics Products, Animal Therapeutics Products), by Animal Type (Companion Animals, Cattle, Pigs, Poultry, Sheep): Global Opportunity Analysis and Industry Forecast, 2020-2030 quote

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