What is Animal Therapeutics and Diagnostics Market Scope?
The animal therapeutics and diagnostics market is expected to rise in the forecasted period due to the growing demand for rapid tests and portable instruments for point-of-care services. The growth in this market is driven by the increasing companion animal population and an increasing number of veterinary practitioners in developed economies. Nowadays there has been significant innovation in the range of treatments available for the treatment of animals. Furthermore, rising government initiatives for the promotion of pet health will escalate industry growth in the upcoming year.
Influencing Trend:
Technological Advancement in Diagnostic Instruments and Surging Research and Development on Therapeutic Drugs and Diagnostic Instruments
Market Growth Drivers:
Increasing Demand for Animal-derived Food Products such as Meat, Rising Focus towards Animal Well-being and Increasing Government Initiatives for Promotion of Pet Health
Challenges:
Stringent Government Medical and Surgical Devices Regulations
Restraints:
Lack of Awareness Regarding Animal Healthcare and High Cost of Therapy and Diagnosis
Opportunities:
Increasing Veterinary Practitioners in Developed Regions, Surging Expenditure on Animal Health and Pet Insurance and Increase in Investments by Large Scale Pharmaceutical Companies in Animal Health Care Companies
The Animal Therapeutics and Diagnostics market study is being classified by Type (Animal Diagnostics Products (Instruments, Consumables) and Animal Therapeutics Products (Anti-Parasitic Drugs and Antibiotics, Anti-Inflammatory Drugs, Anesthetics, Other Drugs)), by Application and major geographies with country level break-up.
The market is moderately fragmented owing to the presence of several key players within the industry. Some of the leading players are adopting some organic and inorganic strategies such as a merger, acquisition, product launches, and expansion among others in order to gain leading share within the market. Moreover, some of the prominent vendors are focusing on technological advancements in order to cater to safety features as per the market necessities. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Animal Therapeutics and Diagnostics market throughout the predicted period.
Bayer HealthCare (Germany), Pfizer (United States), Eli Lilly (United States), Boehringer Ingelheim (Germany), Merck (United States), Zoetis (United States), Ceva (United States), Sanofi S.A. (France) and Nutreco N.V. (Netherlands) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Virbac (France) and IDEXX Laboratories Inc (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Animal Therapeutics and Diagnostics market by Type, Application and Region.
On the basis of geography, the market of Animal Therapeutics and Diagnostics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In July 2018, Zoetis Inc. announced the completion of the acquisition of Abaxis, a leader in the development, manufacture and marketing of diagnostic instruments for veterinary point-of-care services.
In Aug 2019, Elanco Animal Health Incorporated has announced the acquisition of Montreal-based Prevtec Microbia Inc. (Prevtec), a biotechnology startup specializing in the development of vaccines that help prevent bacterial diseases in food animals.
“According to Food, Drug, and Cosmetic Act (FDA), it recommends that manufacturers and distributors of veterinary medical devices request a review of their product labeling and promotional literature to ensure compliance with the act. This recommendation also applies to devices marketed in another country or imported into the US.”
Key Target Audience
New Entrants/Investors, Healthcare Industry Associations, Venture Capitalists and Private Equity Firms, Animal Therapeutics and Diagnostics Provider, End-Use Industries, Analysts and Strategic Business Planners and Others
Animal Therapeutics and Diagnostics Market Study: Important Years
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Animal Therapeutics and Diagnostics Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Animal Therapeutics and Diagnostics industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.