Animal Therapeutics and Diagnostics Global Market Report 2024

The animal therapeutics and diagnostics market has grown strongly in recent years. It will grow from $46.68 billion in 2023 to $49.42 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to several factors, including the rising trend of pet ownership, advancements in veterinary medicine, the prevalence of animal diseases, government initiatives, and the globalization of veterinary services.

The animal therapeutics and diagnostics market is expected to see strong growth in the next few years. It will grow to $63.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to increasing expenditure on pet healthcare, the adoption of personalized medicine in veterinary care, the expansion of biopharmaceuticals, and regulatory support for innovation in the sector. Notable trends expected in the forecast period include advancements in biotechnology, integration of digital health solutions, a heightened focus on preventive healthcare, the application of precision medicine for animals, and a growing demand for companion animal therapeutics.

The surge in pet adoption rates is anticipated to drive the progression of the animal therapeutics and diagnostics market in the foreseeable future. As more individuals embrace pets as part of their families, heightened awareness and concern for their well-being have increased the demand for animal treatments and diagnostics. Pet owners demonstrate a willingness to invest in their pets' medical care, encompassing routine check-ups and preventive measures. For instance, in 2021, Chewy Inc., an online retailer in the US specializing in pet products, reported a record-breaking adoption rate of around 977,202 pets, marking the highest adoption rate in six years. Consequently, the escalating rate of pet adoptions significantly propels the animal therapeutics and diagnostics market.

The escalating prevalence of dermatological ailments is forecasted to fuel the expansion of the animal therapeutics and diagnostics market moving forward. Dermatological diseases encompass a wide spectrum of medical conditions impacting the skin, influenced by environmental factors, genetic predispositions, allergies, infections, and lifestyle alterations among animals. With pet owners increasingly prioritizing their animals' well-being and seeking veterinary interventions for dermatological concerns, there's a surge in demand for effective treatments. Moreover, heightened awareness regarding zoonotic diseases, transferable between animals and humans, accentuates the necessity for managing and treating skin conditions in animals. For example, as of October 2022, according to the British Broadcasting Corporation, India witnessed over 2.4 million animals affected by Lumpy Skin Disease, leading to the demise of more than 110,000 cattle. Consequently, the escalating burden of dermatological diseases significantly propels the growth of the animal therapeutics and diagnostics market.

Innovation stands as a pivotal trend gaining traction within the animal therapeutics and diagnostics market. Noteworthy enterprises within this sector are actively developing pioneering technologies to fortify their market presence. As an illustration, in December 2022, EKF Diagnostics, a UK-based company specializing in in vitro diagnostics, unveiled an updated version of the Lactate Scout analyzer tailored for veterinary applications. The enhanced analyzer offers species selection specifically designed for companion animals and cattle, rendering it suitable for implementation in both small and large animal healthcare practices.

Prominent entities operating within the animal therapeutics and diagnostics domain are spearheading innovations, notably telemedicine platforms catering to pet healthcare, in a bid to secure a competitive advantage. Telemedicine encompasses remote diagnosis, consultation, treatment, and monitoring of patients through telecommunication technologies such as video conferencing, phone calls, or secure messaging platforms. For instance, in June 2023, Cargill Inc., a US-based food corporation, introduced Zoonivet, a digital pet-care app. This Telehealth platform streamlines pet healthcare by facilitating video consultations between pet owners and qualified veterinarians, offering accessible and convenient primary pet care services. Zoonivet also plans to extend its services to include surgeries, home diagnostic services, medication, pet food, and pet boarding in key Indian markets.

In August 2021, Elanco Animal Health Incorporated, a pharmaceutical company based in the United States, successfully acquired Kindred Biosciences in a deal valued at $444 million. This strategic acquisition is designed to enhance and expedite Elanco's innovation, portfolio, and product strategy, enabling the company to provide comprehensive veterinary solutions that address the unmet needs of pet owners. Kindred Biosciences, a US-based commercial-stage biopharmaceutical company, specializes in the development of drugs for pets and operates within the veterinary dermatology drugs market.

Major companies operating in the animal therapeutics and diagnostics market report are Zoetis Inc., Boehringer Ingelheim Animal Health USA Inc., Virbac AH Inc., Ceva Animal Health Inc., Heska Corporation, IDEXX Laboratories Inc., bioMérieux Inc., Thermo Fisher Scientific Inc., Randox Laboratories Ltd., Bio-Rad Laboratories Inc., Bayer Animal Health LLC, Eli Lilly and Company, Merck & Co. Inc. Animal Health Division, Sanofi-Aventis Animal Health Inc., Elanco Animal Health Incorporated, BioNote Inc., IDvet, BASF Corporation, Koninklijke DSM N.V., Evonik Industries AG, MSD Animal Health, Vetoquinol S.A., Phibro Animal Health Corporation, Dechra Pharmaceuticals PLC, Kindred Biosciences Inc., Neogen Corporation, Abaxis Inc., QIAGEN N.V., Pfizer Animal Health, Norbrook Laboratories Limited.

North America was the largest region in the animal therapeutics and diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global animal therapeutics and diagnostics market report during the forecast period. The regions covered in the animal therapeutics and diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. 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, Canada, Italy, Spain.

The primary animal types for animal therapeutics and diagnostics include companion animals, cattle, pigs, and poultry. Companion animals are defined as tame or domestic-bred animals that can readily fulfill their social needs as companions in homes or through close daily interaction with humans. The diverse range of products in this domain includes animal diagnostics products, instruments, consumables, and animal therapeutics products, such as anti-parasitic drugs, antibiotics, anti-inflammatory drugs, and anesthetics.

The animal therapeutics and diagnostics market research report 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.

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.

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.


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