Animal Therapeutics and Diagnostics Market to Reach $59.08 Bn, Globally, by 2030 at 5.9% CAGR: Allied Market Research

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Apr 26, 2022, 09:30 ET

Increase in demand for animal-derived food items such as meat is the major factor driving the growth of the global animal therapeutics and diagnostics market.

PORTLAND, Ore., April 26, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global animal therapeutics & diagnostics industry was estimated at $33.46 billion in 2020, and is anticipated to hit $59.08 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030.

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Drivers, restraints, and opportunities-

Increase in demand for animal-derived food items such as meat is the major factor driving the growth of the global animal therapeutics and diagnostics market. Furthermore, surge in the incidence of chronic illnesses such as bovine spongiform encephalopathy as well as increase in knowledge of other zoonotic diseases boost the need for animal therapies and diagnostics among pet and cow owners. On the other hand, there is a vast knowledge gap regarding importance of therapeutic products in prevention of transmission of diseases to humans, which impedes the market growth to some extent. However, huge benefits of nanoparticles in the veterinary diagnostics and therapeutic products and combination of nanotechnology with molecular diagnostics can help improve the accuracy of treatment and diagnosis of animal diseases. This, in turn, is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

Lockdown measures across the world gave way to delayed production facilities. Manufacturing of animal diagnostic products and therapeutics was also hugely hampered, which impacted the global animal therapeutics & diagnostics market negatively, especially during the initial phase.
However, as the global situation has started getting better, the market is projected to get back on track soon.

The animal therapeutics products segment to dominate by 2030-

By product type, the animal therapeutics products segment held the major share in 2020, garnering more than four-fifths of the global animal therapeutics and diagnostics market. The same segment is also projected to cite the fastest CAGR of 6.1% throughout the forecast period. Increase in concern over diseases that affect companion animals and the need to protect farm animals from epidemics drive the segment growth.

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The cattle segment to maintain the dominant share-

By animal type, the cattle segment contributed to the lion's share in 2020, holding nearly half of the global animal therapeutics and diagnostics market. Rise in the development of therapeutic products that can be used for the treatment of cattle diseases such as black quarter and foot-and-mouth diseases drives the growth of the segment. However, the companion animals segment is projected to manifest the fastest CAGR of 6.9% from 2021 to 2030. Increase in adoption rate of these animals augments the segment growth.

North America garnered the major share in 2020-

By region, North America dominated in 2020, garnering more than one-third of the global animal therapeutics and diagnostics market. There has been a rise in the awareness amongst consumers in this region about their source of food products, which has led to quality inspection of feeding products of livestock, thus propelling the market growth. The market across Asia-Pacific, however, is expected to cite the fastest CAGR of 8.1% throughout the forecast period. Increase in urge to protect livestock from mass wipeouts due to epidemics, especially in countries such as India drives the market growth.

Key players in the industry-

Eli Lilly and Company
Zoetis Inc.
Virbac S.A.
Boehringer
Ingelheim GmbH
Bayer AG
Sanofi S.A.
Nutreco N.V.
Merck and Co.
Ceva Sante Animale

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