Rising Demand for Pet and Farm Animal Health Products Propels Global Animal Therapeutics & Diagnostics Market to $81.2 Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Markets for Animal Therapeutics and Diagnostics" report has been added to ResearchAndMarkets.com's offering.

The global animal therapeutics & diagnostics market is expected to witness stable growth during the forecast period. All segments of the market are positioned to show growth due to the steady demand for pet food, animal vaccines and feed additives due to the growing role of pets as household members in the companion animals' segment, growth in the human population resulting in an increase in household pets, and consumer demand for healthy and nutritious food products. There continues to be widespread demand for poultry products worldwide, with the United States at the forefront of demand. However, in recent years, a growing demand for fish and seafood among consumers following a more health-conscious diet is driving new growth. Red meat consumption has leveled off but continues to remain strong while lean meats are increasing in general.

The pet and farm animal sectors of the animal health business are expanding and provide goods and services to billions of people globally. Various factors such as greater pet ownership internationally, longer lifespans for pets, and owners who have a special and loving attachment to their pets all contribute to the surge in demand for pet medications and vaccinations.

Production animals' health is becoming more significant as the demand for animal protein rises. The factors driving an increase in the demand for farm animal medicines and vaccines include the need for improved nutrition for two out of every three people; the increased demand for protein globally, particularly from poultry and aquaculture; the scarcity of natural resources, such as arable land and fresh water, and the increased competition for cultivated land; the loss of productivity due to farm animal disease and death; and the rising cost of food production. Demand for antibiotic substitutes that can improve animal health and boost production is one of the reasons influencing the growth of nutritional health products for production animals (such as enzymes, probiotics and prebiotics).

The report's scope includes an overview of the global market for animal therapeutics and diagnostics along with an analysis of global market trends; the report uses 2022 as the base year and forecasts 2023 the compound annual growth rate (CAGR) for 2023 to 2028.

The report is designed to be a helpful business tool that will provide a thorough evaluation of the animal therapeutics and diagnostics market. The geographical scope of this study is worldwide, with special interest for markets, trends, and statistics by key geographical regions such as the United States, European countries, and Brazil, Japan, and Australia. The report identifies markets in four segments: vaccines, pharmaceuticals, feed additives, and diagnostics. For the purpose of this study, diagnostics include products that are used at the point of care and are considered rapid tests or kits, in-clinic analyzers, and imaging equipment. Each market segment provides detailed information based on product categories, use of products, forecasts, and competitive analyses.

Key Report Highlights:

• 56 data tables and 143 additional tables
• An overview of the global market for animal therapeutics and diagnostics
• Estimates of the market size and analyses of global market trends with data from 2020-2023, and projections of compound annual growth rates (CAGRs) through 2028
• Assessment of market drivers, opportunities, and restraints, and current trends and technological advances
• Evaluation of the market with a focus of global production of animal healthcare products, vaccines, feed additives, therapeutic and diagnostic drugs
• Analyses of the market shares of the leading suppliers of animal vaccines and therapeutic drugs, the competitive landscape, market positioning, revenue sales and product segments
• Discussion of the role of major providers of vaccines and companion animal products approved for a wide variety of indications, and emerging technologies in the market.
• Analyses of ESG trends and patents granted for animal health products
• Profiles of the leading companies, including Boehringer Ingelheim, DSM Nutritional Products, Merck & Co. Inc., Phibro Animal Health Corp., Virbac S.A., and Zoetis Services LLC

Key Attributes:

Report Attribute	Details
No. of Pages	303
Forecast Period	2023 - 2028
Estimated Market Value (USD) in 2023	$61 Billion
Forecasted Market Value (USD) by 2028	$81.2 Billion
Compound Annual Growth Rate	5.9%
Regions Covered	Global

Company Profiles

• Ajinomoto Co., Inc.
• Alltech
• Aratana Therapeutics Inc.
• BASF Animal Nutrition
• Bayer Animal Health Gmbh
• Beaphar
• Bluestar Adisseo Co., Ltd.
• Boehringer Ingelheim Vetmedica Inc.
• Dechra Pharmaceuticals Plc
• DSM Nutritional Products Ltd.
• Elanco Animal Health Inc.
• Evonik Industries Ag
• Heska Corp.
• Idexx Laboratories Inc.
• Merck Animal Health
• Mosaic Co. (The)
• Virbac S.A.
• Zoetis Inc.

For more information about this report visit https://www.researchandmarkets.com/r/633a3f

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