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.
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 (Companion Animals (Dogs, Cats) and Other Companion Animals (Cattle, Pigs, Poultry, Sheep)) 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. Research Analyst 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).
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 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. and 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.
“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.”
Influencing Market Trend
- Technological Advancement in Diagnostic Instruments
- Surging Research and Development on Therapeutic Drugs and Diagnostic Instruments
- Increasing Demand for Animal-derived Food Products such as Meat
- Rising Focus towards Animal Well-being
- Increasing Government Initiatives for Promotion of Pet Health
- Increasing Veterinary Practitioners in Developed Regions
- Surging Expenditure on Animal Health and Pet Insurance
- Increase in Investments by Large Scale Pharmaceutical Companies in Animal Health Care Companies
- Lack of Awareness Regarding Animal Healthcare
- High Cost of Therapy and Diagnosis
- Stringent Government Medical and Surgical Devices Regulations
Key Target AudienceNew 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
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