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In November 2017, Focused Ultrasound Foundation launched a program to test the therapeutic efficacy of focused ultrasound to treat tumors in animals. Animal therapeutics and diagnostics are one of the most critical and crucial tools for the diagnosis, monitoring, treatment, and prevention of diseases in animals. Animal therapeutics and diagnostics also play a crucial role in animal health protection by preventing and controlling serious epizootic diseases.
The increasing awareness regarding the prevention of animal diseases is crucial so as to prevent adverse implications in animal dependent agriculture and farming. Additionally, the increasing knowledge regarding animal therapeutic and diagnostics is estimated to benefit the international trade in livestock supplies. These industry trends are anticipated to drive the global animal therapeutics and diagnostics market growth
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The global animal therapeutics and diagnostics market is anticipated to grow owing to a number of factors such as the increasing usage of animals in agriculture, increase in pet ownership, increasing incidences of zoonotic diseases, prevalence of animal diseases. Combined with this, the global animal therapeutics and diagnostics market growth is projected to be driven by the increasing demand for meat and animal based products, easy accessibility and affordability of animal treatment, increasing awareness of animal health and welfare, increasing government initiatives and increasing animal adoption.
According to Animal Cancer Foundation, there are 65 million dogs and 35 million cats in the U.S., out of which every year, there are 6 million new cancer diagnoses in dogs and similarly in cats too. These factors are expected to be one of the animal therapeutics and diagnostics market driver.
The factors anticipated to hamper the animal therapeutics and diagnostics market growth are the increasing cost of animal healthcare, lack of animal healthcare awareness in developing markets, and a dearth of skilled veterinary professionals in the emerging markets.
Some of the major companies included in the global animal therapeutics and diagnostics report are Zoetis, Patterson Veterinary Supply, Inc., Abaxis, Bayer AG, Boehringer Ingelheim International GmbH, BASF SE, Elanco, IDEXX Laboratories, Inc., Intervet Inc., DRE Veterinary and other players.
As per the current animal therapeutics and diagnostics market trend, the therapeutic segment is expected to dominate the animal therapeutics and diagnostics share during the projected duration as a result of increasing prevalence of animal diseases.
The global animal therapeutics and diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global animal therapeutics and diagnostics market followed by Europe owing to a number of factors such as the increasing prevalence of animal diseases especially zoonotic and infectious, increasing expenditure on animal health, rising pet adoption rates, growing pool of veterinarians, increasing animal health awareness and a large number of hospitals & clinics. For instance, in a research study published in Nature, it was estimated that appendicular osteoarthritis affected 200,000 dogs in the U.K. annually.
The Asia Pacific region is expected to be the fastest growing market due to large livestock animal pool, increasing incidences of animal disorders, increasing pet adoption rates. Additionally, an increasing awareness of animal welfare, rising disposable incomes and introduction of government initiatives in the countries of Asia Pacific are expected to contribute positively in the global animal therapeutics and diagnostics market growth. In the countries of Latin America and the Middle East and Africa, the animal therapeutics and diagnostics market growth is anticipated to be driven by the higher dependency on livestock for agricultural purposes.
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