Global Animal Therapeutics and Diagnostics Market: Overview
The similarity between the human and animal body in terms of structure and function has facilitated the immense need for safe and effective treatments for animals. Many of the problems encountered by humans are similar to those of animals. For instance, over the past few years, there has been a sudden rise in the cases of pet obesity. This is leading to the increasing focus towards animal well-being, which in turn is working in favor of the growth of the global animal therapeutics and diagnostics market. In developing and under-developed countries, a large section of their population still depends on animal husbandry for their income. As a result, the demand for animal therapeutics and diagnostics is estimated to remain high in these countries in the forthcoming years.
This market intelligence report is compiled using various paid and unpaid sources into a reliable business tool that provides a thorough evaluation of the global animal therapeutics and diagnostics market. The report identifies important trends of the market at both global and regional level. It offers qualitative and quantitative insights into the competitive landscape of the market. It also profiles the key players along with their latest development, business strategies, revenue structure, product details, and contact information. It performs a SWOT analysis that calculated the potential trajectory each prominent market player will witness. For a coherent understanding, the market is segmented on the basis of various criteria including product and geography.
Global Animal Therapeutics and Diagnostics Market: Drivers and Restraints
The burgeoning demand for animal-derived food products such as meat is one of the primary factors driving the global animal therapeutics and diagnostics market. For these products to be fit for human consumption, it becomes imperative to ensure high-quality and cost-effective production of animal protein. The growing prevalence of chronic diseases such as bovine spongiform encephalopathy along with the rising awareness regarding other zoonotic diseases is resulting in greater uptake of animal therapeutics and diagnostics by pet and cattle owners. Moreover, the increasing veterinary practitioners in developed regions and the rising expenditure on animal health and pet insurance are augmenting the market. Growing ownership of companion animals is another factor fuelling the global market.
Despite the involvement of a large population in animal husbandry in emerging markets, the lack of awareness regarding animal healthcare in these regions is inhibiting the growth of the overall market. In addition, there is a shortage of veterinarians in these regions, which influences the growth of the market negatively. Furthermore, the high cost of diagnostic imaging instruments is limiting the market from realizing its full potential. Nevertheless, thanks to rising disposable income in countries such as India, China, and Brazil, these developing economies provide tremendous growth opportunities for the global animal therapeutics and diagnostics market.
Global Animal Therapeutics and Diagnostics Market: Segmentation
Based on products, the global animal therapeutics and diagnostics market can be segmented into feed additives, pharmaceuticals, diagnostics, and pharmaceuticals. The pharmaceuticals segment is anticipated to witness significant growth during the forecast period. Due to their convenience, feed additives is also poised to command a large share in the market.
The market can be divided into North America, Europe, Asia Pacific, and Rest of the World on the basis of geography. The North America and Europe regions are expected to be a major revenue contributor. The Asia Pacific market for animal therapeutics and diagnostics is estimated to rise at a noteworthy CAGR during the same period owing to the growing trend of pet adoption, increasing livestock population, and rapid urbanization. The growth of the region can also be attributed to the changing food habits, and rising per capita expenditure on animal health.
Companies Mentioned in the Report
Some of the notable market players in the global animal therapeutics and diagnostics market are AUV Veterinary Cooperative, Abaxis Inc., Bayer Animal Health, BASF Animal Nutrition, Boehringer Ingelheim Corp., DSM Nutritional Products Ltd., Evonik Industries Ag, Heska Corp., Elanco Animal Health, IDEXX Laboratories Inc., Novartis Animal Health Inc., Merck & Co. Inc., Mosaic Co., Novus International Inc., Pfizer Animal Health, Sanofi, and Virbac SA.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.