The Animal Health Diagnostics Market is being driven by Increase in pet humanization
The Animal Health Diagnostics Market is expected to grow at a CAGR of 9.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2102.5 million. In the dynamic animal health diagnostics market, major corporations are fostering collaboration with startups to integrate advanced technologies, particularly IoT, into both the pet and livestock sectors. IoT innovations, such as health monitors, are revolutionizing animal healthcare by collecting and analyzing extensive data over extended periods. This data-driven approach offers veterinarians and animal owners invaluable insights into animal health trends and behaviors, enabling more informed decision-making. In the burgeoning pet sector, there is a growing demand for health monitors, wearable activity trackers, and remote video-enabled engagement. Meanwhile, livestock industries benefit from monitoring solutions that provide real-time data analytics, allowing for timely intervention in feeding and healthcare.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
198 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.1% |
Market growth 2025-2029 |
USD 2102.5 million |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
8.4 |
Key countries |
US, Germany, UK, Japan, Canada, India, South Korea, Italy, Brazil, UAE, China, France, Rest of World (RoW), US, Germany, UK, China, France, Japan, Canada, India, South Korea, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Animal Health Diagnostics Market encompasses various technologies and services, including diagnostic imaging techniques such as computed tomography and magnetic resonance imaging, digital imaging, remote diagnostics, and personalized and precision diagnostics. This market caters to companion animals, livestock, and aquaculture, addressing disease outbreaks and epidemiological studies through microbiome analysis and antimicrobial resistance testing. Additionally, it involves veterinary pharmaceuticals, vaccine development, sample collection, preparation, and data analysis.
The Animal Health Diagnostics market is a significant segment of the larger global Healthcare Supplies industry. This sector encompasses businesses specializing in veterinary diagnostics, including animal disease testing through molecular diagnostics, serological testing, and microbiology testing. The parent Healthcare Supplies market encompasses manufacturers of medical consumables used for disease diagnosis and treatment, such as syringes, drapes, gloves, and gowns. According to Technavio, market expansion will be fueled by several key factors, including the increasing global population aging, with nearly one-quarter of the US population projected to be over 60 by 2050, and Europe reaching a similar demographic milestone by 2030. This demographic shift will increase the demand for veterinary diagnostics to ensure the health and wellbeing of aging pets and livestock.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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