Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report analysing the global market for animal therapeutics and diagnostics.
“Animal Therapeutics and Diagnostics” reports that the market generated $22.3 billion in revenues in 2007. This is expected to increase to $24.1 billion in 2008 and $33.1 billion by the end of 2013, a compound annual growth rate (CAGR) of 6.5%.
The report shows that animal therapeutics has the larger share of the market, valued at $21.8 billion in 2007 and an estimated $23.6 billion in 2008. This is expected to increase at a CAGR of 6.6% to reach $32.4 billion in 2013.
Animal diagnostics has a much smaller share of the market. Worth $474.0 million in 2007, this segment is projected to grow at a CAGR of 4.6% between 2008 and 2013 and reach $498.0 million in 2008 and $624.0 million in 2013.
Authors of the report note that the animal health industry is responsible for maintaining the health and productivity of over 3.3 billion livestock and 16 billion poultry worldwide, and ensuring the wholesomeness and abundance of the food they produce. In addition, the industry must also cater to the health and well being of companion animals.
Both general areas of animal therapeutics and diagnostics are positioned to show steady growth due to the changing role of companion animals, growth in the human population resulting in an increase in household pets, and consumer demand for healthy and nutritious food products.
Furthermore, in contrast to human pharmaceuticals, animal health is dominated by large numbers of products with small revenues. Although there are hundreds of products involved in this market, only about 20 products have sales exceeding $100 million per year. The animal therapeutics and diagnostics market includes four segments: vaccines, pharmaceuticals, feed additives and rapid testing products.
“Animal Therapeutics and Diagnostics” is available from Report Buyer. For more information, see website.
Report Buyer product ID: BCC00217
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