Veterinary Diagnostics Market is projected to reach USD 4.4 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 9.2%. Market growth can largely be attributed to the growth in the companion animal population, the increasing incidence of transboundary and zoonotic diseases, the rising demand for animal-derived food products, the rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26017452
Browse in-depth TOC on “Veterinary Diagnostics Market”
450 – Pages
Driver: Increasing disease control and disease prevention measures
With previous epidemic outbreaks, there has been increased vigilance regarding the re-emergence of diseases that have been declared eradicated. In 2011, rinderpest (caused by the virus Rinderpest Morbillivirus) was declared eradicated by the UN FAO and the World Organization for Animal Health (OIE). However, both agencies urged countries to remain vigilant for its re-emergence. The Global Rinderpest Action Plan includes optimising diagnostic tools to help in emergencies, which involves constant diagnostic checks as a preventive measure.
Furthermore, according to the US Centers for Disease Control and Prevention (CDC), in 2019, eight major zoonotic breakouts were reported. Every year, thousands of Americans get sick from diseases spread between animals and people. Six out of every ten diseases in humans are zoonotic, making it crucial that nations strengthen their respective capabilities to prevent and respond to these diseases. This intensifies the need for regular monitoring of animal health, especially livestock. Consequently, it can be expected that the growing prevalence and incidence of animal diseases will boost the demand for innovative diagnostic products to detect, monitor, and limit disease outbreaks. The availability of advanced diagnostic technologies is expected to help veterinarians provide better diagnosis and treatment, which will drive the overall market for veterinary diagnostics worldwide. Additionally, continuous research, innovations, and awareness programmes will enable market players to gain long-term competitive advantages, thus strengthening their positions in the veterinary diagnostics market.
Opportunity: Increased use of PCR testing panels to rule out the COVID-19 virus in animals
Amidst the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus affects animals. So far, research studies have shown that felines are more susceptible than other animals. Testing also shows that the virus spreads less from animal to animal as opposed to human-human or human-animal.
Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=26017452
Challenge: Lack of animal healthcare awareness in emerging countries
Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is lower than in developed North American and European countries. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. Furthermore, these countries' farm animal health expenditure is primarily focused on therapeutic treatment. Veterinary diagnostics are not widely used in large animal practises in these countries. Thus, although emerging markets have a high growth potential, lack of awareness will be a key challenge for the growth of the veterinary diagnostics market in these regions.
The consumables segment is expected to register the highest CAGR in the veterinary diagnostics market during the forecast period
Based on products, the market is segmented into consumables and instruments. In 2021, the consumables segment is expected to register the highest CAGR during the forecast period. The increasing incidence of new infectious diseases such as SARS-CoV-2 viral infection and the increasing demand for rapid diagnostics in animals are driving the growth of this market.
The clinical biochemistry segment is expected to register the highest CAGR in the veterinary diagnostics market during the forecast period
Based on technology, the market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (including microbiology and histopathology tests). In 2021, the clinical biochemistry segment is expected to register the highest CAGR during the forecast period. In the veterinary industry, clinical biochemistry analysis is conducted to diagnose diseases, screen disease progression, and monitor responses to therapy, which leads to the highest growth in the global market.
The veterinary reference laboratories segment accounted for the largest share of the global veterinary diagnostics market
Based on end users, the market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and veterinary research institutes & universities. Veterinary reference laboratories are the major end users in the global market, accounting for a share in 2021. Complex and highly specialized diagnostic tests are performed only at a few large reference laboratories across the world. Reference laboratories provide a wide array of testing services that may not be possible in clinics and hospitals, which leads to the largest share in the global market.
The prominent players in the veterinary diagnosticsmarket are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).
The Asia Pacific market is estimated to witness the highest CAGR during the forecast period
The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary diagnostics market.
View detailed Table of Content here@ https://www.marketsandmarkets.com/Market-Reports/veterinary-diagnostics-market-26017452.html
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com/