Veterinary medicine deals with diagnosis, treatment and management of injuries and diseases of the animals, both domesticated and wild. The diagnostics market for veterinary medicines is highly attractive as far as investments and growth of the businesses is concerned. According to the expert researchers, the global veterinary diagnostics market has bright potential of progress, thanks to the rising demand and growth in the number of diseases and injuries to the pet as well as wild animals. Rising efforts from the government also play a key role in this growth, which is a heartening sign as far as the existing companies in the market are concerned.
Segmentation in the Vet Diagnostics Market
In order to understand the basic trends, researchers have segmented the global veterinary diagnostics market on the basis of products, animals, applications and their demand across different regions of the world. Following are the details of the segments and sub-segments in the industry:
- Products: The products are sub-segmented into hematology, clinical chemistry, diagnostic testing, immunodiagnostics, molecular diagnostics, and other veterinary diagnostics
- Animals: Companion (cats, dogs and horses) and food-producing (cattle, livestock, swine, sheep, goat and fish, etc.) animals
- Applications: Point of care, reference laboratories, research institutes, universities, hospitals, and clinics, and others
- Geography: NA (US and Canada), APAC (India, Japan, China, rest of APAC), Europe (Germany, UK, Italy, Spain, France, rest of Europe), RoW (Brazil and other countries)
Drivers and Forecasts (2014 to 2018)
According to the industry analysis and detailed study of the segmentation, the veterinary diagnostics market is expected to maintain a healthy run during the next few years to come. Apart from the rising demand, the major drivers for the market include growing awareness towards animal health across developing regions, growth in the instances of diseases and injuries amongst animals, rise in zoonotic diseases in the humans, and innovation in the diagnostic technologies. Growth in awareness and rising demand to fight the antimicrobial resistant bacteria are expected to create better business opportunities in the industry. The major hindrances include economic uncertainty and shift towards vegetarianism.
As per the latest reports, the global veterinary diagnostics market is expected to grow at a CAGR of over 8% from 2013 to 2018. At the projected compound annual growth rate, the industry is set to become worth more than $4,200 million by the end of the year 2018. In the year 2013, the market was worth $2,859.1. The projected growth rate is considered to be a vital sign for the existing businesses in the industry, who are aiming at global presence and expansions. Rise in the population of companion animals and increased spending on animal health has helped North America and Europe to dominate the global market in the past. As per the research, Asia Pacific is looking positive with growth in spending and increased livestock production in the region.