Meticulous Research®– leading global market research company, published a research report titled “Veterinary Diagnostics Market by Product (Consumables, System, Software), Technology (Immunodiagnostics, PCR, Hematology, Urinalysis), Animal Type (Canine, Feline, Ruminant, Poultry), End User (Reference Lab, Veterinary Hospital) – Forecast to 2027”.
According to this latest publication from Meticulous Research, the global veterinary diagnostics market is expected to grow at a CAGR of 8.7% from 2020 to $5.38 billion by 2027. The high growth of the veterinary diagnostics market is mainly attributed to the rising prevalence of zoonotic diseases, increasing demand for livestock-derived food products, favorable government initiatives, increasing animal health expenditure, and technological advancements in veterinary diagnostics. Moreover, emerging countries provide increasing growth opportunities for players operating in the veterinary diagnostics market. However, increasing pet care costs in developed countries is restraining the growth of this market.
The global veterinary diagnostics market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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On the basis of product, the consumables segment is estimated to hold the largest share of the veterinary diagnostics market in 2020. This large share can be attributed to the fact that they are frequently used and the availability of a diverse range of reagents and consumables for various diseases. Apart from this, the growing prevalence of foodborne and zoonotic diseases is further expected to expand the portfolio of these consumables for early diagnosis.
On the basis of technology, the immunodiagnostics segment is estimated to account for the largest share of this market in 2020. Factors contributing to the large share of this segment include the growing adoption of diagnostic products based on the immunodiagnostic technology and development of advanced diagnostic immunoassay tests.
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On the basis of animal type, the companion animals segment is estimated to hold the largest share of the market in 2020. Increasing companion animal population & pet ownerships in developed countries, and rising pet healthcare expenditures are expected to propel the growth of this segment.
Based on end user, the veterinary diagnostics market is broadly segmented into veterinary hospitals, reference laboratories, and PoC testing facilities. The growing preference of diagnostic services offered by reference laboratories and increasing development of products through strategic alliances between laboratories and companies to cater larger customer base are supporting the growth of this segment.
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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to dominate the overall veterinary diagnostics market in 2020, followed by Europe and Asia-Pacific. The increasing awareness for animal disease diagnosis, rising number of veterinarians, and increased spending on the healthcare of farm & pet animals in the region supported the largest share of North America in the veterinary diagnostics market.
The key players operating in the global veterinary diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands), among others.
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Key questions answered in the report-
- What is the current value of revenue generated by veterinary diagnostic products across the globe?
- At what rate the demand for global veterinary diagnostic products is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for veterinary diagnostics across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the veterinary diagnostics market at various levels in the value chain?
- Which segments in terms of the product, technology, animal type, and end user are creating the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global veterinary diagnostics market?
- Who are the major players in the global veterinary diagnostics market? And also, what are their specific consumables/software/system offering in the veterinary diagnostics industry?
- What recent developments have taken place in the global veterinary diagnostics and how these strategic developments create a global impact in this market?
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