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(MoneyNewsWire.Net, May 04, 2018 ) The veterinary diagnostics market is expected to witness significant growth in the coming years, with a rising demand for animal-derived food products, growing number of livestock and companion animals, rising pet ownership in developed countries, growing demand for pet insurance and rising animal health expenditure, increasing incidence of zoonotic diseases, and growth in the number of veterinary practitioners & their income levels in developed economies. The global veterinary diagnostics market is projected to reach USD 3.26 Billion by 2022 from USD 2.31 Billion in 2017, at a CAGR of 9.3%. Untapped emerging markets such as China, Latin America, and India are expected to provide growth opportunities in the veterinary diagnostics market. China and India are expected to register the highest growth during the forecast period of 2017-2022. However, increasing pet care costs are expected to restrain the growth of this market to a certain extent.
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The report analyzes the veterinary diagnostics market by product, technology, animal type, end user, and region. On the basis of product, the global market is segmented into consumables and instruments. The consumables segment accounted for the largest share in 2016. It is also expected to witness the highest growth during the forecast period. Based on technology, the market is segmented into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and other veterinary diagnostics. Immunodiagnostics segment accounted for the largest share of global veterinary diagnostics market in 2016. This segment is expected to register the highest growth during the forecast period. This growth is mainly attributed to the growing adoption of rapid lateral flow kits and ELISA test kits.
On the basis of animal type, the global veterinary diagnostics market is segmented into livestock and companion animals. The livestock segment accounted for the largest share while companion animals segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to growing pet population, rising pet ownership, increased demand for pet insurance, and rising pet healthcare expenditure. The market is further segmented, on the basis of end users, into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes & universities.
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The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. This can be mainly attributed to the increasing livestock population, growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure in this region.
The global veterinary diagnostics market is characterized by the presence of a large number of players. Amidst intense market competition, major players are continuously focusing on achieving higher market shares through product launches and acquisitions in the market. The global veterinary diagnostics market is consolidated in nature with a large number of companies continuously trying to mark their presence. The market is led by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Neogen Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Zoetis, Inc. (U.S.), QIAGEN N. V. (Netherlands), and Virbac (France).
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