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(Health-NewsWire.Net, August 06, 2020 ) The global veterinary diagnostics market is projected to reach USD 4.00 billion by 2023 from USD 2.63 billion in 2018, at a CAGR of 8.8%. The global veterinary diagnostics market is fragmented with various regional and multinational market players. In 2017, IDEXX Laboratories, Inc. (US), Abaxis, Inc. (US), and QIAGEN N.V. (Netherlands) dominated the veterinary diagnostics market. These players together accounted for 50-55% of market share.
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IDEXX Laboratories, Inc. (US) was the leading player in the veterinary diagnostics market in 2017. The company has a diversified product portfolio, which comprises a wide range of companion animal diagnostic products and livestock & poultry diagnostic products. IDEXX’s position in the market is attributed to its active R&D activities and wide distribution footprint across the world, which enables it to serve customers in more than 100 countries. To garner a larger share in the veterinary diagnostics market, the company continuously focuses on product developments and launches. For instance, in January 2018, IDEXX launched its IDEXX catalyst SDMA test to analyze kidney function in companion animals. Similarly, in June 2016, IDEXX launched the Rapid Visual Pregnancy Test for cattle, a point-of-care test that can detect an open cow 28 days post-breeding, improving reproductive efficacy, and profitability. In March 2014, the company launched the new Catalyst One Chemistry Analyzer to perform chemistry analysis, electrolyte analysis, and T4 analysis into a single sample run.
Abaxis, Inc. (US) was the second-leading market player in the veterinary diagnostics market in 2017. In the market, the company is largely known for its blood analysis systems. Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint. The company primarily focuses on acquiring and partnering with other market players to strengthen its product portfolio and increase its geographic presence. For instance, in June 2016, Abaxis partnered with the American Animal Hospital Association (AAHA) (US), to develop a wellness testing initiative that is focused on improving compliance for blood diagnostic testing. Similarly, in November 2015, Abaxis signed a five-year supply agreement with the Banfield Pet Hospital (US), to provide its VetScan HM5 Hematology analyzers and associated consumables to all Banfield Pet Hospital locations. These strategies have helped the company increase its footprints in the veterinary diagnostics market.
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Some of the other players competing in this market are Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Heska Corporation (US), Zoetis, Inc. (US), ID Vet (France), bioMérieux SA (France), Virbac (France), and Randox Laboratories Ltd. (UK).
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