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(Health-NewsWire.Net, September 04, 2021 ) Global Market Estimation:
The veterinary diagnostics market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%.
Veterinary Diagnostics Market: Growth drivers
Growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, rising petcare costs is expected to restrain the overall market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.
COVID-19 Impact: Veterinary Diagnostics Market
COVID-19-or coronavirus disease 2019-is the disease that people get from being infected with the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Domestic animals do not get COVID-19 as humans do, but under natural conditions, pet cats-and, to a lesser extent, pet dogs-may, albeit rarely, become infected with SARS-CoV-2 after close and prolonged contact with a COVID-19-positive person. In other words, a person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and perhaps pet ferrets) in the same way we might transmit it to another person. Since the initial outbreak of COVID-19, multiple countries have reported infections of SARS-CoV-2 in non-human animals. There is no compelling evidence to date that any domestic animal, including cats, dogs, and ferrets, readily transmits SARS-CoV-2 to other animals, including humans, under natural conditions. Further, the global number of naturally infected animals is far less than the number of people with COVID-19, indicating that animals, including pets, are not a driver of the COVID-19 pandemic-the pandemic continues to be driven by human-to-human transmission. Due to an increase in the prevalence of COVID-19 across the globe, testing volumes on humans and animals continue to rise. This has also prompted players and reference laboratories to develop new and improved animal tests.
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Recent Developments: Veterinary Diagnostics Market
-In April 2021, INDICAL BIOSCIENCE GmbH (Germany) acquired Boehringer Ingelheim’s Svanova product portfolio which helped INDICAL widen its portfolio by adding 25 assays for livestock.
-In April 2021, BioChek (Netherlands) opened a new office in Johannesburg, South Africa.
-In January 2021, Heska Corporation (US) acquired Lacuna Diagnostics (US), this acquisition strengthened the company’s portfolio of point-of-care digital cytology technology and telemedicine services.
-In December 2020, NEOGEN Corporation (US) launched a preventative care DNA screening tool for detecting genetic diseases in dogs.
-In November 2020, NEOGEN Corporation (US) collaborated with Transnetyx Inc. (US), this partnership helped NEOGEN to increase its presence in the animal genomics and diagnostics market.
Geographic Analysis:
In 2020, North America accounted for the largest share of the global veterinary diagnostics market. The growth in the veterinary diagnostics market of North America is characterized by the increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage.
North America:
According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet.
Around 63.4 million households owned dogs, 42.7 million owned cats, and 1.6 million owned horses in the US in 2018.
Europe:
According to the European Pet Food Industry Federation (FEDIAF), the canine population was 87.5 million, and the feline population was 106.4 million in 2019.
Other Regions and Emerging Countries:
At 62%, Australia has one of the highest pet ownership rates in the world. There were an estimated 24 million pets in nearly 5 million households (of 7.6 million households in the country) in 2018.
Brazil currently has the fourth-largest pet population globally, with 52 million dogs, 38 million birds, 22 million cats, 18 million fish, and 2 million small animals in 2016.
According to the India International Pet Trade Fair (2017), ~600,000 pets are adopted every year in India. The number of pets in the country increased from 11 million in 2014 to 19.5 million in 2018.
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