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Veterinary Diagnostics Market by Product (Consumables {Leukemia, Influenza}, System, Software), Technology (ELISA, PCR, Hematology), Animal Type (Canine, Feline, Swine, Bovine, Poultry), End User (Point of Care Testing, Veterinary Hospital) - Global Forecast to 2029
According to this latest publication from Meticulous Research®, the global veterinary diagnostics market is expected to grow at a CAGR of 9.3% from 2022 to reach $6.37 billion by 2029. The high growth of the veterinary diagnostics market is mainly attributed to the rising prevalence of zoonotic diseases, rising 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, the increasing pet care costs in developed countries are restraining this market's growth.
The global veterinary diagnostics market study presents historical market data in terms of values (2022 and 2021), estimated current data (2022), and forecasts for 2029 - by Product (Consumables, System, Software), Technology (Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Clinical Biochemistry, Other Technologies), Animal Type (Companion, Livestock), End User (Reference Lab, Veterinary Hospital, PoC Testing) and Geography. The study also evaluates industry competitors and analyzes the regional and country markets.
Based on product, the consumables segment is accounted for the largest share of the veterinary diagnostics market. The largest share of this segment is mainly attributed to the frequent use and 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.
Based on technology, the immunodiagnostics segment is estimated to account for the largest share of this market in 2022. Factors contributing to the large share of this segment include the growing adoption of diagnostic products based on immunodiagnostic technology and the development of advanced diagnostic immunoassay tests.
Based on animal type, the companion animal segment is estimated to account for the largest share of the market in 2022. Increasing companion animal population & pet ownerships in developed countries and rising pet healthcare expenditure 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 point-of-care testing. Growing preference for diagnostic services offered by reference laboratories and increasing development of products through strategic alliances between laboratories and companies to cater larger customer base supported the largest share of reference laboratories.
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Geographic Review
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and Middle East & Africa. North America is estimated to account for largest share of the global veterinary diagnostics market in 2022, 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.
Key Players:
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.
Key questions answered in the report-
What is the current value of revenue generated by veterinary diagnostic products across the globe?
At what rate is the demand for global veterinary diagnostics products 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 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 global veterinary diagnostics, and how these strategic developments are creating a global impact in this market?
Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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