The new report by Expert Market Research titled, ‘Global Veterinary Diagnostics Market Size, Share, Report and Forecast 2021-2026’, gives an in-depth analysis of the global veterinary diagnostics market, assessing the market based on its segments like technology, product type, animal type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 2.62 Billion
- Forecast CAGR (2021-2026): 8.9%
- Forecast Market Size (2026): USD 4.37 Billion
Increased animal health expenditure, rising prevalence of zoonotic illnesses, number of veterinary practitioners, and technological advancement in point of care diagnostics, growth in the animal population, along with the increased pet ownership, and rising demand for animal-based food products. The industry is projected to be propelled even further by rising demand for point-of-care diagnostics. It gives quick findings for clinical tests and may be assessed immediately, saving time.
Veterinary care has recently become a topic of global concern and discussion. The huge influx of students who intend to study and specialise in veterinary care has also propelled the market. Expansion of the market is due to an increase in the number of in-clinic diagnostic procedures and a surge in the purchase and usage of various diagnostic instruments that are utilised in veterinary practices.
Veterinary Diagnostics Industry Definition and Major Segments
Veterinary diagnostics can be defined as tests that aid in the diagnosis and identification of a variety of illnesses in animals. The procedures are carried out using a variety of ways that include excrement, blood, and tissue samples. The novel diagnostic procedures and technology that have been developed for human diagnostics are also widely used in veterinary diagnostics.
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The veterinary diagnostics market can be broadly categorised on the basis of its technology into:
- Clinical Biochemistry
- Molecular Diagnostics
By prodyct type, the market is divided into:
Based on animal type, the market includes:
- Companion Animals
- Livestock Animals
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Veterinary Diagnostics Market Trends
The growing income levels, rising demand for pet insurance, and growing animal health expenditure are some of the major factors that are accelerating the growth of the industry. An increase in pet adoption during the pandemic is also expected to propel market growth over the forecast period. Several governments are now under pressure to build state-of-the-art veterinary hospitals and healthcare facilities.
As a result, in the coming years, the global veterinary diagnostics market is predicted to grow significantly. Animal rights advocates have also convinced governments to build new veterinary treatment, diagnostic, and therapy facilities. This is another important driver driving the veterinary diagnostics industry forward. In the case of developed markets, many private insurance companies are attracting owners and companies, which is boosting the growth of the market. Increasing investments in pet animals to protect them and improve the human-animal relationship are also driving the veterinary diagnostics market.
Key Market Players
The major players in the market are Randox Laboratories, Ltd., Idvet, Biomérieux SA, Virbac, Heska Corporation, Neogen Corporation, Thermo Fisher Scientific, Qiagen, Zoetis, Inc., Abaxis, Inc., and Idexx Laboratories, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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