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Global Veterinary Diagnostic Market Research Report 2023: Growing Prevalence of Zoonotic Diseases to Drive Market Growth - Forecasts to 2028
Global Veterinary Diagnostics Market
Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Global Veterinary Diagnostic Market by Product (Instrument, Consumable), Technology (Immuno (ELISA, RIA, Lateral flow), Molecular (PCR, Microarray), Hematology, Imaging), Distribution Channel, End User, Unmet Need, Buying Criteria - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The veterinary diagnostics market is valued at an estimated USD 3.3 billion in 2023 and is projected to reach USD 5.0 billion by 2029, at a CAGR of 7.1%
The market study covers the veterinary diagnostics market across various segments. It aims to estimate the market size and the growth potential of this market across different segments by product, application, technology, distribution channel, animal type, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
The veterinary diagnostics market is influenced mainly by the rise in animals such as dogs and cats, increase in the insurance for companion animals, global animal healthcare expenditure, increased adoption and awareness about animal health in emerging economies, rise in parasitic infections in animals, etc.
During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors promoting the growth of the veterinary diagnostics market in this region are awareness about animal health, growing per capita income, government initiative for increasing adoption of pets, rise in production of livestock products, especially by China and India, and increase in diseases among animals.
The instruments segment is projected to have the highest growth in this market
Veterinary diagnostic instruments mainly include diagnostic test analyzers and portable analyzers. These analyzers measure the physiologically significant substances present in body fluids (blood, serum, plasma, and urine) and feces of animals. Diagnostic test analyzers include clinical chemistry analyzers, glucose monitors, blood gas-electrolyte analyzers, urine analyzers, hematology analyzers, lateral flow strip readers, and immunodiagnostic analyzers. Major market players offer analyzers separately, along with reagent clips, cartridges, panels, and kits used in disease diagnosis. Increasing technological advancement and the incorporation of AI tools in instruments are factors influencing its growth.
Clinical Biochemistry segment accounted for the largest share after immunodiagnostics in the technology segment
Clinical biochemistry accounted for the second largest share in the technology market. It is an important technology used for screening infectious and metabolic disorders in small animals. Diseases and disorders evaluated using this technology can range from studying kidney function, diabetes, electrolyte & hormone evaluation, and liver function to systemic inflammation caused by infectious agents such as bacteria, viruses, and parasites.
Clinical biochemistry analyzers are more widely adopted in veterinary diagnostics laboratories, which leads to a higher share in the veterinary diagnostics market. Large number of cases of glucose testing. Clinical testing, and electrolyte testing have influenced the market.
Key Attributes:
Report Attribute | Details |
No. of Pages | 506 |
Forecast Period | 2023 - 2029 |
Estimated Market Value (USD) in 2023 | $3.3 Billion |
Forecasted Market Value (USD) by 2029 | $5 Billion |
Compound Annual Growth Rate | 7.1% |
Regions Covered | Global |
Premium Insights
Growing Prevalence of Zoonotic Diseases to Drive Market Growth
Veterinary Reference Laboratories Accounted for Largest Share of APAC Market in 2022
China to Register Highest Growth Over Forecast Period
Emerging Economies to Register Higher Growth Rates Over Forecast Period
Market Dynamics
Drivers
Growth in Companion Animal Population
Rising Demand for Animal-Derived Food Products
Increasing Incidence of Transboundary and Zoonotic Diseases
Rising Demand for Pet Insurance and Growing Animal Health Expenditure
Growing Number of Veterinary Practitioners and Rising Income Levels in Developed Economies
Increasing Disease Control and Prevention Measures
Restraints
Rising Pet Care Costs
High Cost of Veterinary Diagnostic Tests
Opportunities
Untapped Emerging Markets
Challenges
Lack of Animal Healthcare Awareness in Emerging Countries
Shortage of Veterinary Practitioners in Emerging Economies
Industry Trends
Adoption of Multiple Test Panels
Outsourcing of Veterinary Diagnostic Testing Services
Growing Consolidation in Veterinary Diagnostics Industry
Growing Scale of Veterinary Businesses
Disease Trends
Livestock
Avian Influenza
African Swine Fever
Bovine Babesiosis
Peste Des Petits Ruminants
West Nile Virus
Companion Animals
Zoonotic Diseases
Obesity & Diabetes
Technology Analysis
Portable Instruments for Poc Diagnostic Services
Adjacent Technologies
Rapid and Sensitive Veterinary Diagnostic Kits
Complementary Technologies
Case Studies
Increase in Patient Visits and Diagnostic Procedures
Unmet Customer Needs in Livestock Diagnostics Market
Opportunity Assessment in High-End Automated Immunoassay Analyzers in Companion Animal Immunodiagnostics
Identification of Intestinal Parasite
Company Profiles
Key Players
Idexx Laboratories, Inc.
Zoetis, Inc.
Thermo Fisher Scientific, Inc.
Heska Corporation (Mars Incorporated)
Biomerieux Sa
Neogen Corporation
Bio-Rad Laboratories, Inc.
Virbac
Fujifilm Holdings Corporation
Shenzhen Mindray Animal Medical Technology Co., Ltd.
Indical Bioscience GmbH
Bionote Inc.
Biogal Galed Labs
Agrolabo S.P.A.
Innovative Diagnostics
Other Players
Randox Laboratories Ltd.
Biochek
Fassisi GmbH
Alvedia
Skyer, Inc.
Shenzhen Bioeasy Biotechnology Co., Ltd.
Precision Biosensor
Euroimmun Medizinische Labordiagnostika Ag
Gold Standard Diagnostics
Antech Diagnostics, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mlplhw
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