Dublin, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The "Veterinary Diagnostics Market Size, Share & Trends Analysis Report by Product (Consumables, Reagents, & Kits, Instruments & Devices), by Species (Canine, Porcine), by Testing Category, by Disease Type, by End Use, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global veterinary diagnostics market size is expected to reach USD 14.6 billion by 2028, expanding at a CAGR of 11.5% from 2021 to 2028
The growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover increasing companion ownership in developing countries is another factor propelling the market.
On a global level, animal product consumption is witnessing a surge. This is supported by increasing human population, per capita income, and animal health awareness in the developing nations. Due to all these elements, the global demand for animal diagnostics has pushed up. The In-vitro (IVD) test kits and analyzers are rapidly filling the market.
Apart from that, there is growth observed in the point of care treatments for animals as it provides convenience for the animals and their caretakers. Moreover, the shift towards advanced test techniques such as immune and molecular diagnostics, hematology, and nanotechnology which are quick and efficient in producing the results is further propelling market growth.
Veterinary Diagnostics Market Report Highlights
The consumables segment held the largest revenue share in 2020 owing to increased usage of consumables in point of care diagnostics.
Under the species segment, canine held the major revenue share in 2020 followed by feline and porcine. The growth can be attributed to increasing healthcare expenditure and growing companion ownership.
The pathology segment held the largest revenue share in 2020 owing to increasing demand for diagnostic consumables and instruments utilized during laboratory testing and the growing volume of pathology tests performed for production animals, avians, and pets.
The non-infectious diseases segment accounted for the largest revenue share in the diseases segment in 2020. But the number of hereditary, congenital, structural, and functional diseases in livestock and companion animals is increasing worldwide.
The point of care segment is expected to show the fastest growth over the coming years. This growth is due to rapidity, efficiency, and user convenience offered by point of care testing.
Asia Pacific is expected to emerge as the fastest-growing region in this market space. Moreover, the U.S. is observed to have the highest number of companies dealing in this space, which in turn, has contributed to the largest share of the market in North America in 2020.
The global meat production is also expected to rise tremendously due to an increase in the per capita income of people in emerging nations, the need for animal protein, and escalating human population.
The upcoming tools and techniques in veterinary diagnostics space are nucleic acid, non-PCR techniques, biosensors, fluorescence polarization technology, whole genome sequencing (WGS), biomarkers, nanotechnology, digitalization and big data use, wearables and apps such as Vet on Demand, Treat, Pet life, and Pet+Pixie.
Veterinary Diagnostics Market Dynamics
General trends in veterinary diagnostics market
Increase in animal health expenses and pet ownership
Total U.S. Pet Clinical Visits (%, 2019)
Critical need for correct diagnosis
Rise in the number of veterinarians and application of In Vitro Diagnostics (IVD) instrumentation
Asia Pacific and Africa most affected with animal diseases
The market is shifting toward quality, safety, and efficacious products
Increasing usage of immunoassays and molecular diagnostics
In-clinic analyzers are gaining popularity
Increase in incidence of diseases due to climatic changes
Economic downturn and recession resistance in the market
Market driver analysis
Increasing companion animals population and pet owners
Rising number of veterinarians and veterinary visits
Growing demand for pet insurance
Increasing demand for point-of-care diagnostics
Market restraint analysis
Economic differences in developed & developing markets
Differences in culture, dietary preferences, animal ownership preferences, & animal care standards
Epidemiological differences and disease dynamics
Availability of conducive climate, arable land, & fresh water
Unstructured and lenient rules & regulations
Time-consuming R&D processes and higher investments
Veterinary Diagnostics Market: Competitive Analysis
Market Participation Categorization
Company market position analysis
Heat Map Analysis
IDEXX Laboratories, Inc.
Thermo Fisher Scientific, Inc.
iM3Vet Pty Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/kljijx
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