The veterinary diagnostics market in Latin America is expected to be valued at USD 1.01 bn by 2028 from USD 0.64 billion in 2023, growing at a CAGR of 9.53% from 2023 to 2028
Latin American market for Immunodiagnostics is expected to grow at a higher CAGR due to the increase in the number of foodborne diseases affecting the animals and the rise in government regulations to maintain animal health. Especially Brazil, which is the 9th largest economy globally, is proving to be a lucrative market for investors. Adding to that, the market for Molecular diagnostics is expected to grow higher than that of Immunodiagnostics due to its broad scope over the likes of the latter.
An increase in the purchase and usage of various diagnostic instruments utilized in veterinary practices, in-clinic diagnostic procedures, high-income households that keep pets, and regularly visit veterinary laboratories are propelling the growth of this market. However, the increasing adoption of vegetarian food due to changing food habits, the economic downturn, the increasing risk of obesity, exposure to global cuisines, and other diseases affect the growth.
Increasing costs related to pet care and imaging devices may restrain the market growth. Also, the economic downturn, the growing acquisition of vegetarian food due to lifestyle changes, the rising threat of obesity, and the exhibition of global cuisines are hampering this region's veterinary diagnostics market growth.
This research report on the Latin American veterinary diagnostics market has been segmented and sub-segmented into the following categories:
By Product Type:
Regionally, within Latin America, the Brazilian veterinary diagnostics market is anticipated to grow at a prominent CAGR during the forecast period owing to growth in the number of critical diseases in pet animals such as foot and mouth diseases that influence the market participants to develop new drugs for animal pets to improve their life span.
The Mexican veterinary diagnostics market is expected to grow to be another lucrative regional market in the Latin American market due to the growing demand for various animal healthcare products and services, increasing pet obtainments, and concerns related to animal health.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin American veterinary diagnostics market profiled in this report are VCA Inc., Heska Corporation, Abaxis Inc., VIRBAC, IDEXX Laboratories Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer. Inc.
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