The Veterinary Diagnostics Market at a global level is predicted to grow at a CAGR of 8.6% from 2020 to 2025.
Y-O-Y growth in the prevalence of animal zoonotic diseases is majorly driving the growth of the animal health diagnostics market.
As per the CDC's data in 2017, tens of thousands of Americans are suffering from zoonotic diseases every year. This growing prevalence has become a global concern, favoring the veterinary diagnostics market to reach better growth heights.
The demand for the veterinary diagnostics market is significantly growing over the past few years with the introduction of technologically improved products that have positively impacted market growth. The global veterinary diagnostics market is primarily driven by the growing companion animal population and an increase in animal care prevalence. The growth in the pet insurance market and increasing animal healthcare expenditure is further accelerating the growth of the global veterinary diagnostic market. Moreover, the skilled veterinary practitioners and increasing income levels of the people in the emerging countries are expected to provide additional support to the growth rate of the market.
However, high-cost expenditure for pet care and the unavailability of healthcare facilities for the animals in the rural areas restrict the veterinary diagnostic market growth. Lack of awareness among pet owners over the availability of health care treatments for animals impedes the demand of the market. Lack of skilled staff in veterinary hospitals is also limiting the growth rate of the market.
Impact of COVID-19 on the veterinary diagnostics market:
The growth rate of the global veterinary diagnostic market is slightly declined due to the situations caused by the coronavirus. Many countries imposed a nationwide lockdown to control the spread of COVID-19. The COVID-19 had changed the market activities and the structure. Unlock guidelines have encouraged the increase in the number of treatment procedures for the animals in 2020. All the activities were resumed with high preventive measures in the diagnostic centers and hospitals and predicted that the global veterinary diagnostics market would reach its normal position by the end of the first half of 2021.
Market Size Available
2019 to 2025
2020 to 2025
By Product, Animal, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global veterinary diagnostics market has been segmented and sub-segmented based on animals, products, and regions.
Veterinary Diagnostics Market - By Product:
Based on the product, the clinical chemistry segment is holding the highest shares of the market with the rise in the scale of clinics and laboratories. On-going research on developing innovative drugs and vaccines in concern towards animal health is lavishing the market's growth.
The global market for Immunodiagnostics is expected to grow at a higher CAGR due to the increase in the number of foodborne diseases affecting the animals. The need to perform various tests has increased gradually. In turn, the market for Molecular diagnostics is expected to grow at a higher than that of Immunodiagnostics due to the broad scope it provides over the likes of immunodiagnostics. An increase in 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. Among the various sub-segments, the ELISA segment was worth USD 451 million in 2019 and is predicted to hike at an impressive rate during the forecast period.
Veterinary Diagnostics Market - By Animal:
Based on animals, the Companion animal sector is leading to dominant shares of the market. The rise in the number of companion animals is one of the factors ascribed to bolster the demand of the veterinary diagnostics market. Also, a growing number of pet lovers globally is significantly influencing the demand of the market.
The poultry animal segment is another lucrative segment and forecasted to register a CAGR of 9.1% from 2020 to 2025.
Veterinary Diagnostics Market - By Region:
Regionally, the North American market dictates the veterinary diagnostics market with the largest market share, followed by the European market. It is predicted that the North American market continues its dominating trend throughout the forecast period. The factors such as increasing health care expenditure and increasing prevalence of veterinary diseases are propelling the growth rate of the market. Primarily rising pet owners are additionally driving the growth rate of the veterinary diagnostic market in this region.
After North America, The European market is expected to lead the global market and register healthy growth during the forecast period. Increasing awareness about the advanced techniques and the rise in the prevalence of animal diseases are likely to promote market growth.
The Latin American and Asia-Pacific markets are expected to be the most profitable market in terms of growth rate. The Asia Pacific market is the fastest-growing region in the global market. The growing animal healthcare awareness programs and the prevalence of veterinary diseases are contributing to market growth. With the rising investments in healthcare by the government and increasing demand to improve the services in veterinary hospitals, Latin Americans will register a healthy CAGR between 2020 to 2025.
The Middle East and Africa are expected to grow at a stable CAGR during the forecast period. An increasing number of rare diseases among animals is likely to fuel the market demand in this region.
KEY MARKET PARTICIPANTS:
Qiagen N.V., ZoetisInc., IDEXX Laboratories, Inc., and Heska Corporation are playing a leading role in the global veterinary diagnostics market. Some of the other notable companies playing an active role in the market are VCA Inc., Abaxis, Inc., VIRBAC, Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product
5.1.1 Clinical Chemistry
184.108.40.206 Urine Analysis
220.127.116.11 Glucose Monitoring
18.104.22.168 Blood Gas Electrolyte Analysis
5.1.2 Molecular Diagnostics
22.214.171.124 Micro Arrays
126.96.36.199 PCR Tests
188.8.131.52 Other Molecular Diagnostics Tests
184.108.40.206 Haemotology Analysers
220.127.116.11 Haemotology Catridges
5.1.4 Diagnostic Imaging
18.104.22.168 Radiography Systems
22.214.171.124 Ultrasound Imaging Systems
126.96.36.199 CT Scanners
188.8.131.52 MRI Scanners
184.108.40.206 Immunoassay Analysers
220.127.116.11 ELISA Tests
18.104.22.168 Lateral-Flow Strip Readers
22.214.171.124 Lateral-Flow Rapid Tests
126.96.36.199 Allergen specific Immunodiagnostic Tests
5.2 By Animals
5.2.1 Companion Animals
188.8.131.52 Canine Diagnostics
184.108.40.206 Feline Diagnostics
220.127.116.11 Other Veterinary Diagnostics
5.2.2 Food-Producing Animals
18.104.22.168 Bovine Diagnostics
22.214.171.124 Porcine Diagnostics
126.96.36.199 Ovine Diagnostics
188.8.131.52 Poultry Diagnostics
184.108.40.206 Piscine Diagnostics
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.5 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Abaxis Inc.
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Heska Corporation
8.3 VCA Inc.
8.4 IDEXX Laboratories
8.5 Life Technologies Corporation
8.6 Bio-Rad Laboratories Inc.
8.7 Prionics AG
8.8 Pfizer Inc.
8.10 Zoetis Inc.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures