According to the report the Veterinary Diagnostics Market is predicted to reach USD 6178.34 Million by 2020 & XX Million by the end of 2024, growing with a CAGR of 8.6%.
The market is segmented by Product (Clinical chemistry, Molecular diagnostics, Hematology analyzers, Diagnostic imaging, Immunodiagnostics), by Animals (Companion animals and Food producing animals). Further, the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The Global Veterinary Diagnostics Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc.
With the increase in purchase and usage of various diagnostic equipment that is employed in veterinary practices and in-clinic diagnostic procedures along with the rise in high-income households that keep pets and regularly visit veterinary laboratories are boosting the growth of veterinary diagnostics market.
The diagnostic imaging segment accounts for the largest share of the global veterinary diagnostics market. However, the immunodiagnostics segment is expected to witness the highest growth during the forecast period, which can be attributed to its easy handling, high sensitivity, accuracy, and rapid diagnosis offered by the lateral flow tests and ELISA tests to perform diagnosis of companion and food-producing animals.
Geographically, North America holds the major share of the global veterinary diagnostics market. The growth in this region is attributed to rising companion animal healthcare expenditure, increasing demand for animal-derived food products, a growing number of veterinary practitioners and growing awareness about zoonotic diseases. However, Asia-Pacific veterinary diagnostics market is expected to grow at the highest CAGR, owing to rising pet adoption and collective demand for animal-derived food products in India and China.
To capitalize on the niche opportunities, present in the global veterinary diagnostics market, many key players are investing in the development of new technologies. Some of the major companies presently catering to this industry are Life Technologies Corporation, Heska Corporation, Abaxis, Inc., VCA Inc., VIRBAC, IDEXX Laboratories, Inc., Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc.