Growth of veterinary diagnostics market mainly attributed to rising demand for animal-derived food products, growing demand for pet insurance, rising animal health expenditure, increasing incidence of zoonotic diseases, increasing awareness about animal healthcare, & increase in number of veterinary practitioners & their growing income levels.
Top players in veterinary diagnostics market are Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Heska Corporation (US), Zoetis, Inc. (US), QIAGEN N.V. (Netherlands), IDvet (France), bioMérieux SA (France), Virbac (France), Randox Laboratories Ltd. (UK), ARKRAY Group (Japan), URIT Medical Electronics Co., Ltd. (China), PZ Company S.A. (Poland), and Eurolyser Diagnostica GmbH (Austria).
Veterinary Diagnostics Market, By Animal Type
2 Companion Animals
6 Other Companion Animals
7 Livestock Animals
11 Other Livestock Animals
Veterinary Diagnostics Market, By End User
2 Reference Laboratories
3 Veterinary Hospitals & Clinics
4 Point-Of-Care/In-House Testing
5 Research Institutes & Universities
The veterinary diagnostics market is projected to reach USD 4.00 billion by 2023 from USD 2.63 billion in 2018, at a CAGR of 8.8%. Factors such as growing companion animal population, growing prevalence of animal zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance & growing animal health expenditure.
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Veterinary diagnostics market is segmented based on product, technology, animal type, end user, and region. Based on technology, immunodiagnostics segment is expected to account for largest share of market in 2018. The large share can be attributed to high accuracy of immunodiagnostic tests, high preference for these tests by veterinary practitioners, & its wide applications in veterinary diagnostics.
Veterinary Diagnostics Market: Overview
2 Market Dynamics
3 Key Market Drivers
4 Growth in Companion Animal Population
5 Growing Prevalence of Animal Zoonotic Diseases
6 Rising Demand for Animal-Derived Food Products
7 Rising Demand for Pet Insurance & Growing Animal Health Expenditure
8 Growth in the Number of Veterinary Practitioners and Income Levels in Developed Economies
9 Key Market Restraints
10 Increasing Pet Care Costs
11 Key Market Opportunities
12 Untapped Emerging Markets
13 Key Challenges
14 Lack of Animal Healthcare Awareness in Emerging Markets
15 Shortage of Veterinarians in Emerging Markets
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Geographically, the global veterinary diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East &Africa. In 2016, North America commanded a major share of the veterinary diagnostics market.
The report also covers the product portfolio analysis of the veterinary diagnostic products and vendor benchmarking of the top players in this market. In addition, this report highlights the growth strategies adopted by the major market players to garner large shares in the veterinary diagnostics market.
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