The Global Veterinary Diagnostic Market Report is a compilation of comprehensive research studies of various aspects of the Veterinary Diagnostic Market. With accurate data and highly authentic information, a brilliant attempt is made to paint a true, transparent picture of the current and future situations of the global Veterinary Diagnostic market. Market participants can use this powerful tool when creating effective business plans or making major changes to their strategies. The report discusses the growth of the global as well as regional markets. It also throws light on high-growth segments of the global Veterinary Diagnostic market and how they will evolve in the years to come.
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Global Veterinary Diagnostic Market was valued at US$ 3,142.3 million in 2022 and is estimated to reach US$ 6,540.0 million by 2030, growing at a CAGR of 8.48% over the forecast period.. Abaxis, Inc., Agrolabo S.p.A., Bio-X Diagnostics S.A., Eurolyser Diagnostica, Heska Corporation, ID.vet, Indical Bioscience GmbH, Ingenasa, Megacor Diagnostik GmbH, Neogen Corporation, Qiagen N.V., Randox Laboratories – US Ltd., URIT Medical Electronic Group Co., Ltd., Virbac Corporation, Zoetis Inc., among others. New product launches, geographical expansion
Globally, rising number of animal adoptions, growing prevalence and awareness of animal diseases, novel innovations in animal food products, increasing number of veterinary practitioners and hospitals are attributed as crucial market propelling factors.
Through initiatives like World Veterinary Association (WVA) which is regarded as one of the world’s largest family of veterinarians, with membership from 95 veterinary member associations on six continents. Another citable example of British Veterinary Association, which is endorsing DNA testing among canines. With regards to such initiatives, the diagnosis equipment market is expected to propel during the forecast period. Emerging economies like India and China also show positive signs of market growth, due to the increasing number of veterinary practitioners and their rising levels of income. In Asia Pacific, Veterinary Diagnostic market in India and China market is accounted for largest market share among all other countries with XX% of total market valuation. Moreover, the socio-economic status of the agrarian population in India is dependent mainly on the country’s expansive resources of livestock and poultry.
Based on technology, the Veterinary Diagnostic Market is segmented into Immunodiagnostic, molecular diagnostic, hematology, clinical chemistry, and others. The veterinary immunodiagnostic market is forecasted to expand at a robust rate over the forecast period owing to rising prevalence of zoonotic diseases. Alarming cases of swine flu for instance is compelling a growing demand for the prevention of transfer of zoonotic disease in the human population. The segment of diagnostic tools will thus ensure good quality of animal derived products. This will also impel growing consumption of diagnostic consumables like urine glucose strips, immunodiagnostic tool kits, among others.
Owning to species, the veterinary diagnostic market segment is divided into companion animals and farm animals. The companion animals’ diagnostics market is estimated to increase in comparison to the market share of farm animals. This is mainly due to the fact that almost all regions have shown an escalation in pet ownership. Moreover, perceptive understanding of animals among pet owners, in addition to concentrated efforts put by academicians and professionals is changing. Breakthrough scientific research and methods have also been a positive driver to gauge animal’s needs, preferences, pleasures and pains in a more constructive way.
The North American veterinary diagnostic market is expected to propel most significantly during the forecast period. Positive figures as quoted by American Pet Products Association (APPA) insinuates on pet adoptions in the region and will thus stabilize market growth attributors. About 34% of dogs are purchased from breeders, while 23% of dogs and 31% of cats are taken from humane society or animal shelters. Furthermore, awareness programs by American Veterinary Medical Association are directing concentrated efforts towards perceptive knowledge about animal health; symposium, summits and veterinary education will further instigate subject and market awareness. The region is also conducive to favorable and advanced healthcare IT infrastructure, software integration, sophisticated technology, which will drive the US veterinary equipment and disposables market substantially.
The Veterinary Diagnostic Market report provides both, qualitative and quantitative research of the market, it also provides penetrative insights into the rational scenario and favored development methods adopted by key contenders. The report also offers extensive research on the key players in the market and detailed insights into the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by major players are also recognized and analyzed in the report. For each company, the report recognizes its headquarters, competitors, product/service type, application and specification, pricing, and gross margin.
Global Veterinary Diagnostic Market:
- Lateral flow assays
- Immunoassay analyzers
- Molecular Diagnostic
- Polymerase Chain Reaction (PCR)
- Clinical Chemistry
- Clinical Chemistry Analyzers
- Glucose monitoring
- Blood gas and electrolyte analysis
- Companion animals
- Farm animals
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