According to Stratistics MRC, the Farm Animal Diagnostics market accounted for $2,570 million in 2015 and is expected to reach $4,215 million by 2022 growing at a CAGR of 7.3% from 2015 to 2022. The up surging zoonotic and food borne diseases, rise in the number of farms driven by the growing demand for protein rich food, increasing awareness in developing nations towards animal health, advancement in the diagnostic technologies are some of the major factors driving the market growth. However, the high cost of the diagnostic equipment leading to financial hesitation is inhibiting the market growth.
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North America commands the largest share of around 40% of the farm animal market strongly driven by the cattle segment. Latin American and Asia Pacific regions are expected to grow at the highest CAGR during the forecast period. The favourable growth is attributed to increasing importance given to animal health by the livestock breeders across the emerging nations.
Some of the key players in the market include Thermo Fisher Scientific Inc, IDEXX Laboratories, Inc., IDVET, HESKA Corporation, ABAXIS, Inc., Mindray Medical International Ltd., Elanco, Neogen Corporation, Boehringer Ingelheim, Virbac SA, VCA Antech, Inc., Zoetis, Inc. and Merck.
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