The global veterinary diagnostics market accounted for a market value of USD 3,781 million in 2015. The market has been estimated to be worth USD 4,104 million in 2016 and is projected to reach a market value of USD 6,168 million by 2021, growing at a CAGR of 8.50% during the forecast period 2016 to 2021.
Veterinary diagnostic products are as complex as they are difficult to manufacture. Most of the rapid assay, poultry, and livestock diagnostic products are biologic products that require materials from living organisms. Owing to this, during the economic recession of 2008, the United States faced a decline in consumer spending on pets, which affected the veterinary diagnostics market. The market development for companion animal diagnostics has relied heavily on the purchase and use of in-clinic analyzers or diagnostic instruments that are used for veterinary practices.
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Diagnostic technologies such as lateral flow and other rapid tests are used in veterinary medicine to test commercial livestock and household pets for the presence of a variety of medical conditions to be able to undertake preventative or remedial measures. Food animal diagnostics assist in livestock, production, and animal preventive care while complementing other measures, such as vaccination and selective breeding.
The global veterinary diagnostics market has been segmented by type of diagnostic tests, animal type, product, and geography. The segment on the type of diagnostic test consists of immunodiagnostic tests, molecular diagnostic tests, diagnostic Imaging, hematology analyzers, clinical chemistry and others. The immunodiagnostic tests have been further subdivided into ELISA tests, Rapid Immune Migration (RIM), Agar Gel Immunodiffusion (AGID) and others. The segment on molecular diagnostics has been subdivided into polymerase chain reaction, microarrays, sequencing, in-situ hybridization and others. The segment on diagnostic imaging includes ultrasound imaging, MRI scanning, and others. The clinical chemistry and immunodiagnostic tests account for the largest market share. In the global veterinary diagnostics market, molecular diagnostics represent a growing segment of the market with the laboratory utilization of polymerase chain reaction (PCR) and microarray tests.
By types of animals, the market has been segmented into farm animals and companion animals. The farm animal segment includes cattle, swine, poultry, and sheep. The companion animal segment includes dogs, cats, and horse. By product type, the market has been segmented into consumables and instruments.
Based on geography, the market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The North American market includes the USA, Canada, and Mexico. The European market includes the UK, France, Germany, Spain, Portugal, Italy, Scandinavian, and Benelux countries. The South American market includes Brazil, Argentina, and other South American Countries. The Middle East & African market includes GCC countries, Morocco, Algeria, South Africa and others.
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The North American and European veterinary diagnostics markets have huge market shares owing to the increasing companion animal population coupled with the positive trend towards animal healthcare spending. Developing regions in Asia-pacific and Africa are expected to form a new revenue pocket in the market, with India, China, and Brazil constituting a majority of market growth over the next decade.
Some of the key players in the market are:
- Henry Schein
- Heska Corporation
- Thermo Fisher Scientific
What the Report Offers
Market definition for the global veterinary diagnostics market along with identification of key drivers and restraints for the market.
Market analysis for the veterinary diagnostics market, with region-specific assessments and competition analysis on a global and regional scale.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market share.
Identification and analysis of the macro and micro factors that affect the veterinary diagnostics market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Some points from TOC:
1.1 Report Description
1.2 Study Assumptions
1.3 Market Definitions
- Research Approach and Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.3.1 Secondary Research
2.3.2 Discussion Guide
2.3.3 Market Engineering & Econometric Modeling
2.3.4 Expert Validation
2.4 Study Timeline
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