The veterinary diagnostics market is estimated to reach $1716.34 Million by 2020 at a CAGR of 7.97%. The Europe Veterinary Diagnostics Market has seen an exemplar shift in the past few years with the emergence of new and technologically advanced products, which had an optimistic impact on the overall growth of the market. Diagnostics provide tools for effective and rapid testing to undertake preventative or remedial measures for the health of the animal population. For instance, Food animal diagnostics assist in livestock and production animal preventive care and complement other measures such as vaccination and selective breeding. Similarly, lateral flow and other rapid tests are used in veterinary medicine to test commercial livestock (large animals – cows, poultry, sheep, pigs, etc.) and household pets (cats, dogs, etc.) to test for the presence of a variety of medical conditions caused by bacteria, viruses, allergies, and fertility issues.
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The European Parliament and the Council adopted the Regulation on transmissible animal diseases (“Animal Health Law”) in March 2016. The Regulation will be applicable in the next 5 years and it’ll support the EU livestock sector in its quest towards competitiveness and safe and smooth EU market of animals and of their products, creating growth for the veterinary diagnostics market. Veterinary diagnostic products are as complex as they are difficult to manufacture. Many of the poultry and livestock diagnostic products are biologic products which demand materials from living organisms. Market development for companion animal diagnostic has depended heavily upon the purchasing and usage of in-clinic analysers or diagnostic instruments used at veterinary practices.
Immunodiagnostics is the segment with highest growth owing to the increase in the number of foodborne diseases affecting the animals and the need to perform various tests has increased gradually. In retrospect, the market for Molecular diagnostics is also expected to grow at a higher rate. Increase in purchase and usage of various diagnostic instruments that are utilized in veterinary practices, in-clinic diagnostic procedures, high income households that keep pets and regularly visit veterinary laboratories are propelling the growth of this market. However, increasing adoption of vegetarian food due to changing food habits, the economic downturn, the increasing risk of obesity, exposure to global cuisines, and other diseases are some of the factors affecting the growth.
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The veterinary diagnostics market is mainly categorized by product into clinical chemistry, molecular diagnostics, haematology analysers, diagnostic imaging, immunodiagnostics, and others. By animal type market covers companion animals and food-producing animals. Furthermore, on the basis of geography, the European Market is segmented into various regions namely, UK, Spain, Italy, Germany and France.
Some of the key players in the industry include VCA Inc., Heska Corporation, Abaxis, Inc., VIRBAC, IDEXX Laboratories, Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc.
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