The Veterinary diagnostics market in Latin America is estimated to reach $584.44 Million by 2020 at a CAGR of 8.97%. In the past few years, with the emergence of new and technologically advanced products the market is showing a significant growth.
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Veterinary Diagnostics provide tools for effective and rapid testing to undertake preventative or remedial measures for animal related health conditions. For instance, lateral flow and other rapid tests are used in veterinary medicine to test commercial livestock (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. Food animal diagnostics assist in livestock and production animal preventive care and complement other measures such as vaccination and selective breeding. 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.
Latin America market for Immunodiagnostics is expected to grow at a higher CAGR due to the increase in the number of foodborne diseases affecting the animals and the increase in government regulations to maintain animal health. Especially Brazil, which is the 9th largest economy in the world is proving to be a lucrative market for investors. Adding to that the market for Molecular diagnostics is expected to grow at a higher than that of Immunodiagnostics due to the wide scope it has over the likes of the latter. 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 Latin America veterinary diagnostics market is segmented by products, type of animals, and geography. The veterinary diagnostics market is mainly categorized by product into clinical chemistry, molecular diagnostics, haematology analysers, diagnostic imaging, immunodiagnostics, and others. The animal market covers companion animals and food-producing animals. Furthermore, on the basis of geography, the Latin America Market is categorized under various regions namely, Argentina, Brazil and Mexico.
Some of the prominent companies in this market include VIRBAC, IDEXX Laboratories, Inc., Life Technologies Corporation, VCA Inc., Heska Corporation, Abaxis, Inc., Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc.
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