The North America veterinary diagnostics market is estimated to reach $2357.51 Million by 2020 at a CAGR of 8.35%. It has seen a humongous shift in the past few years with the emergence of new and technologically advanced products, like haemolytic sensors, in-situ chemistry analysers and rapid test monitors which had a positive impact on the overall growth of the market.
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Veterinary diagnostics provide tools for effective and rapid testing to undertake preventative or remedial measures in the face of animal pandemics. For instance, 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. Food animal diagnostics assist in livestock and production animal preventive care and complement other measures such as vaccination and selective breeding. North America being a developed region and consisting the major economies like USA and Canada is bound to be a profitable market for the investors. But, veterinary diagnostic products are as complex as they are difficult to manufacture. Adding to that the stringent rules applied by the USDA APHIS tend to the difficulties of companies to enter a new product in the market.
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In North 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 need to perform various tests has increased gradually. In addition to that, the market for Molecular diagnostics is expected to grow at a higher than that of Immunodiagnostics due to the wide scope it provides. 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 and other diseases are some of the factors affecting the growth.
In North America, the veterinary diagnostics market is segmented by products, type of animals, and geography. By product it is categorized into clinical chemistry, molecular diagnostics, haematology analysers, diagnostic imaging, immunodiagnostics, and others. By Animal Type, the market covers companion animals and food-producing animals. Furthermore, on the basis of geography, the North America market is segmented into various regions namely, USA and Canada.
VCA Inc., Heska Corporation, Abaxis, Inc., VIRBAC, IDEXX Laboratories, Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc. are some of the key players in this industry.
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