Veterinary immunodiagnostics has been playing a very important role in the enhancement of animal health as the methodology that deals with antigen-antibody reaction as a mean of detection has a lot of proven potential to crucial veterinary health conditions. “Meticulous Research” in its latest publication states that, the “global market for veterinary immunodiagnostics market is expected to grow at a CAGR of 9.6% from 2017 to 2022 to reach $ 2,011.3 million by 2022.”
This growth is primarily driven by rising demand for animal derived food products, growth in companion and livestock animals, growing animal health care expenditure, rising pet insurance, increasing zoonotic and foodborne diseases, and increasing number of veterinary practitioners & their income levels in developed economics and increasing pet ownership.
In last decade, veterinary healthcare expenditure has been increased. As per American Pet Products Association (APPA) 2014, overall spending in the U.S. pet industry increased 4.5% from 2012-2013, from USD 53.33 billion to USD 55.72 billion. The APPA estimates a 4.9% overall increase from 2013-2014. The spending on veterinary care by the U.S. pet owners increased 5.1% from 2012-2013, from USD 13.67 billion to USD 14.37 billion. The association estimated a 6.1% increase in spending on veterinary care for 2013-2014.
According to U.S. Pet Ownership & Demographics Sourcebook 2012, mean veterinary expenditure per dog increased to USD 227 in 2012 from USD 200 in 2007 while expenditure on cat increased from USD 81 in 2007 to USD 90 in 2012. Pet health insurance has been in existence worldwide since the early 1900s but was not offered in North America until the 1980s, beginning with the formation of Veterinary Pet Insurance (VPI), owned by Nationwide.
According to North American Pet Health Insurance Association, North American pet insurance market is estimated to USD 660.5 million and over 1.44 million North American pets are insured by NAPHIA members.
The U.K. pet insurance market is seeing double-digit increase in each of the past 5 years. Between 2010 and 2014, the market for pet insurance in the U.K. by gross written premiums has increased by 55.1%. The growth in pet insurance is mainly due to the rising cost of veterinary treatments and services. Increasing pet insurance is expected to increase the veterinary expenditure and more veterinary visits which is the major factor for the growth of veterinary immunodiagnostics market.
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The report provides meticulous analysis of veterinary immunodiagnostics market on the basis of product (analysers, consumables), technology (elisa, radioimmunoassay, rapid tests, and others), animal type [livestock (cattle, pigs, poultry) and companion (feline, canine, equine)], application (infectious diseases, autoimmune disorder, endocrinology & oncology, and bone & mineral diseases), and end-user, and geography.
The key players analyzed in the Veterinary Immunodiagnostics Market are Abaxisinc., bioMérieux SA, IDEXX Laboratories inc., Heska Corporation, Virbac SA, Zoetisinc., Randox Laboratories Ltd., Neogen Corporation, Woodley Equipment Company Ltd, Thermo Fisher Scientific Inc., and QIAGEN N.V..
Key Topics Covered in This Report:
- Research Methodology
- Executive Summary
- Market Share Analysis
- Market Insights
- Global Veterinary Immunodiagnostics Market, By Product
- Global Veterinary Immunodiagnostics Market, By Animal Type
- Global Veterinary Immunodiagnostics Market, By Technology
- Global Veterinary Immunodiagnostics Market, By Application
- Global Veterinary Immunodiagnostics Market, By End User
- Geographic Analysis
- Competitive Landscape
- Company Profiles
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Veterinary Immunodiagnostics Market- Global Opportunity Analysis And Industry Forecast (2017-2022)