The rate of foodborne and zoonosis infections has increased in recent years. According to the WHO, an estimated 600 million, i.e., almost 1 in 10 people, fall ill every year from consuming contaminated food. Children under five years of age are at a particularly high risk of carrying 40% of the burden of foodborne disease, with 125,000 children dying from foodborne diseases every year. Further, there are many key conditions responsible for increasing prevalence of disease and affecting the health of the pet population. Diabetes Mellitus & Heartworm Diseases are the most common diseases diagnosed in canine and feline. According to Vetsource 2018, it is estimated that 1 in every 300 dogs and 1 in 230 cats develop diabetes during their lifetime. Thus, to prevent these diseases, diagnostic technologies are expected to play a crucial role by helping identify or early cause of disease, thereby providing proper treatment.
In efforts to deliver effective diagnostic products, manufacturers have started developing tests that require minimal time for testing and are more advanced than the available tests. Meticulous Research®, in its latest publication on Veterinary Diagnostics Market, states that the global veterinary diagnostics market is expected to grow at a CAGR of 9.3% from 2022 to 2029 to reach $6.37 billion by 2029.
The growth of the global veterinary diagnostics market is mainly attributed to the rising prevalence of zoonotic diseases, rising demand for livestock-derived food products, favorable government initiatives, increasing animal health expenditure, and technological advancements in veterinary diagnostics. Moreover, emerging countries provide increasing growth opportunities for players operating in the veterinary diagnostics market. On the other hand, increasing pet care costs hinder the growth of this market to a certain extent.
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To provide efficient analysis, Meticulous Research® has segmented the Veterinary Diagnostics Market by Product (Consumables, System & Software), Technology (Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Clinical Biochemistry), Animal Type (Companion, Livestock), End User (Reference Lab, Veterinary Hospital, and Point of Care Testing) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Wherein, geographically, North America is estimated to account for the largest share of the global veterinary diagnostics market in 2022, closely followed by Europe and Asia-Pacific. However, Asia Pacific is slated to register the highest growth during the forecast period primarily due to the large population of livestock animals, rising incidence of various diseases in animals, and high demand for animal-derived food products.
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Based on technology, the immunodiagnostics segment is estimated to account for the largest share of this market in 2022. Growing adoption of diagnostic products based on immunodiagnostic technology, development of advanced diagnostic immunoassay tests, rising trend of automation, and reduced complications associated with the instruments are some factors driving the growth of this market.
Based on end user, reference laboratories accounted for the largest share of the veterinary diagnostics market. Factors driving the market’s growth are the growing preference for diagnostic services offered by reference laboratories and the increasing development of products through strategic alliances between laboratories and companies.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands), among others.
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Key questions answered in the report-
- What is the current value of revenue generated by veterinary diagnostic products across the globe?
- At what rate is the demand for global veterinary diagnostics products projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for veterinary diagnostics across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the veterinary diagnostics market at various levels in the value chain?
- Which segments in terms of the product, technology, animal type, and end user are creating the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global veterinary diagnostics market?
- Who are the major players in the global veterinary diagnostics market? And also, what are their specific consumables/software/system offering in the veterinary diagnostics industry?
- What recent developments have taken place in global veterinary diagnostics, and how these strategic developments are creating a global impact in this market?
Author:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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