Global Veterinary Diagnostics Market
Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Veterinary Diagnostics Market by Product (Instruments, Consumables), Technology (Immunodiagnostics (ELISA), Molecular Diagnostics (PCR, Microarrays), Hematology), Animal (Dogs, Cats, Cattle, Pigs), End User (Hospitals & Clinics) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Veterinary diagnostics refers to the diagnosis of animal diseases and disorders using various veterinary diagnostic test kits, tools, and instruments such as clinical chemistry analyzers, hematology analyzers, glucose monitoring systems, urine analyzers, blood gas-electrolyte analyzers, and ELISA test kits.
The global veterinary diagnostics market is projected to reach USD 4.4 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 9.2%. Market growth can largely be attributed to the rising demand for animal-derived food products, the rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, the lack of animal healthcare awareness and the shortage of veterinarians in emerging markets pose a challenge for the leading players operating in the market.
The consumables segment accounted for the larger share of the global veterinary diagnostics market
Based on products, the veterinary diagnostics market is segmented into consumables and instruments. In 2021, the consumables segment accounted for the larger share of the global veterinary diagnostics market. Consumables include blood glucose strips, urine glucose strips, urine test strips, ELISA rapid test kits, lateral flow rapid test kits, PCR tests, preloaded reagent clips and cartridges or panels, and other test reagents and consumables. The large share of the consumables segment can be attributed to the rising prevalence of zoonotic diseases and the growing animal population.
The clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market
Based on technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (includes microbiology and histopathology tests). In 2021, the clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market. Clinical biochemistry analyzers are more commonly adopted in veterinary diagnostic laboratories, leading to a higher share in the veterinary diagnostics market.
The companion animals segment is expected to register the highest growth during the forecast period
Based on animal type, the veterinary diagnostics market is segmented into companion animals and livestock. The companion animals segment is expected to register the highest growth of during the forecast period. This can be attributed to the growth in the companion animals market is mainly driven by the growing pet adoption due to rising urbanization, the growing expenditure on pet care, the increasing demand for pet insurance, the growing adoption of animal-assisted therapy, economic growth, and the rising incidence of age-related diseases in companion animals.
The Asia Pacific region is expected to register the highest CAGR in 2021
Geographically, the veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary diagnostics market.
Growth in Companion Animal Population
Rising Demand for Animal-Derived Food Products
Increasing Incidence of Transboundary and Zoonotic Diseases
Rising Demand for Pet Insurance and Growing Animal Health Expenditure
Growing Number of Veterinary Practitioners and Rising Income Levels in Developed Economies
Increasing Disease Control and Disease Prevention Measures
Rising Pet Care Costs
High Costs of Veterinary Diagnostic Tests
Increased Use of PCR Testing Panels to Rule Out COVID-19 Virus in Animals
Untapped Emerging Markets
Lack of Animal Healthcare Awareness in Emerging Countries
Shortage of Veterinary Practitioners in Developing Markets
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Veterinary Diagnostics Market, by Product
7 Veterinary Diagnostics Market, by Technology
8 Veterinary Diagnostics Market, by Animal Type
9 Veterinary Diagnostics Market, by End-user
10 Veterinary Diagnostics Market, by Region
11 Competitive Landscape
12 Company Profiles
Bio-Rad Laboratories, Inc.
Biogal Galed Labs
Euroimmun Medizinische Labordiagnostika AG
Fujifilm Holdings Corporation
Idexx Laboratories, Inc.
Indical Bioscience GmbH
Precision Biosensor, Inc.
Randox Laboratories Ltd.
Shenzhen Mindray Animal Medical Technology Co. Ltd.
Shenzhen Bioeasy Biotechnology Co. Ltd.
Thermo Fisher Scientific, Inc.
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