Analyst Speak:

“The Global Veterinary Diagnostics Market was valued around US$ 3,192.3 Mn in 2018 and expected to burgeon at prominent growth rate over seven years of forecast period 2019-2025 owing to increase in prevalence of various animal zoonotic diseases”

Precision Business Insights (PBI) in its report titled “Global Veterinary Diagnostics Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over eight years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.

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The global veterinary diagnostics market was valued at US$ 3,192.3 Mn in 2018 and expected to grow at prominent growth rate over the forecast years owing to increase in the animal adoption rate, rise in prevalence of various veterinary diseases, rise in veterinary healthcare expenditure, and grow in demand for pet insurance. Besides, rise in R&D for the developments in veterinary diagnostics such as adoption of nanotechnology and development of veterinary diagnostic procedures from human diagnostics, government support for the livestock farmers, and grow in disposable income are projected to boost the global veterinary diagnostics market. On the other hand, strict regulatory framework for the product approval, lack awareness about veterinary diseases in underdeveloped countries, and rise in pet care cost are anticipated to impede the global veterinary diagnostics market over forecast years.

Global veterinary diagnostics market segmented on the basis of product type, technology, animal type, end user, and region

Immunodiagnostics accounted for higher revenue share

Based on technology, global veterinary diagnostics market segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and others. Among all the technologies, immunodiagnostics accounted for higher revenue share in 2018 and estimated to lead the market over forecast years due to high sensitivity and reproducibility compared with other diagnostic techniques, rapid results, and easy diagnostic procedures. Moreover, wide range of applications with immunoassays for the infectious disease diagnosis also spur the market. In addition, Molecular diagnostics segment expected to grow at highest growth rate over the forecast years owing to launch of advanced test kits into market. For instance, in February 2019, Thermo Fisher Scientific launched VetMAX PRRSV EU & NA 2.0 kit, a new generation PRRSV molecular diagnostic kit to detect and differentiate the European and North American genotypes of the porcine reproductive and respiratory syndrome (PRRS) virus from a variety of swine samples.

North America Dominated the Global Veterinary Diagnostics market

PBI’s global veterinary diagnostics market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, Nprth America dominated the veterinary diagnostics market from 2014-2018 and the same trend is expected to follow over 2019-2025 owing to escalation in pet animal adoption rate in USA and Canada, surge in R&D for the development of advanced test kits, and increase in veterinary healthcare expenditure in the region. Europe projected to exhibit lucrative opportunities over the forecast years owing to adoption of advanced technologies, increase in awareness about the veterinary diseases in Germany, France, and UK, and presence of huge number of market players in the region. 

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Launch of newer products, frequent product approvals, and strategic alliances are the key strategies adopted by market players

Global veterinary diagnostics market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance. In July 2018, Zoetis, Inc. acquired Abaxis, a leader in the development, manufacture and marketing of diagnostic instruments for veterinary point-of-care services to strengthen its portfolio.

Key player’s profiles in the report are Zoetis, LLC, Idexx Laboratories, Qiagen N.V., Biomérieux SA, Randox Laboratories, Ltd., Thermo fisher Scientific, Inc., Heska Corporation, Neogen Corporation, Biorad  veterianry Diagnostics, and Mindray Medical International Limited.

Detailed Segmentation

By Product Type

Reagents and Kits
Instruments
Services

By Technology

Immunodiagnostics
Clinical Biochemistry
Molecular Diagnostics
Hematology
Urinalysis
Others

By Animal Type

Feline
Canine
Equine
Swine
Poultry
Beef
Cattle
Ruminants
Aquaculture
Others

By End User

Veterinary Hospitals
Veterinary Clinics
Research laboratories

Geography

North America

USA
Canada

Europe

Germany
UK
France
Russia
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Argentina
Rest of Latin America

Middle East and Africa

South Africa
Gulf Corporation Council Countries (GCC)
Rest of MEA

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