Veterinary Diagnostics Market by Product, Technology, Animal and End-user - Global Forecast to 2026


Dublin, June 22, 2021 (GLOBE NEWSWIRE) -- The "Veterinary Diagnostics Market by Product(Instruments, Consumables), Technology (Immunodiagnostics (Lateral Flow, ELISA), Clinical Biochemistry, PCR, Hematology, Urinalysis), Animal (Dog, Cat, Cattle, Pig, Poultry, Horse), End User - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The veterinary diagnostics market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%.

Market growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, 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, rising petcare costs is expected to restrain the overall market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.

COVID-19 - or coronavirus disease 2019 - is the disease that people get from being infected with the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Domestic animals do not get COVID-19 as humans do, but under natural conditions, pet cats - and, to a lesser extent, pet dogs - may, albeit rarely, become infected with SARS-CoV-2 after close and prolonged contact with a COVID-19-positive person. The number of vet visits and diagnostic testing drastically reduced in March, April, and May 2020 but started increasing from the third quarter of 2020 with a high growth rate. It is expected to normalize in the second and third quarters of 2021. Hence, the COVID-19 pandemic is expected to have a temporary and minimal impact on the veterinary diagnostics market during the forecast period.

Consumables accounted for the highest share of the global veterinary diagnostics market in 2020

Based on product, the global veterinary diagnostics market is segmented into instruments and consumables. In 2020, the consumables segment accounted for the largest share of the global veterinary diagnostics market. The large share of the consumables segment can be attributed to the recurrent purchase of diagnostic kits and reagents due to the increasing volume of diagnostic tests, increasing incidence of various infectious diseases, and increasing veterinary expenditure.

Immunodiagnostics segment occupies the highest share in the global veterinary diagnostics market in the forecasted period

Based on technology, the global veterinary diagnostics market is segmented into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, and Other Veterinary Diagnostic Technologies. The large share of this segment can primarily be attributed to the widespread popularity of immunodiagnostics in disease diagnosis as well as in screening disease progression and observing patients' responses to therapy. In addition, the low cost, low procedural complexity, and greater adoption of immunodiagnostics due to ease of training are further driving the growth of this market segment. Furthermore, the recurrent purchase of diagnostic kits and reagents due to the increasing volume of diagnostic tests, increasing incidence of various infectious diseases, and increasing veterinary expenditure is expected to increase growth. Additionally, the higher preference by veterinarians, pet owners, and livestock producers and wide applications of this technology are contributing to the large share of the immunodiagnostics segment.

The companion animal segment dominated the global veterinary diagnostics market in 2020

Based on the animal type, the global veterinary diagnostics market is segmented into companion animal and livestock. In 2020, the companion animals segment accounted for the largest share of the global veterinary diagnostics market. This can be attributed to the rising number of companion animals across the globe, the willingness of owners to spend more on their pets, the rising adoption of pet insurance, and the availability of cheaper and easy-to-use POC diagnostic tests for companion animals.

Veterinary reference laboratories are the major end users in the veterinary diagnostics market

Based on end users, the global veterinary diagnostics market is segmented into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing, and veterinary research institutes and universities. In 2020, veterinary reference laboratories were the major end users in the veterinary diagnostics market. The large share of the veterinary reference laboratories segment can be attributed to the increasing number of veterinary diagnostic reference laboratories, high test volumes at reference laboratories, and the increasing demand for veterinary diagnostic testing for infectious diseases. Additionally, rising awareness among pet owners regarding routine and preventive care is further expected to propel market growth.

North America accounts for the highest share in the global veterinary diagnostics market in the forecasted period

North America accounted for the highest share of the global veterinary diagnostics market during the forecast period. The US accounted for the largest share of the North American veterinary diagnostics market in 2020. The growth in the veterinary diagnostics market of North America is characterized by the increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Veterinary Diagnostics Market Overview
4.2 Asia-Pacific: Veterinary Diagnostics Market, by End-user and Country (2020)
4.3 Veterinary Diagnostics Market: Geographic Growth Opportunities

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Growth in the Companion Animal Population
5.2.1.2 Rising Demand for Animal-Derived Food Products
5.2.1.3 Increasing Incidence of Transboundary and Zoonotic Diseases
5.2.1.4 Rising Demand for Pet Insurance and Growing Animal Health Expenditure
5.2.1.5 Growing Number of Veterinary Practitioners & Their Rising Income Levels in Developed Economies
5.2.2 Market Restraints
5.2.2.1 Rising Pet Care Costs
5.2.3 Market Opportunities
5.2.3.1 Increased Use of Pcr Testing Panels to Rule Out COVID-19 Virus in Animals
5.2.3.2 Untapped Emerging Markets
5.2.4 Market Challenges
5.2.4.1 Shortage of Veterinary Practitioners in Developing Markets
5.3 Industry Trends
5.3.1 Adoption of Multiple Testing Panels
5.3.2 Outsourcing of Veterinary Diagnostic Testing Services
5.3.3 Growing Consolidation in the Veterinary Diagnostics Industry
5.4 Disease Trends
5.5 Technological Analysis
5.6 Pricing Analysis
5.7 Impact of COVID-19 on the Veterinary Diagnostics Market
5.8 Value Chain Analysis
5.9 Ecosystem Market Map
5.10 Porter's Five Forces Analysis
5.11 Supply Chain Analysis
5.12 Regulatory Analysis
5.13 Patent Analysis

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
12.1 Key Players
12.1.1 Idexx Laboratories, Inc.
12.1.2 Zoetis, Inc.
12.1.3 Thermo Fisher Scientific, Inc.
12.1.4 Heska Corporation
12.1.5 Biomerieux Sa
12.1.6 Neogen Corporation
12.1.7 Bio-Rad Laboratories, Inc.
12.1.8 Virbac
12.1.9 Indical Bioscience Gmbh
12.1.10 Bionote Inc.
12.1.11 Biogal Galed Labs
12.1.12 Agrolabo S.P.A.
12.1.13 Idvet
12.1.14 Randox Laboratories Ltd.
12.1.15 Biochek
12.2 Other Players
12.2.1 Fassisi Gmbh
12.2.2 Alvedia
12.2.3 Skyer, Inc.
12.2.4 Shenzhen Bioeasy Biotechnology Co. Ltd.
12.2.5 Biopanda Reagents

13 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/vqza2d

 

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