Veterinary Diagnostics Market Report 2022: Rising Demand for Pet Insurance and Growing Animal Health Expenditure Boosts Sector

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Global Veterinary Diagnostics Market

Global Veterinary Diagnostics Market
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.

Market Dynamics

Market Drivers

  • 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

Market Restraints

  • Rising Pet Care Costs

  • High Costs of Veterinary Diagnostic Tests

Market Opportunities

  • Increased Use of PCR Testing Panels to Rule Out COVID-19 Virus in Animals

  • Untapped Emerging Markets

Market Challenges

  • Lack of Animal Healthcare Awareness in Emerging Countries

  • Shortage of Veterinary Practitioners in Developing Markets

Key Topics Covered:

1 Introduction

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

13 Appendix

Companies Mentioned

  • Agrolabo S.P.A.

  • Alvedia

  • Biomerieux SA

  • Bio-Rad Laboratories, Inc.

  • Bionote Inc.

  • Biogal Galed Labs

  • Biochek

  • Biopanda Reagents

  • Euroimmun Medizinische Labordiagnostika AG

  • Fujifilm Holdings Corporation

  • Fassisi GmbH

  • Heska Corporation

  • Idexx Laboratories, Inc.

  • Indical Bioscience GmbH

  • Idvet

  • Neogen Corporation

  • Precision Biosensor, Inc.

  • Randox Laboratories Ltd.

  • Shenzhen Mindray Animal Medical Technology Co. Ltd.

  • Skyer, Inc.

  • Shenzhen Bioeasy Biotechnology Co. Ltd.

  • Skyla Corporation

  • Thermo Fisher Scientific, Inc.

  • Virbac

  • Zoetis, Inc.

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

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