The Veterinary Diagnostics Market is estimated to reach $6178.34 Million by 2020 at a CAGR of 8.6%. Diagnostics provide tools for effective and rapid testing to undertake preventative or remedial measures for the health of the animal population. For instance, lateral flow and other rapid tests are used in veterinary medicine to test commercial livestock (large animals - cows, poultry, sheep, pigs, etc.) and household pets (cats, dogs, etc.) to test for the presence of a variety of medical conditions caused by bacteria, viruses, allergies, and fertility issues. Food animal diagnostics assist in livestock and production animal preventive care and complement other measures such as vaccination and selective breeding.
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The Global Veterinary Diagnostics Industry has seen an exemplary shift in the past few years with the emergence of new and technologically advanced products, which had an optimistic impact on the overall growth of the market. Veterinary diagnostic products are as complex as they are difficult to manufacture. Many of the rapid assay, poultry and livestock diagnostic products are biologic products which demand materials from living organisms. Because of this reason, during economic recession, United States faced a decline in consumer spending on pets, which affected the veterinary diagnostics market. Market development for companion animal diagnostic has depended heavily upon the purchasing and usage of in-clinic analysers or diagnostic instruments used at veterinary practices.
Global market for Immunodiagnostics is expected to grow at a higher CAGR due to the increase in the number of foodborne diseases affecting the animals and the need to perform various tests has increased gradually. In turn, the market for Molecular diagnostics is expected to grow at a higher than that of Immunodiagnostics due to the wide scope it provides over the likes of immunodiagnostics. Increase in purchase and usage of various diagnostic instruments that are utilized in veterinary practices, in-clinic diagnostic procedures, high income households that keep pets and regularly visit veterinary laboratories are propelling the growth of this market. However, increasing adoption of vegetarian food due to changing food habits, the economic downturn, the increasing risk of obesity, exposure to global cuisines, and other diseases are some of the factors affecting the growth.
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The global veterinary diagnostics market is segmented by products, type of animals, and geography. The veterinary diagnostics market is mainly categorized by product into clinical chemistry, molecular diagnostics, haematology analysers, diagnostic imaging, immunodiagnostics, and others. The animal market covers companion animals and food-producing animals. Furthermore, based on geography the market is analysed under various regions, namely North America, Europe, Asia-Pacific, Latin America & Middle East & Africa. The North American market dictates the global veterinary diagnostics market with the largest market share, followed by the European market. The Latin American and Asia-Pacific markets are expected to be the most worthwhile market in terms of growth rate.
VCA Inc., Heska Corporation, Abaxis, Inc., VIRBAC, IDEXX Laboratories, Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc. are some the major companies catering this industry.
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