Veterinary Diagnostics Market
Veterinary Diagnostics Market Size, Share & Trends Analysis Report by Product Type (Instruments, Consumables), by Animal Type (Companion Animals, Livestock), by Technology (Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
Market Snapshot
Veterinary Diagnostics Market Forecast Year: | 2022 - 2028 |
Veterinary Diagnostics Market Historical Year: | 2016 - 2021 |
Veterinary Diagnostics Market 2021: | USD 2,183.5 Million |
Veterinary Diagnostics Projected Market 2028: | USD 3,682.1 Million |
Veterinary Diagnostics Market CAGR: | 9.10% |
Fastest Growing Region: | Asia Pacific |
Largest Region: | North America |
Market Synopsis:
Global Veterinary Diagnostics Market valued at USD 2,183.5 Million in 2021 and is projected to reach a value of USD 3,682.1 Million by 2028 at a CAGR of 9.10% over the forecast period.
The Veterinary Diagnostics Market is witnessing considerable growth during the forecast period. The growth of the Veterinary Diagnostics Market is mainly attributed to the rising companion animal population, increase in demand for animal-derived food products, increasing occurrences of zoonotic and transboundary diseases, increasing animal health expenditure, growth in the demand for pet insurance, and growth in the number of veterinary doctors and the income in the developed economies. Moreover, the shifting of consumers toward advanced test techniques like hematology, nanotechnology, immune and molecular diagnostics which are efficient and quick in generating results and are further fueling the growth of the market during the forecast period. Additionally, the advancements in diagnostics together with the rising adoption of innovative and latest techniques in most laboratories are expected to boost the Veterinary Diagnostics Market growth in the coming years. Furthermore, the continuous growth in the population of pets and the rising penetration of Veterinary Diagnostics products at the veterinary hospitals are contributing to the Veterinary Diagnostics Market growth during the forecast period. Additionally, the increasing demand for point-of-care diagnostics is predicted to propel the growth of the market as it offers fast results in the clinical tests and can be directly evaluated to save time which is expected to increase the demand for Veterinary Diagnostics in the coming future. Besides, the lack of skilled veterinarians and the diagnostics infrastructure particularly in the emerging countries, and the high cost of advanced diagnostics tests are the major factor limiting the growth of the Veterinary Diagnostics market during the forecast period.
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Region & Counties Covered
Companies Covered
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
impact analysis
Market Segmentation:
The Veterinary Diagnostics market is segmented on the basis of product type, animal type, and technology. On the basis of product type, the market is segmented as Instruments and Consumables. Based on animal type, the market is segmented as Companion Animals and Livestock. Based on technology, the market is segmented into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, and other Veterinary Diagnostic Technologies.
Below tree is interactive. You can click the nodes to get more information.
Consumables Segment is Anticipated to Expand at the Highest CAGR During Forecast Period
Based on product type, the consumables segment is expected to grow at the highest CAGR during the forecast period. The growth of the consumables segment is mainly attributed to the increasing expectations for rapid and accurate results together with the introduction of advanced kits and reagents. Moreover, the consumables and reagents are varied compatible to use with the various Veterinary Diagnostics equipment’s which is expected to drive the growth of this segment in the upcoming years.
Companion Animal Segment Acquires the Largest Market Share
Based on animal type, the companion animal segment is predicted to acquire the largest share of the Veterinary Diagnostics market during the forecast period. The growth of the companion segment growth is attributed to the increasing number of companion animals in the developed regions like Europe and North America, and the huge expenditure on the companion animals in these regions.
North America Leads the Global Veterinary Diagnostics Market
North America region accounts for the largest market share. The growth of the Veterinary Diagnostics Market in North America is attributed to the rising population of companion and the food-producing animals, the availability of technologically advanced veterinary reference laboratories, increase in the consumption of meat and dairy products, growth in the pet insurance coverage, and the increasing expenditure of the veterinary healthcare.
Asia Pacific is Projected to be the Fastest-Growing Region Over Forecast Period
The Asia Pacific is expected to dominate the Veterinary Diagnostics Market during the forecast period. The growth of the Asia Pacific region is attributed to growth in the adoption of pets, increasing awareness associated with animal health, and an increase in the per capita income expenditure on animal health.
Competitive Landscape:
The Veterinary Diagnostics market is fragmented in nature due to the presence of key market players. Some of the key players in the market are Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote Inc. (South Korea), BioChek (Netherlands), Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), and Precision Biosensor Inc. (South Korea)..
Segmentation of Veterinary Diagnostics Market:
Frequently Asked Questions
-
What is
the global demand for Veterinary Diagnostics
in terms of revenue?
The global Veterinary Diagnostics valued at USD 2,183.5 Million in 2020 and is expected to reach USD 3,682.1 Million in 2028 growing at a CAGR of 9.10%
-
Which
are the prominent players
in the market?
The prominent players in the market are Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote Inc. (South Korea), BioChek (Netherlands), Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), and Precision Biosensor Inc. (South Korea)..
-
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.10% between 2021 and 2028.
-
What are
the driving factors
fueling the growth of the market.
The driving factors of the Veterinary Diagnostics include
- Growth in the companion animal population
-
Which
region accounted for the
largest share in the market?
North America was the leading regional segment of the Veterinary Diagnostics in 2020.