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(Medical-NewsWire.com, November 01, 2019 ) What is the Expert Analysis of Global Veterinary Infectious Disease Diagnostics Industry?
The veterinary infectious disease diagnostics market is projected to reach USD 2.2 billion by 2024 from USD 1.4 billion in 2019, at a CAGR of 8.4%. The growth of this market is driven by growing advancements in diagnostic devices, growth in the companion animal population, rising demand for pet insurance, growth in the number of veterinary practitioners in developed economies, and increasing disease control & disease prevention measures.
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Global Market Segmentation:
In this report, the global veterinary infectious disease diagnostics market has been segmented into technology, animal type, end-user, and region. Based on technology, the veterinary infectious disease diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other veterinary diagnostic technologies. The immunodiagnostics segment is classified further into lateral flow assays, ELISA tests, and other immunodiagnostic products. The molecular diagnostics segment is divided further into PCR tests, microarrays, and other molecular diagnostics products.
The immunodiagnostics segment is expected to register the highest growth rate in the veterinary infectious disease diagnostics market during the forecast period. The higher preference for advanced infectious disease diagnostic products by veterinarians, animal farm owners, government institutions & organizations, pet owners, and laboratory technicians; growing demand for early & accurate diagnosis; increasing preference for in-house testing; and the increasing applications of immunodiagnostics are supporting the growth of this application segment.
Based on animal type, veterinary infectious disease diagnostics market is segmented into companion animals and food-producing animals. The animal segment is sub-segmented into viral, bacterial, parasitic, and other infections. In 2018, the companion animals segment accounted for the larger share of the veterinary infectious disease diagnostics market. Increasing pet ownership (especially in developed countries), growing penetration of pet insurance, rising number of veterinary practitioners globally, and the increasing animal disease control and disease prevention measures will continue driving the growth of this segment.
Based on end-user, the veterinary infectious disease diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, research institutes & universities, and point-of-care/in-house testing. The reference laboratories segment was the largest end-user of the veterinary infectious disease diagnostics market in 2018. The large share of this end-user segment is mainly due to a large number of samples received for analysis in reference laboratories from small and large animal practices.
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What Drives the Market?
The growth of the global market for veterinary infectious disease diagnostics is primarily influenced by the following factors:
Growing Demand for Advanced Diagnostic Devices
Rising Demand for Animal-Derived Food Products
Growth in Companion Animal Population
Rising Demand for Pet Insurance
Increasing Number of Veterinary Practitioners in Developed Economies
Increasing Disease Control and Disease Prevention Measures
Geographical Growth Analysis:
On the basis of region, the market is segmented into North America (US and Canada), Europe (Germany, UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa. North America accounted for the largest share of the veterinary infectious disease diagnostics market in 2018. Factors such as the increasing demand for prevention, early diagnosis & treatment of veterinary infectious disease diagnostics, growing pet insurance industry, rising veterinary healthcare expenditure, growing awareness of zoonotic diseases, and the growing number of veterinary practices are expected to drive the veterinary infectious disease diagnostics market in the region.
Key Players and Strategies Adopted by Them:
The major players operating in the veterinary infectious disease diagnostics market include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), QIAGEN N.V. (Indical GmbH) (Germany), Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Virbac (France), bioMérieux SA (France), IDVet (France), Randox Laboratories, Ltd. (UK), Heska Corporation (US), Creative Diagnostics (US), URIT Medical Electronic Group Co., Ltd (China), NTBIO Diagnostics, Inc. (Canada), Bio-X Diagnostics (Belgium), Agrolabo S.p.A (Italy), Eurolyser Diagnostica (Austria), Eurofins Technologies (Hungary), MEGACOR Diagnostik GmbH (Austria), AusDiagnostics Pty, Ltd. (Australia), Demedetic Diagnostics GmbH (Germany), Chembio Diagnostic Systems, Inc. (US), DRG Diagnostics GmbH (Germany), XpressBio (US), InBios International, Inc. (US), and Genesig (Primerdesign) (UK), among others.
Mr. Shelly Singh