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(Medical-NewsWire.com, March 25, 2020 ) The veterinary diagnostics market is expected to reach USD 4.00 billion by 2023 from an estimated USD 2.63 billion in 2018, at a CAGR of 8.8 %. Factors such as growing companion animal population, growing prevalence of animal zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance & growing animal health expenditure, and the increasing number of veterinary practitioners and income levels in developed economies are expected to drive the growth of the veterinary diagnostics market.
The immunodiagnostics segment is expected to account for the largest share of the veterinary diagnostics market in 2018
On the basis of technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, urinalysis, and other veterinary diagnostic technologies. In 2018, the immunodiagnostics segment is expected to account for the largest share of the veterinary diagnostics market. The large share can be attributed to the high accuracy of immunodiagnostic tests, high preference for these tests by veterinary practitioners, and its wide applications in veterinary diagnostics.
By animal type, the companion animals segment is estimated to account for the largest share of this market in 2018
Based on animal type, the veterinary diagnostics market is categorized into livestock and companion animals. In 2018, the companion animals segment is expected to account for the largest share of the veterinary diagnostics market. The large share can be attributed to the increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure.
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Veterinary reference laboratories are estimated to hold the largest share of the veterinary diagnostics market in 2018
On the basis of end user, the veterinary diagnostics market is broadly segmented into reference laboratories, veterinary hospitals & clinics, research institutes & universities, and point-of-care/in-house testing. Reference laboratories are the major end users of diagnostic instruments and consumables, and accounted for the largest share of the veterinary diagnostics market in 2017, followed by veterinary hospitals and clinics, point-of-care/in-house testing, and research institutes. The large share of this end-user segment is mainly due to the large number of samples received for analysis in reference laboratories from small and large animal practices.
North America is expected to dominate the market in 2018
North America is estimated to account for the largest share of the veterinary diagnostics market in 2018, followed by Europe. The large share can be attributed to the increasing animal population, rising demand for animal-derived food products, growth in pet insurance, and rising animal health expenditure in North America.
The key players in the global veterinary diagnostics market are IDEXX Laboratories, Inc. (US), Abaxis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Heska Corporation (US), Zoetis, Inc. (US), QIAGEN N.V. (Netherlands), IDvet (France), bioMérieux SA (France), Virbac (France), and Randox Laboratories Ltd. (UK).
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