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(Medical-NewsWire.com, November 11, 2016 ) The Global Veterinary Diagnostics Market is estimated to be $2.8 billion in 2014 and is poised to reach $5.9 billion by 2022, growing at a CAGR of 9.8% from 2014 to 2022. Some of the key factors driving the market growth are increasing awareness in developing nations towards animal health, advancement in the diagnostic technologies, surging demand for animal protein, increase in pet ownership, food safety and improved nutrition.
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Whereas factors such as financial hesitation, change to vegetarian diet, restrictions imposed by regulatory bodies, protest of activists against the animal research and increasing cost of animal testing and decrease in the Veterinary population are the major challenges in the Veterinary diagnostics Market.
The Global Veterinary Diagnostics Market is segmented based on product type, animal type, and geography. By animal type, the veterinary healthcare market is categorized into Farm animals and Companion animals. The Farm Animal segment is further classified into Cattle, Swine, Fish, Sheep and Poultry. The Companion animals segment comprise of Dogs, Cats and Horses. Based on product type, the market is segmented into Clinical Chemistry, Molecular Tests, Microbiology, Immunodiagnostics, Diagnostic Imaging, Urinalysis, Hematology, and Others. By geography, the veterinary healthcare market is segmented into North America, Europe, Asia Pacific and Rest of the World. There were many mergers, joint ventures and acquisitions took place in recent years. North America leads the Veterinary Diagnostics Market followed by Europe and then Asia-Pacific. However, Asia-Pacific is expectedto grow at the highest CAGR during the forecast period led by the increasing pet adoption rates.
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Some of the key players in Veterinary Diagnotics Market include Zoetis, IDEXX Laboratories, Abaxis, Mindray Medical International Ltd., Thermo Fisher Scientific Inc., and VCA.
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