Global Veterinary Diagnostics Market Report 2021-2028 Featuring Market Differentiators

DUBLIN, August 18, 2021 / PRNewswire / – The “Veterinary Diagnostics Market Analysis Report By Product (Consumables, Reagents And Kits, Instruments, And Gadgets), By Species (Dogs, Pigs), By Test Category, By Disease Type, By End Usage And Segment Predictions 2021-2028” was updated to the Added offer from ResearchAndMarkets.com.

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It is expected to be the global Veterinary Diagnostic Market size $ 14.6 billion by 2028 with an annual growth rate of 11.5% from 2021 to 2028

The growing incidence of zoonoses and foodborne diseases is expected to drive the market over the forecast period. Additionally, increasing companion ownership in developing countries is another factor driving the market.

At the global level, the consumption of animal products is increasing. This is supported by the increase in human population, per capita income and animal health awareness in developing countries. Because of all these elements, the global demand for animal diagnostics has increased. The in vitro (IVD) test kits and analyzers are quickly filling the market.

That being said, there has been growth in point of care treatments for animals as it provides comfort for the animals and their carers. In addition, the shift towards advanced test techniques such as immune and molecular diagnostics, hematology and nanotechnology, which deliver results quickly and efficiently, continues to drive market growth.

Veterinary Diagnostics Market Report Highlights

• The consumables segment had the largest share of sales in 2020 due to the increased use of consumables in point-of-care diagnostics.

• In the species segment, dogs held the largest share of sales in 2020, followed by cats and pigs. The growth is due to increasing health care spending and the growing ownership of companions.

• The Pathology segment had the largest share of sales in 2020 due to the increasing demand for diagnostic consumables and instruments for laboratory tests and the growing volume of pathology tests performed on farm animals, birds and pets.

• The Non-Infectious Diseases segment had the largest share of sales in the Diseases segment in 2020. But the number of hereditary, congenital, structural and functional diseases in farm animals and domestic animals is increasing worldwide.

• The point-of-care segment is expected to show the strongest growth in the coming years. This growth is due to the speed, efficiency, and ease of use of point-of-care testing.

• Asia Pacific should turn out to be the fastest growing region in this market segment. In addition, it can be observed that the US has the most companies operating in this area, which in turn has contributed to the largest market share in the US North America in 2020.

• Global meat production is also likely to increase enormously due to the rising per capita income of people in emerging countries, the need for animal protein and the escalating population.

• The coming tools and techniques in veterinary diagnostics are nucleic acid, non-PCR techniques, biosensors, fluorescence polarization technology, whole genome sequencing (WGS), biomarkers, nanotechnology, digitization and big data usage, wearables and apps such as vet on demand, treats, pet life and pet + pixie.

Veterinary Diagnostics Market Dynamics

The story goes on

General Trends in the Veterinary Diagnostic Market

• Increase in animal health and pet ownership spending

• Total U.S. Pet Clinical Visits (%, 2019)

• Critical need for correct diagnosis

• Increase in the number of veterinarians and use of in vitro diagnostic (IVD) instruments

• Asia Pacific and Africa most affected by animal diseases

• The market is shifting towards quality, safety and effective products

• Increasing use of immunoassays and molecular diagnostics

• Analyzers in the clinic are becoming increasingly popular

• Increase in the incidence of diseases due to climatic changes

• Economic downturn and resistance to recession in the market

Market driver analysis

• Increase in the population of pets and pet owners

• Increasing number of vets and visits to the vet

• Growing demand for pet insurance

• Technological advances

• Growing demand for point-of-care diagnostics

Analysis of market reluctance

• Economic differences in developed and developing markets

• Differences in culture, dietary preferences, pet owner preferences, and animal care standards

• Epidemiological differences and disease dynamics

• Availability of conducive climate, arable land and fresh water

• Unstructured and lenient rules and regulations

• Time consuming R&D processes and higher investments

Veterinary Diagnostics Market: Competitive Analysis

Company profiles

Please visit https://www.researchandmarkets.com/r/21lb42 for more information on this report

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