The veterinary diagnostics market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%

Market growth is largely due to the growth of the pet population, increasing incidence of cross-border and zoonotic diseases, increasing demand for animal foods, increasing demand for pet insurance, increasing spending on animal health, and increasing numbers of veterinary practitioners and income levels in developed economies.

New York, June 15, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the Veterinary Diagnostic Market report, by Product, Animal, End User – Global Forecast to 2026 – https://www.reportlinker.com/ p05084767 /? utm_source = GNW
On the other hand, rising pet care costs are expected to dampen overall market growth. Currently, the lack of qualified veterinarians and diagnostic infrastructure, especially in developing countries, is one of the main factors limiting the acceptance of advanced diagnostic solutions by veterinarians. The high cost of advanced diagnostic tests is another major barrier to their widespread adoption.

COVID-19 – or Coronavirus Disease 2019 – is the disease people get from an infection with the severe acute respiratory syndrome Coronavirus 2 (SARS-CoV-2). Pets do not get sick with COVID-19 like humans, but under natural conditions, house cats – and to a lesser extent also house dogs – can, albeit rarely, after close and prolonged contact with a COVID-19-positive person with SARS-CoV- Infect 2.

The number of veterinary visits and diagnostic tests decreased drastically in March, April and May 2020, but increased at a high rate of growth from the third quarter of 2020. It is expected to normalize in the second and third quarters of 2021.

Therefore, the COVID-19 pandemic is expected to have temporary and minimal impact on the Veterinary Diagnostics market during the forecast period.

Consumables accounted for the largest share of the global veterinary diagnostics market in 2020
Depending on the product, the global Veterinary Diagnostics Market is segmented into Instruments and Consumables. In 2020, the consumables segment had the largest share of the global veterinary diagnostics market.

The high proportion of the consumables segment is due to the recurring purchase of diagnostic kits and reagents due to the increasing volume of diagnostic tests, the increasing incidence of various infectious diseases and increasing veterinary spending.

The immunodiagnostics segment has the largest share of the global veterinary diagnostics market in the forecast period
Based on the technology, the global Veterinary Diagnostics market is divided into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, and Other Veterinary Diagnostics, as well as screening disease progression and observing patient response to therapy.

In addition, the low costs, the low procedural complexity and the increasing acceptance of immunodiagnostics due to the simple training are driving the growth of this market segment further. the increasing incidence of various infectious diseases and increasing expenditure on veterinary medicine are expected to fuel growth.

In addition, the higher preference of veterinarians, pet owners and pet owners as well as the widespread use of this technology contribute to the large share of the immunodiagnostics segment.

The pet segment dominated the global veterinary diagnostic market in 2020
Based on the animal type, the worldwide Veterinary Diagnostics Market is segmented into Pet Animals and Farm Animals. In 2020, the pet segment had the largest share of the global veterinary diagnostics market.

This is due to the increasing numbers of pets around the world, the willingness of owners to spend more money on their pets, the increasing adoption of pet insurance, and the availability of cheaper and easier-to-use POC diagnostic tests for pets.

Veterinary reference laboratories are the primary end users in the veterinary diagnostic market
Based on the end users, the global Veterinary Diagnostic Market is segmented into Veterinary Reference Laboratories, Veterinary Clinics and Clinics, Point of Care Testing / In-House Testing, and Veterinary Research Institutes and Universities, and End-users in the Veterinary Diagnostic Market.

The high proportion of the veterinary reference laboratories segment is due to the increasing number of veterinary diagnostic reference laboratories, high test volumes in the reference laboratories and the increasing demand for veterinary diagnostic tests for infectious diseases. Additionally, pet owners’ increasing awareness of routine and preventive care is expected to further fuel market growth.

North America has the highest share of the global veterinary diagnostics market in the forecast period
North America had the highest share of the global veterinary diagnostics market during the forecast period. The United States accounted for the largest share of the North American veterinary diagnostics market in 2020.

The growth of the veterinary diagnostic market in North America has been characterized by the growing population of domestic animals and food-producing animals, increasing consumption of meat and dairy products, the availability of technologically advanced veterinary reference laboratories, increasing expenditure on veterinary health care, and the growth in pet insurance coverage.

The primary participant’s break was as follows:
• By type of company – Tier 1–60%, Tier 2–30% and Tier 3–10%
• By appointment – C-Level – 30%, Director-Level – 50%, Others – 20%
• By regions – North America – 45%, Europe – 15%, Asia Pacific – 25%, Latin America – 10%, Middle East and Africa – 5%

Major Players in the Veterinary Diagnostic Market
Major players in the veterinary diagnostic market include Thermo Fisher Scientific Inc. (USA), Zoetis Inc. (USA), IDEXX Laboratories Inc. (USA), NEOGEN Corporation (USA), Bio-Rad Laboratories Inc. (USA), bioMérieux SA (France), Virbac (France), Heska Corporation (USA), Agrolabo SpA (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) and Shenzhen Bioeasy Biotechnology Co., Ltd. (China.)).

Research coverage:
The report analyzes the Veterinary Diagnostics market and aims to estimate the market size and future growth potential of this market based on various segments such as product type, technology, animal type, end-user, and region. The report also includes a product portfolio matrix of various veterinary diagnostic products available on the market.

The report also includes a competitive analysis of the key players in this market along with their company profiles, product offerings, and key market strategies.

Reasons to Buy the Report
The report will enrich established companies as well as new entrant / smaller businesses to keep the pulse of the market which in turn would help them gain bigger market share. Companies that purchase the report can use one or a combination of the strategies listed below to strengthen their position in the marketplace.

This report provides insights into the following notices:
• Market penetration: Comprehensive information on the product portfolios of the top players in the global veterinary diagnostics market. The report analyzes this market by product, animal type, technology, and end-user.
• Product Improvement / Innovation: In-depth insight into upcoming trends and product launches in the global Veterinary Diagnostic Market.
• Market development: Comprehensive information on the lucrative emerging markets by product, animal species, technology and end user.
• Market Diversification: Comprehensive information on new products or product improvements, growing regions, recent developments and investments in the global Veterinary Diagnostics Market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, mapping of competitive leadership, and skills of leading players in the global Veterinary Diagnostics market.
Read the full report: https://www.reportlinker.com/p05084767/?utm_source=GNW

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