CHICAGO, June 8, 2021 / PRNewswire / – According to new market research report, Veterinary Diagnostics Market by Product (Instruments, Consumables), Technology (Immunodiagnostics (Lateral Flow, ELISA), Clinical Biochemistry, PCR, Hematology, Urinalysis), Animal (Dog, Cat, Cattle, Pig , Poultry, Horse), End User – Global Forecast to 2026 “, published by MarketsandMarkets ™, is expected to reach the global market $ 3.9 billion by 2026 of estimated $ 2.5 billion in 2021 at a CAGR of 9.4%.
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Market growth is largely due to the growth of the pet population, the increasing incidence of cross-border and zoonotic diseases, the increasing demand for animal foods, the increasing demand for pet insurance, the increasing spending on animal health, and the increase in the number of veterinarians and income levels in the developed Economies. On the other hand, rising pet care costs are expected to curb the growth of the overall veterinary diagnostic market. 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.
The COVID-19 pandemic has created a global health crisis that has resulted in a shift in health care in most regions. 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 do, but under natural conditions house cats – and to a lesser extent also house dogs – after close and prolonged contact with SARS-CoV-2, albeit rarely, can become infected with SARS-CoV-2, COVID -19-positive person. The number of veterinary visits and diagnostic tests decreased dramatically in March, April and December May 2020 however, began to grow 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 effects on the market during the forecast period.
Consumables accounted for the largest share of the global veterinary diagnostic market
Depending on the product, the world market is divided into instruments and consumables. In 2020, the consumables segment had the largest share of the world market. The high proportion of the consumables segment is due to the increasing prevalence of zoonotic diseases, the growing animal population, increasing awareness of animal health 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 world market is divided into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis and other veterinary diagnostic technologies. In 2020, the immunodiagnostics segment had the largest share of the world market. The high share of the immunodiagnostics segment is primarily due to the widespread popularity of immunodiagnostics in the diagnosis of diseases as well as in the screening of the course of the disease and the observation of the therapy response. 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. In addition, the greater 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.
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The pet segment dominated the global veterinary diagnostic market in 2020
Based on the animal species, the world market is divided into domestic animals and farm animals. In 2020, the pet segment had the largest share of the world market. This is due to the increasing number of pets around the world, the willingness of owners to spend more on their pets, the increasing adoption of pet insurance, and the availability of cheaper and easier-to-use POC diagnostic tests for pets. The dogs segment had the largest share of the pet market. The increasing population of service dogs and increasing spending on dogs are key drivers in the growth of this segment.
Veterinary reference laboratories made up the largest share of end users in the veterinary diagnostics market in 2020
Based on the end users, the world market is divided into veterinary reference laboratories, veterinary clinics and clinics, point-of-care tests / internal tests, and veterinary research institutes and universities. Veterinary reference laboratories were the largest end users in the veterinary diagnostics market in 2020. The large share of the veterinary diagnostic reference laboratories segment is due to the increasing number of veterinary diagnostic reference laboratories, high test volumes in reference laboratories and the increasing demand for veterinary diagnostic tests for infectious diseases in small and large animals. The growing awareness of routine and preventive care among pet owners is expected to further fuel market growth.
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North America had the highest share of the veterinary diagnostics market in 2020
North America had the highest share in the world market in the forecast period. In 2020, the US had the largest share of the North American market. The growth in the market of North America is characterized by the increasing 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 of pet insurance.
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 (Great Britain), Bionote, Inc. (South Korea), BioChek (Netherlands)Germany), Biogal Hard Labs (Israel), Alvedia (France), SKYER, Inc. (South Korea) and Shenzhen Bioeasy Biotechnology Co., Ltd. (China).
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