March 2021 | Report Format: Electronic (PDF)
The global veterinary diagnostics market size is expected to reach USD 5.5 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.4%. Growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion animal ownership in developing countries is another factor aiding growth.
Growing inclination toward owing pets due to companionship & health benefits and rising meat consumption are key factors aiding growth of the market. Globally, there has been an increase in overall expenditure on the healthcare and wellbeing of the pets as well as food producing animals.
On a global level, animal product consumption is increasing at a significant pace, which can be attributed to increasing human population, growing per capita income, and animal health awareness in the developing nations. Increasing demand for animal proteins also fuels growth.
New in vitro diagnostic test kits and analyzers are being launched in the market. In addition, growth is observed in point-of-care treatments for animals, as these devices are simple to use. Moreover, growing adoption of advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick & efficient, is further impelling growth.
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Further key findings from the report suggest:
- Porcine held a major share of the species segment in 2018 followed by bovine, canine, & feline
- Analytical services, diagnostic imaging, immunoassays, and molecular diagnostics captured major share with faster growth rates compared to other types, under the testing category segment in the year 2018
- The point- of-care segment is expected to exhibit fastest growth over the coming years in the end-use segment. Rapidity, efficiency, and convenience are key growth contributors
- Consumables & reagents segment acquired major veterinary diagnostics market share in 2018 in the product type segment and is expected to grow at the fastest CAGR
- Non-infectious diseases had the highest market share in 2018. However, the number of hereditary, congenital, structural, and functional diseases in the livestock and companion animals is increasing worldwide
- Asia Pacific is expected to emerge as the fastest growing region. The U.S. was observed to have the highest number of companies, which has resulted in the largest share of North America
- The global meat production is also expected to rise significantly due to increase in per capita income in developing countries, growing need for animal protein, and increasing human population.
- The upcoming tools and techniques in veterinary diagnostics are nucleic acid tests, non-PCR techniques, biosensors, fluorescence polarization technology, Whole Genome Sequencing (WGS), biomarkers, nanotechnology, digitalization & big data, wearables, and apps such as Vet on Demand, Treat, Pet life, & Pet Pixie.
- Abaxis, Inc.; Idexx Laboratories, Inc.; Heska Corporation; Thermo Fisher Scientific; and VCA Antech diagnostics are some of the prominent players.