The veterinary diagnostics market is expected to reach USD 4.00 billion by 2023 from USD 2.63 billion in 2018, at a CAGR of 8.8%. The increasing number of animal population, rising pet ownership, rising demand for pet insurance, growing animal health expenditure, increasing number of veterinary practitioners, and growing prevalence of animal zoonotic diseases are the major factors driving the growth of this market.
In this report, the veterinary diagnostics market is categorized based on product, technology, animal type, end user, and region.
Based on product, this market is subsegmented into instruments and consumables. The consumables segment is expected to grow at a significant growth rate between 2018 and 2023. By technology, this market is further segmented into immunodiagnostics, clinical chemistry, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies.
Based on animal type, the market is broadly segmented into companion animals and livestock animals. The companion animals segment is further categorized into dogs, cats, horses, and other companion animals. The dogs segment projected to grow at the fastest rate during the forecast period of 2018 and 2023.
On the basis of end user, the veterinary diagnostics market is classified into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing, and research institutes & universities. The point-of-care/in-house testing segment is expected to register the highest growth during the forecast period.
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Key Market Players in Veterinary Diagnostics Market:
The global veterinary diagnostics market is fragmented with various regional and multinational market players. In 2017, IDEXX Laboratories, Inc. (US), Abaxis, Inc. (US), and QIAGEN N.V. (Netherlands) dominated the veterinary diagnostics market. These players together accounted for 50-55% of market share.
IDEXX Laboratories, Inc. (US) was the leading player in the veterinary diagnostics market in 2017. The company has a diversified product portfolio, which comprises a wide range of companion animal diagnostic products and livestock & poultry diagnostic products. IDEXX’s position in the market is attributed to its active R&D activities and wide distribution footprint across the world, which enables it to serve customers in more than 100 countries. To garner a larger share in the veterinary diagnostics market, the company continuously focuses on product developments and launches.
Abaxis, Inc. (US) was the second-leading market player in the veterinary diagnostics market in 2017. In the market, the company is largely known for its blood analysis systems. Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint. The company primarily focuses on acquiring and partnering with other market players to strengthen its product portfolio and increase its geographic presence.
Some of the other players competing in this market are Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Heska Corporation (US), Zoetis, Inc. (US), QIAGEN N.V. (Netherlands), ID Vet (France), bioMérieux SA (France), Virbac (France), Randox Laboratories Ltd. (UK), ARKRAY Group (Japan), URIT Medical Electronics Co., Ltd. (China), PZ Company S.A. (Poland), and Eurolyser Diagnostica GmbH (Austria).
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