San Francisco, October 20, 2019: Latest study by Grand View Research, Inc. titled “Veterinary Diagnostics Market Size, Share & Trends Analysis Report By Products (Consumables, Reagents), By Species (Companion, Livestock), By Testing Category (Analytical), By Disease Type (Infectious), By End Use (Vet Hospitals), And Segment Forecasts, 2019 – 2026”, reveals that 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.
Some key findings from the report:
– 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.
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.
The final report on global veterinary diagnostics market has been segmented on the basis of products, species, testing category, diseases, end use, and region:
Veterinary Diagnostics Product Outlook (Revenue, USD Million, 2014 – 2026)
Consumables, Reagents & Kits
Instruments & Devices
Veterinary Diagnostics Species Outlook (Revenue, USD Million, 2014 – 2026)
Bovine
Camelid
Canine and Feline
Caprine
Equine
Ovine
Porcine
Avian
Others
Veterinary Diagnostics Testing Category Outlook (Revenue, USD Million, 2014 – 2026)
Analytical Services
Diagnostic Imaging
Bacteriology
Pathology
Molecular Diagnostics
Immunoassays
Parasitology
Serology
Virology
Veterinary Diagnostics Disease Type Outlook (Revenue, USD Million, 2014 – 2026)
Infectious Diseases
Non-infectious Diseases
Hereditary, Congenital and Acquired Diseases
General Ailments
Structural and Functional Diseases
Veterinary Diagnostics End-Use Outlook (Revenue, USD Million, 2014 – 2026)
Laboratories
Veterinary Hospitals and Clinics
Point-of-Care/In-House Testing
Research Institutes and Universities
Veterinary Diagnostics Regional Outlook (Revenue, USD Million, 2014 – 2026)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
Japan
India
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
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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